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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We are a 2-income couple, age 50, with 2 teens, making ~$225k/year. I max my 401k (with employer match), but DH puts very little in. We both have generous and rock solid* pension plans--DH's will replace about half of his salary--and we are on track to have over $1m in savings by retirement age. That, plus social security (which, yes, I do believe will still be in around, in some form) should be enough to maintain--or even improve on--our current standard of living, given that we currently devote about 40% of take-home to mortgage and college tuition payments, both of which will be paid off by the time we retire.

*By rock-solid, I mean: if our pensions fail, we are all in deep, deep trouble.[/quote]

I can see what you mean.  But in a sense, are you looking at the 401(k) as just a way to fund retirement?  I'm hoping to use it as a way to generate some wealth that I won't necessarily spend in retirement (because we also have pensions coming).  Anyone else in that same boat?[/quote]

PP here. I definitely think of it as funds for retirement. DH and I have relatives who are/were 90+, so I think we are going to want to be cautious about preserving a pretty large nest egg. I worry too about one or both of us needing long-term care--that eats up savings very, very quickly.[/quote]

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