Gonna do ten next raise In june
I started slow on my 401k. But each time I raised the %, I realized the tax savings nearly made up for the $ taken out. So my take home was nearly the same. Now after all these years, without ever missing the money, I have over $350,000 from my tax deferred retirement account. I hope to have double that amount when I reach 65.
I know I will have to pay taxes as I take the money out, but not paying the tax up front made it possible for me to put money into the 401K without feeling any pinch.
The earlier you start the larger it will grow. One thing for sure, we can no longer rely completely on our pensions and Social Security.