Reply to Anyone NOT maxing out your 401(k) even though you're making decent money?

Forum Index » Money and Finances

Reply to "Anyone NOT maxing out your 401(k) even though you're making decent money?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]We're a young 30s couple that is saving for retirement but not maxing out on a $250k HHI. We're saving the difference in taxable accounts instead. We're hoping to have our second child next year and want to make sure we have accessible money in case things happen (illness, job loss, accidentally conceiving twins, etc). I think tax deferred accounts are great for locking the money up and making sure you save it for retirement, but that means it's hard to get your hands on if you really need it. At this point in our lives, I'm ok with only putting $20k/year in tax deferred accounts between the two of us.  [/quote]

It takes less than a minute on the web to request a $50K loan from a retirement account.  You'll get the money a couple of days later.  If you and your spouse both have accounts, you can request two loans.  You are foregoing the tax benefits from using retirement accounts because you fear you may need more than $100K liquidity in addition to whatever you can get from a HELOC, credit cards, etc.  This is unwise.[/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