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$1 Million saved in 20.5 years 

JC
Posts: 48

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7/16/2018
JC
Posts: 48
Just passed 1.1M for 457/401K.
Level up. Armor + 1, Agility +1. LOL
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JC
Posts: 48

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4/4/2018
JC
Posts: 48
mrmoney2 wrote:
I have been contributing to my 401k and a seperate roth IRA! after 10 years its really is starting to gain money. If you look on the retirement section on my profile, https://www.networthshare.com/user/mrmoney2 you can see how it has grown. I am not able to max it out but I put about 500 every two weeks into it. I max my IRA with vanguard out $5500 a year! I work for the federal gov - at Social Security! I know retirement and the rules well!







Chrism32205 wrote:
Very nice!! I am a state government worker and I've been contributing to my 457 plan since I started in my early 20's. I've been maxing out my yearly contributions for the past 3 years but always look back and wish I contributed more in my early years.

If I could say anything to the younger crowd (20-30) it's to start retirement savings early and be serious about it.

edited by mrmoney2 on 3/9/2018
edited by mrmoney2 on 3/9/2018




Looks like you're well on the way!
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JC
Posts: 48

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4/4/2018
JC
Posts: 48
Chrism32205 wrote:
Very nice!! I am a state government worker and I've been contributing to my 457 plan since I started in my early 20's. I've been maxing out my yearly contributions for the past 3 years but always look back and wish I contributed more in my early years.

If I could say anything to the younger crowd (20-30) it's to start retirement savings early and be serious about it.



absolutely! start early and be consistent. You won't miss the money if you never had it. just keep increasing your contribution rate, esp when you get your raises.
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JC
Posts: 48

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4/4/2018
JC
Posts: 48
Overcomer wrote:
From one civil servant to another: NICE JOB!! I'll get there one day! smile

yes, you will! slow and steady does it.
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soviet_sub_clock
Posts: 6

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3/9/2018
I have been contributing to my 401k and a seperate roth IRA! after 10 years its really is starting to gain money. If you look on the retirement section on my profile, https://www.networthshare.com/user/mrmoney2 you can see how it has grown. I am not able to max it out but I put about 500 every two weeks into it. I max my IRA with vanguard out $5500 a year! I work for the federal gov - at Social Security! I know retirement and the rules well!







Chrism32205 wrote:
Very nice!! I am a state government worker and I've been contributing to my 457 plan since I started in my early 20's. I've been maxing out my yearly contributions for the past 3 years but always look back and wish I contributed more in my early years.

If I could say anything to the younger crowd (20-30) it's to start retirement savings early and be serious about it.

edited by mrmoney2 on 3/9/2018
edited by mrmoney2 on 3/9/2018
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JC
Posts: 48

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3/6/2018
JC
Posts: 48
thanks, everybody!


I must say that this is a combined networth account, of course. And, my wife had the larger salary (though not that much larger). However, I'm confident that my retirement accounts would still be the same regardless, even if I never had the money to dabble in real estate. That's the automatic saving that I've been doing since before we were married, and before we both started making decent salaries.


So, while most people can't contribute to both a 457K and 401K, a lot of people still get company matching for their 401K's. My wife was able to outpace my 2 retirement funds for the first 18 years or so because she basically was able to save one and a half times her 401K due to company matching. My 2 funds didn't catch up to her one 401K fund until recently. (But, I'll keep outpacing her from here on, and I keep teasing her. Lol)


So, yes, you CAN do this! Max out your 401K every year, go aggressive, (and hopefully get your matching), and you can reach the magic number in about 20 years!


And, if you're in govt and don't get the matching, you can still very likely save up to a half a million in 20 years just by contributing to 1 fund, or reach a million in about 28 years. Still awesome. Keep up the good work!
edited by JC on 3/6/2018
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azphx1972
Posts: 44

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3/1/2018
azphx1972
Posts: 44
Congrats JC! You're killing it! I think I'm doing good until I look at your net worth. I will get there one day!
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Overcomer
Posts: 3

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2/28/2018
Overcomer
Posts: 3
From one civil servant to another: NICE JOB!! I'll get there one day! smile
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Chrism32205
Posts: 2

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2/27/2018
Chrism32205
Posts: 2
Very nice!! I am a state government worker and I've been contributing to my 457 plan since I started in my early 20's. I've been maxing out my yearly contributions for the past 3 years but always look back and wish I contributed more in my early years.

If I could say anything to the younger crowd (20-30) it's to start retirement savings early and be serious about it.
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JC
Posts: 48

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2/27/2018
JC
Posts: 48
So, I'm going to gloat and say that I hit the magic number about a month back. It's a combination of my 457K and my 401K. I've had the former for my entire career; the latter became eligible to me about 12 years ago.


I maxed out the 457K starting from the 6th year of work. Then, the 401K became available and I started maxing out on both. Sometime half way through, the system also allowed me to go back and "replenish" the first few years of work where I wasn't able to max out the 457K. I was able to backfill about $13K.


It still amazes me how compound interest works, every time I check my accounts. I made more "interest" in the last year than all of the money I put in to the funds in the first 10 years.


Not too shabby for a civil servant.


I also want to encourage the younger ones out there to look 20 years or longer into the future when saving. A little bit of pain now will bring huge rewards later. We're all in it for the long haul.


Good luck, everybody!
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