Should you max out your annual 401k contributions? My thought is if you can afford it, why not? What are reasons why you wouldn't, at least when you're young/no kids/high bills?

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Do it ... especially now

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I don't max it so I can build up non retirement savings. It's nice to have money that you can spend whenever (for a house, emergencies, travel, etc)

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If you don't max, you are leaving money on the table. This also lowers your taxable wages so it is two-fold.

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If your emergency fund is established, what C1 said is great. If you can take advantage of Roth IRA, then do that. Then work on filling up rest of 401k.

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With our shit 401k, you should put in the 6% for match then max out a Roth IRA for 5500 a year then go back to increasing your 401k contribution

Yes.

I use @D1's strategy and am happy with it

What D1 said. You can only pull 10k penalty free for your first house purchase so you may want to build up some non-qual savings.

@A1, that 10k is on earnings. Your contributions can be pulled out at any time.

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