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Reply to "Anyone NOT maxing out your 401(k) even though you're making decent money?"
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[quote=Anonymous][quote=Anonymous][b]We're late 30s/early 40s, have nowhere near $1M saved for retirement[/b], and we're not maxing. We make a combined HHI of about $185k and between childcare, mortgage, and student loans we just haven't been able to do it. We both contribute enough to get the match (5% for him, more like 3% for me) and we're definitely hoping to increase in the near future when childcare expenses decrease. I don't know what I'd do in your case. Not a 401(K) loan, but we've also been wary of HELOCs. It means we've been fixing our house up little bit by little bit for 3 years but it's also kept us from taking on more debt (we have only mortgage and student loans).[/quote] Most people don't aim to have $1M in their late 30s/early 40s. They aim for it by retirement -- which for most is closer to 60-67 yrs old. Of course the sooner the better, but nationally it's rare to even have $1 million at retirement let alone at age 38.[/quote]
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