Author Topic: Reached $1 MM in my 401k!  (Read 10410 times)

fastrex

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Reached $1 MM in my 401k!
« on: July 02, 2014, 06:41:59 AM »
I just reached (yesterdays close) $1 MM in my 401k. It is  weird to  see that number on the screen after all these years.

It took me 24 years but i had the "old" strategy. I was/am a steady saver putting away about 15-20% a year away. I got a big boost by going to 25% in 2008 and holding that level until recently.

I am so happy to have found this site. My kids (12 & 13) will have a much better head start. Save 50%, make you FI number and be done in around 10 years. Then be free.

My job as an engineer has taken its toll on me. I am 49 and getting used to the idea that i can reach FIRE

My expenses need some work but I am almost there.

I cant share this milestone with anyone else without feeling like i am showing off. Thank you for this wonderful site!

« Last Edit: July 02, 2014, 06:47:41 AM by fastrex »

Gin1984

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Re: Reached $1 MM in my 401k!
« Reply #1 on: July 02, 2014, 07:15:01 AM »
Congrats!!!  How soon before you reach FI?

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #2 on: July 02, 2014, 08:09:44 AM »
I am fighting the urge to go "one more year" all the way to 55.

In 6 months I am 50. After that I am hoping to "package out" of my corporate job.

So hopefully in a year I am done doing something I have grown to hate to go live the rest of my life. Its exciting and scary. I dont know if i can handle being released from prison after so many years.

dude

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Re: Reached $1 MM in my 401k!
« Reply #3 on: July 02, 2014, 10:18:22 AM »
Fantastic!  Congrats!  I've always had the big $1Mil in mind, but don't need to hit it to FIRE, thanks to a solid pension.  But it should actually get there in retirement for me (thanks to an expected <3% WR), and it still excites me to think about it!

happyfeet

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Re: Reached $1 MM in my 401k!
« Reply #4 on: July 02, 2014, 10:20:06 AM »
Congrats!  Don't think we will hit that number in the 401K - made some bad choices.  But happy that you did!  Awesomeness!

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #5 on: July 02, 2014, 10:27:53 AM »
thanks for all the support!  Its nice to be able to share this in a forum that is so supportive.

My next steps are to cut back on the waste in my lifestyle and budget. I am pretty good by nature as is my SO but with the stress of the job I have let some waste go through.



« Last Edit: July 02, 2014, 10:29:55 AM by fastrex »

Exflyboy

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Re: Reached $1 MM in my 401k!
« Reply #6 on: July 02, 2014, 11:57:46 AM »
Awesome,

Your in a similar position to me at that age.. I'm 52 now and about $5000 short of $1.4M as of yesterday's close.. not counting cars, tractors, personal posessions or the house..:)

I have about $680k in the 401k though, about another $100k in IRA's.. the rest in taxable savings.

What is your FI number?

Frank

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #7 on: July 02, 2014, 12:08:21 PM »
Awesome,

Your in a similar position to me at that age.. I'm 52 now and about $5000 short of $1.4M as of yesterday's close.. not counting cars, tractors, personal posessions or the house..:)

I have about $680k in the 401k though, about another $100k in IRA's.. the rest in taxable savings.

What is your FI number?

Frank

Hi Frank.  The $1 MM on paper gets me there, but being risk adverse I would be more comfortable at $1.5 MM. If I get packaged out then I get there. College is saved already and my house has 3 years left but is only $1000/month.

okashira

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Re: Reached $1 MM in my 401k!
« Reply #8 on: July 02, 2014, 12:25:39 PM »
1mm in a 401k is a rarity. Congrats.
If I was you, I would have FIRE'd yesterday.

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #9 on: July 02, 2014, 12:42:00 PM »
1mm in a 401k is a rarity. Congrats.
If I was you, I would have FIRE'd yesterday.

Thanks. I am definitely getting close to FIRE'd. Until I found this website I was thinking a few more years, but now I am realizing I was too conservative. 

Exflyboy

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Re: Reached $1 MM in my 401k!
« Reply #10 on: July 02, 2014, 12:55:54 PM »
Awesome,

Your in a similar position to me at that age.. I'm 52 now and about $5000 short of $1.4M as of yesterday's close.. not counting cars, tractors, personal posessions or the house..:)

I have about $680k in the 401k though, about another $100k in IRA's.. the rest in taxable savings.

What is your FI number?

Frank

Hi Frank.  The $1 MM on paper gets me there, but being risk adverse I would be more comfortable at $1.5 MM. If I get packaged out then I get there. College is saved already and my house has 3 years left but is only $1000/month.

We are engineers.. Risk adversity is part of our DNA..:)

Frank

Cheddar Stacker

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Re: Reached $1 MM in my 401k!
« Reply #11 on: July 02, 2014, 12:59:55 PM »
I cant share this milestone with anyone else without feeling like i am showing off. Thank you for this wonderful site!

Show Off!

Just kidding. Congrats! I hope to reach that milestone (in the 401k/IRA) well after I retire as dude mentioned above.

Good luck pulling the trigger.

Eurotexan

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Re: Reached $1 MM in my 401k!
« Reply #12 on: July 02, 2014, 03:19:08 PM »
That's a great milestone, well done! I agree with Okashira, if I had that in my 401K I would have FIRE'd already but I understand everyone's risk tolerance is different. Congratulations!

Workinghard

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Re: Reached $1 MM in my 401k!
« Reply #13 on: July 02, 2014, 07:26:20 PM »
WTG! It's so exciting to reach that milestone especially liquid assets!

imustachemystash

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Re: Reached $1 MM in my 401k!
« Reply #14 on: July 02, 2014, 10:24:54 PM »
Woo hoo!  Thanks for coming here to celebrate.  it really motivates me to keep plugging away.

