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People talking about maxing their 401k's and backdoor roth IRA'ing like it's no big deal, but that requires AT LEAST 30k in excess savings you can put away per year, which is just impossible on the average salary.
Median HOUSEHOLD income is 75k / year in the USA, and 65k for individual income. So maxing out both 401k and Roth IRA is only feasible for a person with an average salary if they are able to sock away 50% of their paycheck
Why is /r/personalfinance so different? Is there a subreddit for normal income personal finance?
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- 6 months ago
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- reddit.com/r/MiddleClass...
Where do you live? Are you supporting a family?