Retirement is easy, you just cant live the American dream.
I have maxed out my 401k,HSA, and roth ira the past few years. What has it cost?
I cant afford to get married.
I cant afford to have kids.
I have never had a new car.
The thing is though, especially with the bull run in the past few years, the 401k growth has been insane. The more you put in with compounding interest, the faster it will grow on interest alone. My interest is roughly surpassing the company match now.
You have to put into it more than the match though. People think matching the match for 30 years will get you to the promised land. Maybe, but you'll have to live in a cheap crap state like Florida or Alabama, or you'll go abroad and live like a peasant king in some 3rd world country like the Philippines where hot water is a luxury more so than a necessity.
The key is not aiming for a percentage, but a number.I turn 30 in 2 months. My number for 30 was the six figure singularity across ALL(401K,HSA,ROTH IRA) accounts. I beat that with the 401k alone.
People talk about the importance of roth and all of that, but the roth limit is only 6k. Hell, my company match is almost as much as that when you consider tax rates. The 401k is your best vehicle for retirement. This is 19k(plus match if offered) that is socked away. With the match and HSA that is over 25k a year in tax advantaged retirement/medical accounts.With compounding interest at most, barring a huge dip, I am looking at 100k added to the account every 3 years. If you are in your 30's retiring at 65? Thats a million right there, and it will only accelerate faster the more you put in.
Dont leave anything up to chance with social security. Boomers have proven they dont care about anything but themselves. I wouldnt be shocked if they used it, then got rid of it for us.