Does everyone on DCUM max out retirement?
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Anonymous
| We’re at around $28,000/year combined and trying to do more but just can’t. HHI is around $180K. It seems like everyone on this forum is maxing out and we are still catching up, but not quite. We try but it seems like something always gets in the way - medical emergency, home repairs, job transition. We do have an investment property that will generate income in retirement and has around $300k in equity now, so that counts, but I feel anxious about not maxing out when it seems the smartest thing to do. |
Anonymous
Don't beat yourself up. $28k is good. Of course more is always better, but at least you're saving a lot more than most Americans. DCUM posters are the extreeeeeeeeeme minorities in the country. The loudest people on the money boards are of course the people with the most money, because they want to make sure everyone knows how much money they have. Make it a goal every single year to try to increase your retirement contributions by $1000 per year. Set reasonable goals for yourself and don't pay attention to, or compare yourself to others. You'll always feel 'behind' if you're constantly sizing yourself up to other people and trying to keep up with the Joneses. There's always someone else out there with more money. |
Anonymous
| We don’t. We can’t right now with child care costs. |
Anonymous
| No. Not everyone can afford to. We need to leave some money to live off right now. |
Anonymous
| You’re doing very well. Congratulations |
Anonymous
| We do but only started once our HHI was $450k or so. I’m amazed at how good some DCUMers about saving on much less. |
Anonymous
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Not everyone has the same priorities. My cousin is all carpe diem and buys new everything, high end clothes and every new apple product for everyone in their family.
I make the same as they do, but with an entirely different financial philosophy. Sometimes it’s just choices. Other times it’s income. |
Anonymous
For Some it’s also an understanding of taxes. When you’re income is high enough that you are not eligible for a refund (not getting a refund is a whole bother topic) it makes more sense to max your 401k then to pay the Feds a lot in taxes. Pay yourself first. Personal finance should be a required class for ever high school senior. I know I would have benefitted from it. |
Anonymous
| It’s just the people who are posting. It’s the same people who make 400k but won’t take on a mortgage greater than 500k. |
Anonymous
| I don't actively contribute to retirement but I do have money taken out of my pay every week into an investment account. I have two rental properties. I have student loans and try to save as much as possible but I keep it liquid because of the properties (in case of emergencies). |
Anonymous
PS. I make nowhere NEAR 100k. |
Anonymous
Same. |
Anonymous
| We used to until last year when we had a baby. HHI 180k. We hope to get back on track from next year. Right now we are just doing enough to get the employer match. |
Anonymous
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At one point, we did. And we didn't earn what this board would consider a huge amount.
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Anonymous
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Most people don't and most people don't have to
For the majority of the population a 1 million retirement account is plenty anything over 3 million is ridiculous except for maybe the top 1% |