Hello! We have been following the Boglehead's priority of investment since we arrived in NYC in 2013. However, we are not sure if max out the 401k contributions every year makes sense. Our AGI is 323,000 and we live in NYC. I am 48, and my wife is 43.
Our net worth is:
Non-retirement 950k
Retirement 750k
These are the tax brackets in Spain for a single person:
Spanish income tax for incomes up to €12,450: 19%
Spanish income tax for incomes ranging from €12,451 to €20,200: 24%
Spanish income tax for incomes ranging from €20,201 to €35,200: 30%
Spanish income tax for incomes ranging from €35,201 to €60,000: 37%
Spanish income tax for incomes ranging from €60,000 to €300,000: 45%
Spanish income tax for incomes over €300,000: 47%
Let's assume that we withdraw 30k (of 2024 money) from the 401k every year both of us, 60k total. We will be in the 30% bracket.
Does it make sense for us to max out the 401k?
Our net worth is:
Non-retirement 950k
Retirement 750k
These are the tax brackets in Spain for a single person:
Spanish income tax for incomes up to €12,450: 19%
Spanish income tax for incomes ranging from €12,451 to €20,200: 24%
Spanish income tax for incomes ranging from €20,201 to €35,200: 30%
Spanish income tax for incomes ranging from €35,201 to €60,000: 37%
Spanish income tax for incomes ranging from €60,000 to €300,000: 45%
Spanish income tax for incomes over €300,000: 47%
Let's assume that we withdraw 30k (of 2024 money) from the 401k every year both of us, 60k total. We will be in the 30% bracket.
Does it make sense for us to max out the 401k?
Statistics: Posted by inves76 — Fri Nov 22, 2024 5:46 pm — Replies 2 — Views 190