Hi! I started late planning for retirement due to being a single mom. I currently max out my 401k (including catch up allowance). I have about $200k in there at this time. My question is two part:
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The predictor tools state that with my savings and future social security I could have about 1.2mil. By 68 if I keep going like I am. Are these predictions accurate? If not, how and what can I do to invest and reach a goal to live off of comfortably.
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My 401k plan does an audit and “highly compensated employees” are not allowed to contribute more than 6% so they automatically lowered my contributions, which is concerning for me. They do offer a non-qualified investment fund called a deferred compensation plan for people in this case. I upped the contribution to match what I used to put into the 401k. Does this account act the same as the traditional one and is that the smart thing to do or should I invest elsewhere.
I want to add, I have a child entering college next year and do have money set aside for that, but, I anticipate that I won’t be able to take much extra out of my budgeted money after retirement savings due to expenses from college.
I just worried I won’t be able to retire until I’m 90!
Submitted November 27, 2021 at 09:30AM by Woody1918 https://ift.tt/3HYL8vT
