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Reply to "Increased contribution limits in 2023… "
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[quote=Anonymous]I currently contribute the max into my 401K, and my company contributes and additional 9% of my salary, so between the two I currently contribute $33,865 towards retirement. (My base salary is $148,500 and I get a discretionary bonus). I am 42 and between my husband and I we have about $460K saved for retirement, so we are a bit behind at least according to DCUM standards. Our youngest finally started kindergarten this year, so we are finally done with full time day care payments. During the day care years we were not able to save much for our kids college funds, so we need to increase saving for that. I am starting to consider dialing back my 401K contributions so I can save toward these other things. Would it be a bad idea to dial back my 401K contributions so overall I am contributing about $28K? It may not make much of a difference in our take home pay, but we have so many other things we should be saving from, we have to make adjustments somewhere. [/quote]
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