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re: Another “can I retire comfortably” question
Posted on 11/14/23 at 4:12 pm to lynxcat
Posted on 11/14/23 at 4:12 pm to lynxcat
quote:
How do people get these sums in 401K when there is a max of ~$23K a year? Two HHs contributing maxing for like 20 years....does that get there?
Don’t forget company match, plus some “after tax” contributions. Which means some of that 401k total will be able to be withdrawn early penalty free.
2
Posted on 11/14/23 at 4:19 pm to Lgrnwd
That is a very large 401k balance even given the match and post tax contributions. $3m is the current 401k balance not projected in 8 yrs right?
Posted on 11/14/23 at 4:30 pm to Lgrnwd
quote:
plus some “after tax” contributions.
Wouldnt you be better off investing in a taxable brokerage. Gains could then be harvested in low tax rate early retirement years at zero or 15% versus paying income tax rates on the gains if I understand how it works. Sure you get tax differed growth but if you're invested long term in low dividend funds doesnt seem like there'd be much tax drag to worry about. Something to consider if you were otherwise intending to continue loading up "after tax" 401k contributions for next 8 yrs.
This post was edited on 11/14/23 at 4:31 pm
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