Reply to Do you follow Dave Ramsay?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Paying off mortgage is step 6. After funding retirement. 
http://www.daveramsey.com/new/baby-steps/
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Op here- I believe its after funding retirement at only 15% - my issue is he doesn't recommend maxing out retirement.[/quote]
[b]
I think you are quibbling.  15% of income is the max of many retirement plans.[/b] Also having no mortgage frees you of expenses in retirement.

If you have no debt. 15% of your income saved for retirement.  College savings for your kids.  Its an entirely reasonable plan to pay off your mortgage. Its also a reasonable plan to add more to retirement savings.    Basically when you get that far you have several good options. Most people aren't at that point.  [/quote]

You are wrong. The IRS max for 2013 is 17,500 for 401ks. Depending on how high your income is, sure that could be 15%, but the max is not 15%.[/quote]

Well, if you want to really get technical, the limit is $50,000 including employer contributions. That's why I like to wrap any rental income into a C corp, I can then get my $17,500 in my personal, plus my company match and then I just whack the balance with whatever is needed from the c-corp as an employer contribution on top.

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