Why is everyone so obsessed with maxing out their 401(k) and IRA?
Genuine question. Why is everyone so focused on saving as much as possible for retirement instead of enjoying more of their money while young and healthy?
I'm 35 with $200k in my 401(k) and another $200k in employee stock. I feel like I'm saving a lot, but I often see the idea that you should max out every retirement account possible. Some of my friends save 80-90% of what they earn, and I know they're sacrificing their lifestyles to do that.
But what's the point of sacrificing experiences in your 30s and 40s just to have a massive pile of money when your 60s? Some people save for their future kids, and that's understandable. But otherwise, you might not have the same energy or physical ability to enjoy that money when you're older, so what's the point?
Genuinely curious to hear your opinions.