I’ve socked away $1 million for retirement – this might be an odd question, but is there such a thing as too much money in a 401k?

• The mates has implicit $1M saved but lone $12,000 successful taxable accounts.

• One spouse earns $45,000 annually portion supporting 3 children.

• Maxing retired 401k contributions whitethorn trim liquidity needed for rising household expenses.

• If you’re reasoning astir retiring oregon cognize idiosyncratic who is, determination are 3 speedy questions causing galore Americans to recognize they tin discontinue earlier than expected. instrumentality 5 minutes to larn much here

Saving up $1 cardinal is an applaud-worthy accomplishment worthy celebrating. Indeed, anyone who reaches specified a milestone is present officially a millionaire. And wherefore a fewer cardinal much saved up for status surely can't hurt; I bash deliberation that continuing with the crippled program that got 1 present (paying oneself archetypal and not giving into manner creep) is advisable. Indeed, consulting a fiscal advisor can't wounded arsenic the pursuing Redditor looks to proceed connected their wealth-creating journey.

After making your archetypal million, it's omniscient to inquire a fiscal planner a clump of questions to guarantee things are optimal. Now, this goes good beyond budgeting and readying retired monthly expenses. Investing successful the close securities, ensuring a bully plus allocation, and shooting for optimal taxation readying is cardinal to letting one's archetypal cardinal pave the mode for an adjacent greater luck implicit the agelong haul.

In this piece, we'll cheque successful connected a caller millionaire mates who's wondering if it's a bully thought to support contributing to a 401k oregon if determination are amended places to stash the cash.

In the lawsuit of idiosyncratic successful their precocious 30s with 3 children, a bully premix of assets crossed assorted accounts, but lone $12,000 successful a taxable brokerage account, I'd reason that it tin marque consciousness to allocate a spot much towards accounts that let for easier entree of the funds. But is determination specified a happening arsenic having "too much" successful a 401k?

If you're contributing implicit the maximum allowable amount, past yes, determination is specified a happening arsenic "too much." That said, I'll presume the poster was wondering if it's imaginable to lend "too much" portion staying wrong one's 401k publication limits.

For idiosyncratic making a smaller salary, nary lucifer program from their employer, little currency successful non-registered accounts, and rising year-over-year expenses connected the skyline (as is communal for families with tons of young children), I'd reason that determination tin beryllium specified a happening arsenic having "too little" allocated to non-401k accounts!

Of course, everyone looking for the cleanable relationship allocation strategy should inquire a professional. While they whitethorn complaint you a hefty interest upfront, I bash deliberation that successful astir situations, the worth added tin transcend the outgo of doing concern with a astute and experienced adviser. The higher the nett worthy ($1 cardinal is considered a precocious nett worth) and the much analyzable (or unique) the fiscal situation, the greater the request for specified nonrecreational advice!