401K Question I'm 37 with 75k and I figure I need to be at 250K by 43 how much to I need to save?

Like was said, you need to add about $20K of principal each year to reach $250K. You have to account for a lower rate of growth and a possible fall in the market. Look at 2008. The market lost 32%.

I don't know where you are figuring out the $250K number. However, at the age of 43, you need a whole lot more than $250K if you want to retire around 65.

$75,000 is a lot of cash. and at 37 you can afford to take SOME risk. I mean you have atleast 23 years of work time left.

Why do you feel you need so much so fast??? I thin you are doing just fine.

SAve 5% and then get them company match and take it from there.

you have WAY more than I do in my 401K and I am just two years younger than you but I do have a paid for house,.

God bless

you need to add a lot more each pay period to your 401k to be at $250K in 6 years, because the growth rate of your 'risky' fund might be closer to 5% rather than 10% a year

Assuming your existing 75k continues to produce 8% annual returns, the future value, in 5 years - assuming beginning of age 43, of that amount is:

75k(1.08^5) = $110,199

shortfall: 250,000 - 110,199 = $139,800.39, call it $139,800

Use FV ordinary annuity and solve for payment, using 8% per year & monthly contributions...

r = 0.08/12 = 0.00667

n = 5 yrs * 12 months per year = 60

FVoa = PMT[(1 + r)^n) - 1)) / r]

139,800 = PMT[((1.00667^60) - 1) / 0.00667]

139,800 = PMT[73.47686]

PMT = $1,902.65...for the next 60 months...ouch

It just doesn't work that way.

If you learn what you are doing , then you could make 20% year with far less risk.

I know it sounds hard to believe, but that is why you need to look into it.

there is no guarantee any fund will continue to pay out 8% or any positive amount - stocks go up AND down - including any company match, you'd have to be putting in more than $17,000 a yr to have any shot at that

a fair amount. assuming 8% for 6 years, the original 75 k becomes about 120k. add in another 20k of principal every year for each of the next 6 years, and youll be at about 250k at the end.

with an expected rate return of 7% and you save $1,550, you can have $250,599. you can be a millionaire at the age of 61. you will have to save $13,800 a year.

Click on and save this link for your investment needs

http://www.daveramsey.com/elp/investing-calculator...

Congrats on laying your foundation for a brighter future....

Best of luck

If you can't figure that out you are perfect for a job in politics as a Democrat of course.