I should 1.5x my income in 401k by age 35…?

[missy90]

@vaal Yes, but how many occupations start at age 29? OP is 35, and has been "only working for six years". It's just a wild guess on my part, though.

 

[jsilverton]

@missy90 Tech. It’s called tech. I am a similar age and make a similar amount with similar years of experience.

 

[elizabethray68]

@jasonrporter0316 You should have 1.5x your income in retirement savings. It doesn’t have to be in a 401k

 

[selenesue]

@jasonrporter0316 What you’re doing is fine, if you’re good with not retiring until 75 or 80.

 

[moneyholster]

@jasonrporter0316 You make $170k/year and only have $40k in savings?

Yes, you're doing it all wrong.

 

[onlyyou777]

@jasonrporter0316 With an income like that this is literally the easiest thing to do. Stop living like a rock star. You shouldn't take on debt for a car at your income.

 

[ajourneyforall]

@jasonrporter0316 So do you have $40k in your retirement savings? Or $40k in savings and some other number in retirement? You need to create a detailed budget first. At least it appears like you’re not in some major CC debt which is good. Now you need to take a peek into your expenses. What is necessary what is not? What can be substituted for a cheaper brand? What can you get second hand?

I live in a VHCOL area too (Toronto, Canada) and $170k doesn’t go as far as people think when you have a mortgage, kids, wife/husband (don’t know if they’re stay at home or not), etc.