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re: Maxing Out Retirement Savings
Posted on 12/23/21 at 9:20 am to meansonny
Posted on 12/23/21 at 9:20 am to meansonny
quote:
His 401k is 4% traditional and 16% roth off his gross pay. Assuming that he doesnt put in more than the max, he makes about $97500.
He said he's maxing 401k, 2 roths, and putting $250 in each kids account. There's no way hes only making $100k. That's just over $8k/month before any taxes, mortgage, electricity, groceries, etc, etc and he's saving over $3k/month if my math is correct.
If he's saving ~40% of his GROSS income with 2 kids on $100k then good on em, but u find the math almost impossible to reconcile.
This post was edited on 12/23/21 at 9:23 am
Posted on 12/23/21 at 9:34 am to Big Ole Baw
quote:
If he's saving ~40% of his GROSS income with 2 kids on $100k then good on em, but u find the math almost impossible to reconcile
I have 4 kids. Over 30% of my income goes to retirement (it would be significantly higher percentage but my wife just went full time this spring).
The key is to lock in your spending. Our house payment is the same amount that my wife and i could afford fresh out of college as 2 waiters working full time. No car payments. No credit card obigations or student loans.
Pretty much every dollar that has been earned above our levels at 25 years of age is discretionary.
This post was edited on 12/23/21 at 9:36 am
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