Am I Contributing Too Much to My 401(k)?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 14 November 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel, & Kristina Ellis. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.0	Zach is in Finley Ohio to start off this hour.
0:16.6	Hi, Zach.
0:17.6	Welcome to the Ramsey show.
0:18.9	Thank you, sir.
0:19.9	How are you doing today?
0:21.5	Better than we deserve.
0:22.7	What's up in your world?
0:24.1	Oh, my wife and I have been reviewing our financial picture, and we were curious if we
0:31.9	might be contributing too much to our traditional 401K, and we're curious on your perspective.
0:39.0	Okay.
0:40.0	How much are you putting in there?
0:43.3	Last year I contributed to the MAX, so 20,500 or 195, I can't remember when the change
0:49.6	was, but it was the MAX.
0:50.8	So, 6,000 of that was to the Roth, and then the remaining would have been to traditional
0:55.8	401K, and then my wife's contribution would have been 18,000 all going to traditional 401K.
1:03.6	Okay.
1:04.6	Now, you can do Roth 401K and a Roth personal.
1:08.8	There's no prohibition on that.
1:11.2	Sir, sir, yeah.
1:13.8	And we're, what's your household income?
	...

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