I am in my early 40s and my 401k balance is currently under 70K due to poor financial planning and job changes. While I 200K annually, I am worried about my retirement savings. My stock portfolio has crashed by 50% and I'm down $5K from my peak of $20K in November 2021. Thankfully, I have an emergency fund that can cover me for the next 8-12 months with an excess of 30-40K. However, when I look at my friends who are the same age and have similar profiles, they all have 350K worth of 401K. I wonder where I went wrong. My goal is to retire by 55 and have around $3M in investments. My wife has recently started a life insurance and a LIRP policy for retirement. Can you provide me with some helpful advice on how to recover from my current situation? (I have kids, furry friend and 200K mortgage for my house).
Submitted August 28, 2023 at 11:22PM by Human-Debt246 https://ift.tt/y0SsB1V
