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I’ve been making 401k contributions for 22 years (through the 2000 and 2008 dips), most of that time, maxing it out. If I add in the additional SS tax (limited
by madengr 8y ago
I’ve been making 401k contributions for 22 years (through the 2000 and 2008 dips), most of that time, maxing it out. If I add in the additional SS tax (limited by the cap), stopping contributions at 67, by 85 I’d have $17M accumulated at a 4% interest rate. As I said, you have to run the numbers yourself, but it’s mind boggling how much you are losing, even more so if you die at 67, the government walks away with it all.
- Marazan 8y agoNo, the government has already spent it on current retirees as you pay.
- Frondo 8y agoWhen you die at any age, the rest of us walk away with everything you had. The big questions are how we divide that up (do we give it all to your children, do we put it back into the public coffers, etc). "You can't take it with you" isn't just empty words.
- madengr 8y agoIt should go into “my” estate to do as “I” see fit, not for “we” to decide.
- usaar333 8y agoI'm not following your numbers. Max social security contribution is $16000 a year. 30 years of contributions at 4% return gives $1m; at 8%, $1.8m
- madengr 8y agoIt was SS plus 401k contribution, over 60 years of interest, with 40 years of contributing. Download your earnings history from SS.gov, and paste into a spreadsheet to play with the numbers.