I make approx mid six figures gross... but I only get paid like 72 after benefits, 10% 401K and taxes... am I doing my Maths right?... what is your in hand salary compared to gross. Single tax bucket

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Well your policies are all different from firm to firm and your incomes and filing status all vary.

You are choising to pay taxes now versus later. 401k will be taxed on withdrawal while you pay taxes now on the Roth and pay no taxes on withdrawal.

In general, maxing out your 401k if you are able, is a sound move because otherwise you are leaving money on the table. Then max out your contribution to your Roth while you can.

I personally used a Roth to minimize my taxes later on. Given my income I contribute to my traditional IRA then convert what I can into my Roth so I maintain both.

I try to invest in the goal to save obviously but also with a key focus to reduce my effective tax rate and total taxable income. My approach includes real estate, preferred stock, and a focus on dividends.

Everyone is in a different situation with different incomes and priorities given age, loan debt, mortgage debt, credit card debt and cost of living. Some of us have varying levels of risk tolerance and independence restrictions.

Given all that, this just isn't the best place to get financial advice or guidance though because what works for one may be detrimental to another.

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Also make sure you understand your tenure and your firm pension plans because they may be generating well over 1k a month for you in retirement, after only a few years working which is a nice compliment. Also know your deductions which can vary by state on things like medical and can reduce your taxable income.

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Mid six figures is $500k

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BCG?

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The financial literacy tone in here is actually pretty worrisome for a lot of business consultants

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Yep, I make 80 and am about 50 after 401k and taxes, oh well I like living in a civil society where I don't get robbed and have a hospital I can go to when I get sick.

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"Maths" is Indian-english. Not getting into a debate on whether that qualifies as correct.

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BCG1... fair enough. But you know what Mgrs get paid, so you know what I mean.

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Also, definitely not all states have the state tax

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About right. I home about 61% of my salary after taxes in NYC. We should both move to Dubai, which is tax-free

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It's 4:22 PST I cannot sleep, BC1

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Maybe you are contributing more to 401k?

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OP - 50c to a $ up to 6% I believe

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The Big 4 don't 401K match... not sure what that means, it's shitty if you think if we considered above industry, most industry jobs match 1:1

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I contribute 11% to 401k. All in, my take home is 51.8% of base. Note that later in the year take home increases when FICA taxes get capped out (they are only charged on the first 118k)

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#MAGA

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@EY Deloitte matches 401k. Just not very much, but we do have a pension

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Also, "maths" is not the correct English.

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I pocket 52% of my gross - taxes, benefits, pretax stuff (metro card, FSA,) 401k are the reason. Im in NYC and file single

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@Principal 1 Do you have any constructive feedback on the financial literacy component or are you going to do the Partner high level comments and go back on mute and let us connect the dots

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