How Much You Should Have In Your 401(k) - By Age

The Table with Anthony ONeal

The Neatness Network

Education, Business, Religion & Spirituality, Self-improvement, Christianity, Entrepreneurship

4.8 • 2.1K Ratings

🗓️ 8 March 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of The Table with Anthony ONeal, we share the critical importance of early investment, showcasing how even modest contributions can yield substantial rewards over time. AO navigates the intricate landscape of investment options, and explaining the differences between retirement accounts encouraging you to take control of your financial destiny! Mentioned On Today's Show: 🤝 Ethos Life Insurance: http://anthonyoneal.com/lifeinsurance 🤝 Bethel Tech: https://www.anthonyoneal.com/bethel 💰 Wealth Calculator: https://www.anthonyoneal.com/wealth-calculator 💵 MooMoo Investment Account: https://www.anthonyoneal.com/moomoo 🟢 Join Build Your Table: http://anthonyoneal.com/build 📖 Book of the month: https://amzn.to/3up23WH 🔔 Subscribe to https://www.youtube.com/@thevictorialewis Checkout My Network Partners: 🤝 Bethel Tech: https://www.anthonyoneal.com/bethel 🤝 Better Help: https://www.betterhelp.com/ao 🤝 Chime: https://www.chime.com/ttao 🤝 Course Careers: https://www.anthonyoneal.com/bootcampcc 🤝 Ethos Life Insurance: http://anthonyoneal.com/lifeinsurance Tools Created With YOU In Mind: 💲Wealth Builder Tool: https://www.anthonyoneal.com/wealthbuilder 💰 Wealth Calculator: https://www.anthonyoneal.com/wealth-calculator 💸 Debt Calculator: https://www.anthonyoneal.com/debt-calculator 🏦 High Yield Savings Account: https://www.anthonyoneal.com/sofi 💵 MooMoo Investment Account: https://www.anthonyoneal.com/moomoo 📗: The Ultimate Guide To Debt Payoff: https://www.anthonyoneal.com/free-tool/debt-payoff 📒 Make Money Online: https://www.anthonyoneal.com/free-tool/how-to-make-money-online 📈 Get A Raise: https://www.anthonyoneal.com/getaraise 👩🏾‍❤️‍👨🏾 Singles Playbook Quiz: https://take.singlesplaybookquiz.com/ ❓ Guide To Asking Hard Questions: https://get.thequestionsguide.com/o/ ⛪️ My Devotionals on The Bible App: https://rb.gy/v0qf9i 🔎 Find a Church Near You: https://www.anthonyoneal.com/find-a-church-community The Neatness Network: 🎤Patrice Washington: @PatriceWashington 📗Joy River: @TheCouchwithJoyFriends 👩🏾‍🍳Victoria Lewis: @thevictorialewis 🏅Justin Owens: @Runtheplay 👨🏾‍💻Cyrus Harbin: @techisthenewblack 🎵 Intro: "The Table - Evan Ford, https://www.instagram.com/itsevanford/?hl=en https://music.apple.com/us/artist/evan-ford/999576125" GET IN TOUCH 🌍 My website - https://www.AnthonyONeal.com 🌍 Advertise With Me - partnership@anthonyoneal.com Connect with Me! Instagram: @anthonyoneal Facebook: @anthonyoneal Who I AM: Hey, fam! I’m Anthony and I’m here to help you discover your authentic self and achieve spiritual, financial, and mental freedom. I know what it’s like to be in debt and homeless - I’ve been there. But with the grace of God, I was able to turn my life around and I’m now helping others to do the same. Disclaimer: Some of these links are affiliate links, which means I may get a commission if you purchase. However, none of the fees of these resources have been increased to compensate me. In fact, many of these have given me special discounts that I get to extend to you! 😉 Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

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0:00.0	What the hell are you doing for that season of your life?
0:03.2	The people who you're trying to impress right now, can I keep it a buck with you?
0:07.2	Them Negroes is not going to be with you, not going to see you 40 years from now.
0:12.4	Why are you trying to impress people?
0:14.0	Or why are we going out here just to get an outfit,
0:17.0	just to look good out on the date, man and or woman,
0:19.0	and you don't even have $500 inside your 401k.
0:23.2	I do not want to be struggling when I turn 80. By retirement age studies are showing that the average person will retire with about
0:40.5	$255,200 inside of their investments.
0:45.6	Some experts say that you need about 80%, 80% of your salary
0:50.7	to retire.
0:52.0	So for an example, simple math, let's say you're making eight I mean a
0:55.1	hundred thousand dollars some experts would say you need eighty thousand
0:59.8	dollars a year to retire comfortably. I totally disagree with that. I think that is just that's
1:08.2	not enough money to really enjoy that math. Because let's do the math, let's do the math, let's do the math, let's do the math.
1:16.8	Right now, Q3, well, Q4 of 2023, the average person made $59,384.
1:24.6	So let's just round it up to $60,000.
1:27.6	So $60,000 times that by 80% is going to be right around 48 and $47,000 a year that some experts will say that you need to retire very comfortably.
1:37.0	So if we take this $255,200 divide that into the $47,48,000.
1:43.6	This is going to give you about five years and three months
1:46.4	to live without working.
1:52.1	That's not enough money.
	...

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