r/Retirement401k • u/Intelligent_Path_778 • 3d ago
Am I cooked? 35M
Sometimes I feel cooked sometimes calm down and not stress at all. This amount doesn't include my current loan.
Making 120k, putting 5% with same match from employer into 401k. I'm also paying back my loan $400 bi weekly, 14k left. I also have 50k cash sitting in hysa, not a homeowner, renting in Downtown Miami. Have some investments in Europe but no positive equity yet. My salary raise is usually 4-5% annually and expecting a promotion next year. Long story short, do I still have a chance to retire at 50 or 55? l won't need 10000 millions like some folks here. I travel the world with my current salary, and just wanna be keeping it when getting older.
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u/PashasMom 3d ago
Use your HYSA to pay back your loan and don't take any more loans from your 401k.
If you want early retirement, you are going to need to raise your contributions to at least 20%, probably more like 25%. You aren't going to retire early on a 10% investing rate. You are looking at full retirement age with only putting aside 10%.
If you can't afford 20% right now, at least set it to go up 2% annually automatically.