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Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"
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[quote=Anonymous][quote=Anonymous]Not to a pre tax account no, unless you are over 50 and then can do catch up contributions. Don’t forget people may also have an employer match of some sort, which can be significant. My spouse gets a 10% match. And the magic is early contributions + compounding + the market we’ve been in lately. I’m 41, working since 26, [b]started contributing the max pre tax at 30, but always contributed enough to get the 5% my employer offers and I have just over $600k.[/b] If I’d started working earlier and prioritized contributing the max earlier, I’d be in an even better situation. [/quote] Same here. If I'd maxed out those first few years (I easily could have), I'd be fantastic shape. I am 49 and have ~$2m in retirement savings. [/quote]
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