A Reddit user in his mid-50s is assessing his retirement savings amidst high credit card debt and a challenging financial landscape. With only $40,000 saved for retirement, he currently earns over $140,000 a year and contributes 7% to his 401(k), benefiting from employer matching and profit-sharing. High living costs have hindered his ability to accumulate wealth, prompting him to seek a solid plan to get back on track for a secure retirement as he navigates debt repayment and investment options.
A Redditor in his mid-50s struggles with credit card debt yet aims to secure his retirement by maximizing his contributions over the next 15 years.
Despite a solid income of over $140,000, past financial challenges have prevented significant retirement savings, with just $40K saved.
Living in an expensive area complicates retirement planning, making it imperative to create a concrete strategy to achieve financial security as a senior.
The Reddit user is currently contributing 7% of his salary toward his 401(k), while his employer matches 6%, and adds an extra 5% profit-sharing.
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