I was pretty bad with money until 5 years ago, when I was 27. I had 10k in my 401k and 3k in my bank account but no debt despite working for 5 years. I really got into investing money when I joined Google and they had a 401k match and mega back door Roth. I have been at Google for 5 years now, I maxed out my 401k and mega back door every year and today I have $401,000 in my 401k and Roth and I can't believe it. I'm 31. It makes me so happy that I was able to save and be set for retirement. TC-250k
What was your take home pay after 401k and mega back door max out? Before and after taxes? Did you max out HSA?
Congrats!! Every dollar you put in now is like putting in at least $2-3 when you're in your 40s+
12k in 401k or nom retirement?
Roth mega backdoor has a different contribution limit. I think it's 66k this year. Pretax/Roth are only like 22k limit or so
How much does Google match? I have 110k in my 401k at 26, but I max out every year and invest in s&p can't do more For backdoor, the money isn't going in pre-tax right?
50% of your total contribution not including mega backdoor. So if you contribute the max (23k, assuming below 50 yrs old) Google will match 11.5k.
Back door is post tax, correct
Why not put the money in mutual funds/savings to purchase a home? 401k will be worth ~ half as much by the time you retire + will not grow as fast as other investment opportunities. You have a good savings setup, I would personally stop mega backdooring so much of my take home in your position.
Wdym 401k will be worth half as much? And why won't it grow if you invest in s&p? If you mean half because of tax, that is incorrect. Because you would not liquidate it all at once, you would likely withdraw an amount that keeps you in a low tax bracket I do agree about backdoor because you lose the reduced tax burden benefit that comes with 401k contributions as pretax
You can take out principal in mega backdoor without penalty
Nice, same situation. I maxed pre-tax 401k and maxed mega backdoor for a few years. Also joined 5 years ago and am 30 with roughly 401k in 401k =)
Pics
Tech Industry
Yesterday
2366
Do people underestimate E6 role at meta?
Personal Finance
Yesterday
1868
Thank you AAPL and NVDA
World Conflicts
4h
257
Peaceful Protest Hasn’t Worked and Has Been Met With Aggression.
Today I Learned
Yesterday
1583
White male privilege is real
Tech Industry
2d
8923
What happens when most of your team is Indian?
Go girl
girl?