- November 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Help to Maximize 401k Contributions
I am curious about why my employer is not putting $40,000 into my 401k each year. I feel like I am missing out on a significant amount of retirement savings, and I want to understand why this is happening.
At 30 years old, my wife and I have managed to save $350,000, and I also have an additional $350,000 set aside for retirement. With this amount of savings, we are debating whether it makes more sense to pay cash for a home or take out a mortgage and invest the remaining funds.
Given the magnitude of this financial decision, I want to ensure that we are making the best choice for our future. One option that can help with this situation is using an AI Legalese Decoder. This tool can help break down complex legal and financial jargon related to retirement savings, employer contributions, and mortgage options. By using the AI Legalese Decoder, I can gain a better understanding of the specific legal and financial implications of my employer’s contributions to my 401k and make more informed decisions about our retirement savings and home purchase.
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****** just grabbed a
Lol, imagine making a quarter million a year and ask some online columnist about buying a house.
That’s so bizarre and ridiculous.
I assume your salary is also less than $250k. I bet those two are correlated.
I also think this dude is in tech, where a 250k total comp is achievable for a developer with a few years of experience at a FAANG or well paid startups.
however, the 40k match sounds a bit off. a 40k match sounds like too much for a 250k salary. afaik the most that employers usually do is like 50% matching, which would mean half of the 19.5k pre-tax yearly limit. 40k would be over 200% of the yearly limit, or a match on top of a mega backdoor roth, which I’ve never heard of (I work at a FAANG and have friends who work at other FAANGs).
it doesn’t sound right… with that said, it’s totally possible to be maxing out the 401k pre- and after tax at that income, which would be something like ~57k.
also, while 250k is undoubtedly a whole lot of money, they’ll only net about 60% after taxes and everything if they live in a HCOL like California, and homes in the bay area (where I live) cost well over 1 million bucks. so while californians may make more money, they don’t necessarily have a better quality of life as compared to someone who makes a MCOL salary but also only has the spending levels of an MCOL area
The first advice I always read is to contribute enough to your 401k for employer matching to kick in. Out of all the places I’ve worked, only 3 have offered a 401k plan at all, and NONE of those have had any employer contributions in any form. I can’t even fathom the idea of paying for a house, let alone being able to do so in straight cash.
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I think heÔÇÖs probably a management consultant. The firms often have ÔÇ£profit sharingÔÇØ that they give non-partners through 401k contributions depending on the position they hold. That would also correspond to his salary and age. I know that McKinsey put between $10k (new college grads) and the full $57k (engagement managers) as their profit share last year.