Reply to Not fully funding 401k? Why not?

Forum Index » Money and Finances

Reply to "Not fully funding 401k? Why not?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]STFU with your maxing out a 401k at age 24. You are so out of touch it isn’t even funny. [/quote]

Most people I know who work in biglaw aren't doing this ... at age 28![/quote]

There’s something wrong with your biglaw friends. Started in biglaw in 05 when the starting salary was “only” 125k though 2 years later we jumped to the 160k scale. Started maxing out at 25 — and yes I had debt and I lived in Manhattan in a doorman building with no roommate.[/quote]

I had a number of friends in biglaw who weren’t maxing out and some didn’t even open a 401k until age 30-32. And as I think about it, it was the people who had a ton of debt. It was people who were living large, assuming the gravy train would continue, and if it didn’t - so what, I’ll go make 300k someplace else. We were at a firm that’s not doing great despite vault rankings etc — ie very few new partners made. So then in year 6 when the firm started talking to them about - you probably won’t be partner here and the faced the reality that a lot of govt/in-house/smaller firm jobs would pay 200k if super lucky but tend to be lower than that - then they freaked out and started maxing out the 401k for 2-3 yrs before being pushed out. But leaving with a sub 100k 401k when you were making 300k and now having to focus on your 401k on your 150k or  200k salary in your mid 30s is ludicrous.[/quote]

It was NOT the people with tons of debt.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics