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401k?
is there a point in time, where you should stop maxing out? $$amount? i figure, in the best case scenerio, compounding interest should dwarf, any monthly contribution, right?
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06-08-2005, 10:36 AM
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Broke
Join Date: Apr 2004
Location: California Foothills
Posts: 1,567
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Never stop maxing out. I'm in a 357 which is a little different, but all you do is roll it to a safe investment fund 1 to 3 years before retirement. To stop maxing out can change your tax situation drastically. Additionally, even if interest eventually rises above contributions (my current situation in a healthy market), each dollar in you account will earn that much more interest. It really is just a numbers game.
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Beer is proof that God loves us and wants us to be happy. B. Franklin 93 968 Cab 81 SC Targa (Princess) Now Residing in Denmark 1973 RS Z28 Vash will never own it! |
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06-08-2005, 11:05 AM
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Registered
Join Date: Jan 2005
Location: Atlanta, GA
Posts: 1,392
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The idea is that maxing out lowers your taxable income, so you wouldn't really want to do that.
Of course, everyone's situation is different. Maybe you have "enough" in the 401k and want to diversify with real estate, some of which has it's own tax advantages. Just gotta run the numbers, it's all about the numbs... |
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06-08-2005, 12:39 PM
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Registered
Join Date: Mar 2005
Location: Austin, TX
Posts: 2,271
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ALWAYS contribute whatever amount your employer matches. That way you're getting the maximum amount of FREE MONEY.
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Matt J. 69 911T Targa - "Stinky" 2001 Boxster "Stahlgewehr" |
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06-08-2005, 01:05 PM
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Targa, Panamera Turbo
Join Date: Aug 2004
Location: Houston TX
Posts: 22,366
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Your pretty young, put in more than you think you can afford. You will figuer out a way to get by. I got by for 16+ years paying child support that I just figuered was part of it all. If I never paid it I would not have saved it, I would have spent it instead.
Advice from an ol farthead - save more than you think you can - have it drawn out automatically and make it painfull to get at. You will not regret it. Trust me!
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Michael D. Holloway https://simple.m.wikipedia.org/wiki/Michael_D._Holloway https://5thorderindustry.com/ https://www.amazon.com/s?k=michael+d+holloway&crid=3AWD8RUVY3E2F&sprefix= michael+d+holloway%2Caps%2C136&ref=nb_sb_noss_1 |
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06-08-2005, 03:24 PM
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Navin Johnson
Join Date: Mar 2002
Location: Wantagh, NY
Posts: 8,808
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Quote:
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Don't feed the trolls. Don't quote the trolls  http://www.southshoreperformanceny.com '69 911 GT-5 '75 914 GT-3 and others |
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06-08-2005, 03:58 PM
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Targa, Panamera Turbo
Join Date: Aug 2004
Location: Houston TX
Posts: 22,366
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 so, are ya single? Have I told you about my soon to be 18 yr old daughter?
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Michael D. Holloway https://simple.m.wikipedia.org/wiki/Michael_D._Holloway https://5thorderindustry.com/ https://www.amazon.com/s?k=michael+d+holloway&crid=3AWD8RUVY3E2F&sprefix= michael+d+holloway%2Caps%2C136&ref=nb_sb_noss_1 |
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06-08-2005, 04:01 PM
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Navin Johnson
Join Date: Mar 2002
Location: Wantagh, NY
Posts: 8,808
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I am single, Im also looking to retire at 50 in 6 years.
all those that have 401's dump as much money as you can into them I also prefer company from my own age group
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Don't feed the trolls. Don't quote the trolls http://www.southshoreperformanceny.com '69 911 GT-5 '75 914 GT-3 and others |
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06-08-2005, 04:04 PM
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mike, that is funny! if tim and i could only freeze ourselves for several years....thanks guy...i already do what you say....just wondering what people further along in the game do.
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06-08-2005, 04:46 PM
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Longtime Member
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knock it back for a couple months and do your suspension.
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78SC PRC Spec911 (sold 12/15) https://www.youtube.com/watch?v=f7I6HCCKrVQ Now gone: 03 996TT/75 slicklid 3.oL carb'd hotrod 15 Rubicon JK/07.5 LMM Duramax 4x/86 Ski Nautique Correct Craft |
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06-08-2005, 06:18 PM
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Registered
Join Date: Oct 2001
Location: LBC
Posts: 1,012
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Quote:
Too funny...just what us 40 something single males need, an 18 year old female...even I am not that brave...
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923/912E (2.1l OEM EFI  '99 F150 4x4 Chipped (who cares) LLVL in the LBC... "Long Hoods Rule" "RICE - The Breakfast of Champions" |
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06-08-2005, 10:48 PM
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the 23 car
domino
