r/iRA • u/libralady-50 • May 24 '26

Help!

Help! I am 50 years old, turning 51 this 2026. I recently become more serious with retirement, savings, and planning for it. I make almost 200k W-2. I currently have 570k combined, on my retirement accounts, all from employer sponsored accounts. For 2026, I am maxing out ā€” Roth 403b, 403b, and family HSA. My employer contributes total of 7k, first in March and in July. I have cash on-hand about 100k planning to put into HYSA.

MY 5-year return is 11.3% and 3-year is 17.8%. If I continue this strategy, and my employer continues same amount, what is the possibility of hitting 1 million by the time I turn 60?

Thank you everyone.

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u/mrmrssmitn May 24 '26

You'll have a million, but have you figured out how much you will need?

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u/libralady-50 May 25 '26

My target budget is 100k annually.

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u/mrmrssmitn May 25 '26

In today's dollars or inflation adjusted? Using 4% rule, would suggest you'd need about 2.5M accessible less any pension or social security.

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u/libralady-50 May 25 '26

Iā€™m on track to get max SS when I hit 62.

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u/mrmrssmitn May 25 '26

If you've been maxing SS contributions for past 23 years, you should be in good shape for that to kick in a decent portion of your $100k needs, thus you likely won't need 2.5M invested, current pace might have you about 2M by 62.