Reply to Does everyone on DCUM max out retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What exactly is maxing out your retirement? [/quote]

Depends on your company's plan.

For us it is a 2 earning household. We both contribute 19K each to 401K. my company also offers a mega roth,with an after tax contribution limit is 25K. we also contribute to the HSA, which we do not touch.  So for us, annually we contribute 70K before gains into retirement.

We do this because we'd like to retire at 55,[b] live on savings for 4.5yrs and start drawing down at 59.5[/b].[/quote]

You know you don't have to wait until 59.5 if you retire at 55, right?  You can begin withdrawals from your 401k immediately without penalty.

See "Separation from Service" at this link:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
[/quote]

I did not know that,  good info. However I'd definitely like to hold off on withdrawls as long as possible. Who knows if we live into our 90s...that's a lot of time. However, I can see myself viewing retirement more as "now I can work doing something I like, not for the money" type of retirement. That would be a really great feeling.[/quote]

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