original posted by Strict-Minute-8815 to r/personalfinance on Mon, 30 Oct 2023 00:20:26 GMT.
Wanted to get some perspective on this because it feels a little drastic!
My (30) husband (30) started a new job May 1 that has a 50% match up to the annual IRS limit, $22,500, which is incredible. He has been contributing 20% each paycheck and so far his personal contribution is 10.9k.
He has 4 paychecks left this year and I’m wondering if it would be insane to contribute the percentage needed to max out his benefit - about 60-65%. This would leave only a few hundred left per check as he also does a 15% ESPP.
I am a student currently but we have an additional 4k in passive income monthly and 4 months of savings to pay our bills (about $4400) for the next 2 months if we do this.
Should we drastically increase his 401k the next 2 months?