Maxing Out a 401k and Early Retirement. Another commenter chimed in with: To get money before 59.5 without a 10% penalty isn’t all that difficult. The substantially equal periodic payments (SEPP) rule is the exception to get into your IRA when you retire. You essentially "annuitize" your IRA from the when you retire until 59 1/2.
If you’re in the fortunate position of maxing out your 401(k) contributions and still having the ability to do more, there are other investment avenues that will allow you to add to your nest egg.
My husband maxed out his 401k at 18k bring in our combined income to 72k after maxing out the 401k. We then wanted to max out our traditional IRA at 5500 each. We were told by our cpa that I could (because I didn’t have a 401k), but he could not contribute to his IRA because he maxed out his 401k at 18k.
Maxed out 401(k) every year. The graph below shows how much your 401(k) would be worth if you maxed out your contribution every year. Note: In our scenario, I have our worker contribute the max contribution divided by 12 every month. To make it simple, we’ll invest in VFINX, the Vanguard S&P 500 index fund. Here is how to read this graph.
Maxing out a 401(k) plan is surprisingly rare. Only 13% of plan participants did so in their Vanguard accounts in 2017 (when the limit was $18,000), according to a 2018 report. vanguard investors are typically higher-earners, older and have been with their employers longer.
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Maxing out a 401(k) is surprisingly rare – but may be easier than you think. Just set it and forget it (marketwatch.com)
I agree with you and continue to max out my 401k as I always have, but I still regularly second-guess whether it makes sense because I’ve got enough saved in my 401k now to have a comfortable retirement at 59.5 if I don’t save another dollar, and all of my money is tied up for old age and can’t be enjoyed today –
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Maxing out a 401(k) at any age will help in retirement, but especially the sooner one starts. The same is true of simply beginning to save any bit for retirement. The same is true of simply beginning to save any bit for retirement.