Reply to What HHI did you start your 401k?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
We married quite young and only my DH was working at that time. My first job was in 1992, I started at 25K.

I put everything in my 401K, full match was for 5% of salary or something like that.  My earnings increased substantially after the first year, but I continued to put away my entire salary in my 401k for the next 12 years.  I retired after that to become a  SAHM.

We have basically lived way below our means all our lives. Contributing to the full extent (to get match) to 401k, funding for college etc., and living on one salary.  We are quite comfortable.

We have always lived on my DH's salary (including saving for retirement and college).  [/quote]

You're quite comfortable because of when you were born. You bought a house before the market runup. You worked during the economic boom of the 90s.

Those of us born in the 80s can't float by like people born in the 50s/60s. [/quote]

I agree that we bought a house at a very low cost (in 200s), and so did a lot of our peers. But guess what? As the prices increased they sold their homes at double the price, and bought even bigger homes. There are a lot of people born in 50s/60s, who upgraded, and basically are stretched to their limits now.

My advice is to be of a mindset of making do with one salary. Mentally, that should be what you think your HHI is. Live on that salary AND save for college and retirement on that one salary.  The second salary? Sock it away in a 401K account, where you cannot touch it.  My salary was much lower than my DHs, however, because I was saving everything, compound interest made my savings grow to its present value. [/quote]

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