Do New York Associates and Analysts typically contribute to 401k to the limit, or just to match? Seems like a lot for each year, so looking for some advise esp on balancing rent vs living cost vs retirement. Tia!

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I've maxed my 401k every year since I joined. I just have them take the full allocation out of my bonus so as not to impede my monthly cash flows from my salary. I'm of the mindset of banking my bonus and living as though I only make my salary though so I can save for house, retirement, etc.

I don't have student loans though - so I imagine it might be a very different equation for others than it was for me

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Thanks! Definitely seems like a good way to do it

Maxing out a 401k can be tough early in your career (no MBA) in any city, especially if you have student loans. The general rule of thumb is to save 10-15% of your pre-tax income. If your income is low, that might be far less than the 401k max; if your income is high, even maxing out your 401k may not be enough.

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Could be either just 401k (if 10-15% of your income is less than the $19,500 cap) or a combination of 401k, backdoor Roth, mega backdoor Roth, and other investment accounts as applicable (if your income is higher). Definitely not just a savings account - you want your money invested in the market (with the appropriate stocks/bonds ratio for your age).

hi coworker! I’m at 85k base right now and contribute 15% (12k), working my way up to maxing but as of right now, not attainable for me.

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