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Reply to "Is anyone NOT a 401k millionaire?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.morningstar.com/news/marketwatch/20241205305/millennials-are-finally-joining-the-401k-millionaires-club-heres-how-they-got-here Srsly. DH and I are still in our late 20s and each of us has $1M+ in our 401ks. Is being a millionaire the new lower class? [/quote] Unless you started making bank at eight-years-old and maxed out every year after that, I don't see how this is possible.[/quote] it's not---max contribution currently is $23K/year. Given that you should max your ROTH Ira first and then contribute to 401K as possible (making sure to get the max company match), most 22yo are not contributing $30K to retirement. My kid makes $72K and lives in MCOL, no way they can contribute $30K/year and still live. However, they do contribute well and are on the path to being a 401K/Roth millionaire by mid to late 30s. [/quote]
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