I’m A Future 401K Millionaire!!!
I’ve made it!!! I will officially be a millionaire when I am 59.5 years old (assuming no crazy drops/changes in the market). I did the math today and if I never put another dollar in my 401K, it will be over $1,000,000 by the time I am able to use it (59.5). That is assuming a 6.75% growth rate. Here’s the chart.
Of course, I am not done contributing to my 401K. I maxed it out this year, and I plan to max it out again next year if at all possible. But it is nice to know that it will only grow from here. The future is looking good (again, assuming all is well in the world/market).
Nice! I’ve never had much of a 401(k) so I’m making up time through a taxable brokerage which isn’t nearly as fun but I still enjoy noodling around with the calculators to see if we’re getting anywhere.
That Betterment calculator has been very helpful for me. I end up on there more than I care to admit. 😅
I was on-track to be a 401k Millionaire, but I’ll never get there. I changed jobs and rolled the money to an IRA so I could have more control over the investment choices in a brokerage of my choosing. Then I became self-employed and set up a SEP-IRA that is different. And of course, there’s the Roth IRA.
Does a IRA Millionaire count?
It definitely counts! Congrats!!!
Thanks for reading. 🙂
Hey Congrats! This is awesome. Keep maxing it out for a few more years and you’ll be a multimillionaire at 59.5, but I’m sure you’ll be far before then with the trajectory you are on!
Thank you and thanks for reading. 🙂