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Reply to "Does everyone on DCUM max out retirement?"
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[quote=Anonymous][quote=Anonymous]I have been maxing out since I was 21 in 1999 making only $26,000. I have only worked for nonprofits so I do not have a crazy high income. I also had 70k in college debt at the time-unheard of them. I am 41. Maxing out is the best financial decision I have ever made. I also paid for my kids’ childcare costs. There is no excuse for not maxing out. I stopped eating meat for years (expensive). Think of it as you can’t afford not to max out. Over years it makes a huge difference.[/quote] When people say that they are "maxing out," do they really mean that they are contributing the maximum amount allowed by the IRS, or do they mean that they are contributing the maximum to get their company match? For example, the PP above said they were maxing out in 1999 on a $26k salary. IRS limit at the time was $10k. Were they really contributing 38% of pay and living on the remaining $16k gross? [/quote]
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