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re: 401k - Max in January or average throughout year
Posted on 12/27/17 at 9:54 am to Mingo Was His NameO
Posted on 12/27/17 at 9:54 am to Mingo Was His NameO
If you max your 401K for 30 years, you will retire a multi millionaire.
I do not understand why people do not realize this.
I do not understand why people do not realize this.
3
Posted on 12/27/17 at 9:56 am to YoungManOldMan
quote:
If you max your 401K for 30 years, you will retire a multi millionaire.
I do not understand why people do not realize this.
Because a lot of people don't have an extra 18k laying around.
Posted on 12/27/17 at 10:29 am to YoungManOldMan
Even if you don’t max you become a millionaire as long as you routinely contribute. I know someone that didn’t start until his mid 30’s and saved 12-15 percent of his check into a 401k and came away with over 1.4 million after 28 years.
Posted on 1/23/18 at 11:02 pm to YoungManOldMan
quote:
If you max your 401K for 30 years, you will retire a multi millionaire.
I do not understand why people do not realize this.
Because some people would rather live life now than be a millionaire when they are 72 and then try to live life then.
I remember listening to Dave Ramsey years ago. All of these people called in wanting him to tell them to save everything for retirement. Dave said that he knew many people that did exactly that but never lived to reach retirement.
I have had the good fortune of putting plenty into retirement, but I still balanced it with trips to Bora Bora, Mallorca, Cabo, Cancun, Europe, etc. I would rather have those experiences now than when I am in my 70s.
Plus, with the rate that our deficit is going, income tax percentages maybe be so high that most of your 401k may go toward taxes.
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