re: Yes, another retirement thread - RE: How much you need to retire

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I currently have $21,200 in my 401K and an contributing 10% with a company match of 5%. I make $85,000 a year. Will this be enough to retire on by 65? I plan on doing other retirement funds but am just curious. I am 28 BTW

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My guess would be yes. It depends on several factors such as rate of return, inflation, amount of debt at retirement (home mortgage paid off?), and life style. I would bump my contribution up at least 1% every time you get a raise. You will never miss it.

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quick question: I currently have $21,200 in my 401K and an contributing 10% with a company match of 5%. I make $85,000 a year. Will this be enough to retire on by 65? I plan on doing other retirement funds but am just curious. I am 28 BTW

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Do you have a Roth or anything that won't be taxable at retirement? Reason I ask, is that contributing that extra 5% to the 401(k) is just loading you up with taxable retirement dollars. Now, if the deduction is more important right now, forget I said anything