I am 30, married, and make $120k/year pretax, wife is currently a stay at home mom. Currently have $300k in retirement savings (Traditional 401k & Roth IRA). We have been feeling the pinch of inflation with rising costs everywhere and baby expenses and I feel like I need to cut back on retirement contributions to make ends meet. My plan is to still contribute enough to get the full company match (10%) and max my Roth IRA ($6,500), and go back to maxing my 401k after a year or two. Will I still be in good shape? My goal is to have around $4 million by 65.
- Next a question about cash app transactions
- Previous Brokered CDs with 5% interest? Can someone ELI5? – I’m just finding out about these now and not quite sure I am doing the right thing. Any specific advice /be aware of?
I just pulled up a retirement calculator I found randomly by way of an internet search. Plugged in your info. Assuming you keep saving 10% of your salary, it predicts you’ll have 4.5M at age 67.
I think cutting back to 10% will be fine.
Yes, cut back. you sound like you’re retirement rich and cash poor. even if you cut back, you are still saving more than the recommended amount.
You may find these links helpful:
– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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