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Reply to "2019 I turn 50 - is there a reason NOT to do 401K catch up?"
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[quote=Anonymous][quote=Anonymous]Depends on what you have/need. I am over 50 and started the extra contribution as soon as I could. [b]Surely you are saving outside of 401ks [/b]so just think of it as diverting some of your regular savings to tax deferred savings. It's only $6,000 but does save at least $2000 in taxes.[/quote] I guess it is a question of how you define "saving" outside of 401K. I get a small pension and my DH has a govt pension - and plans to retire with 30 years of service in 5 years. At that time he will be in mid 50s and be in a position for a 2nd career. The Federal pension will provide us with over $70K a year or retirement income. Our house will be paid off. Kids college paid for. The 401K (TSP) is our primary savings [outside of 6 months of emergency cash] I cant see what the 6K extra will really do for us. [/quote]
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