I’m fairly new to the working world and I was wondering what are the upsides to putting more into your 401K now opposed to when you get closer to retirement age?

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Compound growth

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I recommend getting in contact with a financial advisor or friends who are finance savvy for a thorough conversation as you seem very naive about the topic. A lot of us started in the same place, there is just a lot to learn.

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Recommend joining the personal investment chatter bowl. They’ll have a ton of good advice on this topic.

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You need time to build your retirement up to a realistic number to live off of (around $3,500/mo minimum). Financial experts stress the 4% rule which means you can comfortably draw 4% of your retirement money without out living the money and draining it to $0. To generate $3,500/mo and only pull 4% you need about $1,000,000.00. It will take a long time to get there which is why you need to put 10-20% of your paycheck into a 401k for 30years and not wait until you get closer to retirement to start contributing.

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Go here: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Run 2 simulations. One starting today with $1000 initial investment and $500 monthly contribution. 30 years as length of time. Estimated interest rate at 6% with variance of 2%. Compound monthly.

Now run it again and change the length to 10 years, keeping everything else the same.

Which is better? $508k or $83k?

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The only reason to put only up to company match now is most likely taxes will be higher down the road. But that means you invest in an post tax retirement account

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