Friday, November 5, 2010

Hitting a Mental Benchmark

The retirement funds in my 401(k)'s are now past the $200,000 mark. To be exact, as of yesterday, I have $200,451 to get me through my dotage.

I know that that figure could be less tomorrow, but, emotionally, it feels like I have met some sort of financial milestone. In my head, and for no particular reason, I've always felt that I needed to have at least $400,000 in my retirement accounts before I retire. Due to my late start on savings, there has been considerable doubt that I'd get there. But reaching the halfway point gives me more confidence that this is doable.

I have 8 years to go until I retire, and I'll be contributing all the while.

Realistic or not, I'm feeling good this lovely Friday!

17 comments:

GB's Mom said...

congratulations!

LoveBeingRetired said...

Good progress and you deserve a day to enjoy yourself - heck maybe even a weekend! Your focus and determination set a good example for the rest of the world, half of which are saving nothing toward their retirement! Keep up the good work and keep us posted as you approach $400k.

Linda said...

Congratulations!

Morrison said...

Grace,
You're going to work till you are 69 or 70? Wow! Good for you. Congrats on the milestone.

Lisa @Cents To Save said...

That is Awesome!

Nicole said...

Woooo! Keep trucking!

Anita said...

I believe your financial wisdom will lead you into a comfortable retirement.

MasterPo said...

Congrats.

However: How much of that is due to you putting money away vs. the recent run up the market?

Very likely more that latter than the former.

You may want to consider taking some profits. This can't last.

Florence said...

Way to go Grace!!

Sharon said...

The rise in the stock market was a nice birthday surprise for me too! Our 401K hit an all time high...and we, too, are feeling hopeful. At least for now. :)!

Lisa said...

First of all congrats on hitting the half way point. The think that always worries me about 401K is their connection to the stock market. Does this worry you?

Keep up the good work!

Grace. said...

Lisa--Yep! It scares me to death which is why I am, somewhat tardily and not with the best timing, moving more into bonds. But having started so late, I need stocks to help me make up for the time I've lost.

Master Po--Grasshopper wants to know why you keep raining on parade? You're probably right but I've got my fingers, toes, etc. crossed.

Carol said...

Woohoo!!! I started quite a bit earlier than you but don't have nearly that much yet!!! Way to go!!!

MasterPo said...

Grace - A grasshopper can be swept away in the rain. ;-)

MasterPo is just a realist.

You had an up swing. Good for you!

But a prudent investor doesn't over look the realities. If most of your up swing was from market gains, and if you don't have faith this market can continue, now is a good time to take profits.

Do what you feel is best. But do it informed.

Living Almost Large said...

Congrats! I just checked ours is at $200k as well! It just broke it too! Very excited about the benchmark

LC said...

Way to go. Celebrating milestones helped us keep on track!

Petunia said...

If you average 9% per year over the next 8 years, you will hit 400k with no new contributions. I think you have a very good shot at hitting your mark.

Congratulations!