Retirement planning varies significantly based on individual financial situations. To retire with $1.1 million in five years, existing accounts and income growth are crucial. Factors such as current savings in a 401(k) and market performance affect outcome. Contributions, including catch-up options for those over 50, play a significant role. For many, unless they have around $700,000 already, achieving retirement goals within the set timeframe may not be realistic. Additionally, a diversified savings strategy beyond 401(k) plans is recommended for better retirement preparation.
If these goals are important to you and your finances don't allow you to come up with the extra money you need, consider giving yourself a few more years to work.
Whether or not that's enough to get you to the goal line depends entirely on your current balance.
You have plenty of options when it comes to saving for retirement beyond just a 401(k) plan.
In short, unless you already have $700,000 or so in your 401(k), you won't have the necessary funds in five years.
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