RNwastash

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Re: Reached $1 MM in my 401k!
« Reply #15 on: July 02, 2014, 10:50:18 PM »
Congratulations!! I am so excited for you :)  What a nice feeling, I bet.   Keep us posted when you RE.

Thedudeabides

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Re: Reached $1 MM in my 401k!
« Reply #16 on: July 02, 2014, 10:56:03 PM »
Well done. Congratulations!

big_owl

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Re: Reached $1 MM in my 401k!
« Reply #17 on: July 03, 2014, 08:04:27 AM »
$1MM?  You don't happen to be in the fossil fuel industry...do you?

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #18 on: July 03, 2014, 10:58:00 AM »
$1MM?  You don't happen to be in the fossil fuel industry...do you?
No I started doing HVAC design then moved into Project Management. Now work for a pharma company. But not for long

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #19 on: July 03, 2014, 11:00:13 AM »
Thanks for all the support!  I showed my SO this post. It's helping her be comfortable with me being FIRE'd.

sirdoug007

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Re: Reached $1 MM in my 401k!
« Reply #20 on: July 03, 2014, 01:27:06 PM »
I just reached (yesterdays close) $1 MM in my 401k. It is  weird to  see that number on the screen after all these years.

It took me 24 years but i had the "old" strategy. I was/am a steady saver putting away about 15-20% a year away. I got a big boost by going to 25% in 2008 and holding that level until recently.

Congratulations!  I've also been on the "old" strategy for a while and recently kicked it into high gear after discovering MMM.  Nice to see the payoff for 24 years of diligent savings.  Proof that even a very reasonable savings rate can make you a millionaire well before you are 65.

Tempe

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Re: Reached $1 MM in my 401k!
« Reply #21 on: July 03, 2014, 01:47:45 PM »
Congrats! Good luck on breaking free later on

livingthedream

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Re: Reached $1 MM in my 401k!
« Reply #22 on: July 03, 2014, 01:55:33 PM »
Congrats. If work feels like prison bust those chains ASAP you will never regret it.

b1gm1ke11

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Re: Reached $1 MM in my 401k!
« Reply #23 on: July 03, 2014, 11:27:52 PM »
Congratulations!

It's exciting to see you and others reaching the 7 figure retirement accounts!   Looking forward to one day joining the ranks...

Mike

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Reached $1 MM in my 401k!
« Reply #24 on: July 04, 2014, 01:07:57 PM »
This is very exciting news!

I think more one of most interesting comments that you made was that this was the only place you could share this terrific accomplishment without feeling like you were bragging.

That strikes me as being both very true, and a testament to the importance of this place.

It is very interesting how culturally taboo speaking about wealth is. And it's really too bad, for messages like yours are surely inspirational for the rest of us.
« Last Edit: July 04, 2014, 01:39:44 PM by milesdividendmd »

FireYourJob

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Re: Reached $1 MM in my 401k!
« Reply #25 on: July 04, 2014, 05:48:28 PM »
This is very exciting news!

I think more one of most interesting comments that you made was that this was the only place you could share this terrific accomplishment without feeling like you were bragging.

That strikes me as being both very true, and a testament to the importance of this place.

It is very interesting how culturally taboo speaking about wealth is. And it's really too bad, for messages like yours are surely inspirational for the rest of us.

I think to some degree the feeling this is the only place one can share this (well anywhere anonymous) is based on 2 things: 1) it's generally considered rude to talk about money, especially when talking about amounts you know the vast majority of people will never have and 2) there's a seismic shift in the US culture anyway to look down upon "the rich" (ie. apparently anyone with > $250,000 these days) where in the past doctors, engineers, etc were more celebrated and looked up to as esteemed, educated and accomplished citizens.

Nowadays, you envision more people chanting "pay your fair share" and things like that.  Amazingly, the top 10% pay 67% of the federal taxes and the bottom 50% pay ZERO. 

It's the reverse of taxation without representation.  Those not being taxed seem to have more representation. 

Not sure what to make of all that but I enjoy those on here of all various political bents at least finding common ground in the fact that you can still WORK HARD and accumulate compelling financial wealth.  Some (or many?) want the reward without the years of hard work many of you have put in as if they think you / we are an "overnight success".

Will be interesting to keep our finger on the pulse of as it could have material impacts on our wealth in the years to come and certainly for that of our children and grandchildren, etc.

G-dog

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Re: Reached $1 MM in my 401k!
« Reply #26 on: July 05, 2014, 09:19:20 AM »
Congratulations - enjoy this milestone.  Please keep us posted as you move toward FIRE. 

ltt

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Re: Reached $1 MM in my 401k!
« Reply #27 on: July 08, 2014, 03:53:28 PM »
I think this is incredible.

Ftao93

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Re: Reached $1 MM in my 401k!
« Reply #28 on: July 08, 2014, 04:02:07 PM »
Nicely done!

At our current rate, it will take me until 65 to get there.

But I plan to bump it up steadily for a few years!

Keep at it, you've achieved a great milestone.

soccerluvof4

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Re: Reached $1 MM in my 401k!
« Reply #29 on: July 08, 2014, 04:32:56 PM »
Congratulations! Great Milestone.

Davids

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Re: Reached $1 MM in my 401k!
« Reply #30 on: July 11, 2014, 06:29:52 PM »
That is awesome.

fastrex

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Re: Reached $1 MM in my 401k!
« Reply #31 on: July 15, 2014, 02:53:17 PM »
Impressive!

My child is the same age range and we are working on the same goal - saving 50% right off the bat.

Even if my child chooses to continue working, she has the choice of what and where she wants to work.
that is what I am telling my kids already. They don't get it because they are still young but they will in a few years once I am FIRE'd for a while. Save 50% and be free.