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Rising Star
23, $105k - probs not the answer you wanted to hear, but we all have our own path in life and I can tell you those years we're STRESSFUL. You don't need to max your 401k every year tho. Tbh as long as you are putting in enough to take full advantage of any employer match you get you're at least not leaving money on the table. Perfectly fine to "borrow" against future earnings too by not contributing to your 401k now in order to prioritize more pressing near-term cash needs. At the end of the day, missing a year or two of contributions won't make a noticeable impact on quality of life in retirement for most people
Rising Star
This was several years ago and thankfully the hard work at the career paid off so the tight budgeting didn't last too long. Tbh I was working around the clock so it's not like I had time to spend any money on anything anyway. Agree that being hardcore about saving early in your career can sometimes be short sighted though since life is in fact meant to be lived every day (though you should always plan ahead to be nice to your future self as well)
Do you both work?
If you’re talking about saving $46k (35%).
That would be a lot, and you shouldn’t feel bad.
Seems you are doing great.
My wife and I max’d at 30 earning 210k, which is more like 260k today after inflation.
Then she stopped working after kid was born. Things change.
Seems you are doing great.
You should have chance to increase your income and costs should flatten out after kid/s are school age.
Don’t feel bad at all, you’re doing a good job and ahead of most. This app is very skewed with some high earners and some fibbers to go along with it!
As your income increases, increase your contributions
I only started maxing out my 401k at 40 when I started making $250k plus. I focused on saving for my kids, buying rental properties and making stock investments. However, I started saving my 401k since 24 and I have 750k in my 401k/IRA at 42. I’m fine with what I have.
I hear you man. I actually have a baby on the way and I am still trying to finish up my college degree. My suggestion is create a budget. This will help 85% of unexpected expenses to be more manageable. Secondly, take charge of your relationship by delegating responsibilities. You have a family ensure them their roles so that yall all ain’t drowning. Finally, determine how long things are going to be so the family can embrace the storm with you. These things can be the completion of innovation to building a 24 months child plan. Your new family will depend on you. So stay calm and collect. Everything will pan out just fine.
I only started maxing out my 401k contributions at 35. Don’t worry about it too much, put together a financial plan that works for you and stick with it. In the end it’s more about having an emergency fund in place for unplanned expenses and consistently saving.
Don’t be discouraged if you aren’t maxing out your 401K. Make sure you have plenty of emergency funds especially with kids. You are better off maxing a Roth IRA than a 401K as you have more options to invest in, likely cheaper funds you can invest and and it’s more liquid than a 401K (i.e. you can pull money out without penalty in certain instances).
Congratulations on thinking about retirement at such a young age!! I see so many people who can’t see beyond the next paycheck.
And congrats on the growing family.
I say the same thing every time: each individual has individual needs and outcomes.
In decades past, there was not enough information. Today, it’s overwhelming. My firm is non-fee based and caters to those who need it most. Happy to have a quick conversation.
43. It's not always needed to max out either. It's about being on track for your goals. You need to do some calculations and not just chance numbers or maximums.
I buy rental properties rather than putting money in a 401k. This gives me additional monthly income that can either buy more investments or lessen the burden of my monthly bills. Take an honest look at your spending and consider if the area you live is too expensive for you to get ahead. One step at a time, you'll be fine.
Can you recommend materials to get started on this topic? I have $100k to invest, but I’m not from the US and don’t know this market well enough. I believe it’d better than my 401k in the long run. I need to learn more about contracts and taxes, and would prefer not to delegate everything on a property manager.
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At 61 i did the max and catch up. college was 90k a year. the mortgage is gone and the Home equity too after the renovations. . you’re doing great. you have a ways to go. little by little. don’t rush time it goes quickly.
26 own my own advisory book. Put 37k in this year to my solo 401k. My wife (26) works as a CPA at kpmg and she maxed her 401k out at work as well.
I was in my early-30s. Don’t be discouraged since retirement is just part of your financial life.
Debt retirement and building home equity are also good things.
We are basically debt free outside of the house. I guess that’s our saving grace. We’re on our second home with $100k+ in equity
23, $72K income, but I was insanely frugal and definitely deprived myself a bit to do it
If your goal is to retire early, don’t max out your 401k as you can’t touch it without severe consequences until 59.5. Most people can’t afford to max out their 401k or don’t want to be liquid cash poor for future purchases/investments. Get your match however
28, 120k personally and 180k total household income. Max out my Roth 401k through employer and also Roth IRA through brokerage.
Mainly trying to invest in different assets now but I’m going to try my hardest to keep the Roth401k and RothIRA maxed out. Have two 4-plex units in the Midwest and planning on acquiring an apartment by 30.
Don’t neglect your safety cushion. Set aside min 4 months of complete current budget before maximizing 401k. An employment or health issue without some fallback cash would cost you far more than you can imagine. Worst impact is the suboptimal life/career decisions made under financial duress. I know firsthand and it took me 10 years to recover from it.
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