The Case for Saving Less for Retirement
The Value of Debt in Building Wealth cautions against paying off loans too fast—or socking away too much in your 401(k).
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In 2016, I finally paid off my student debt. Practically every other cent left over after rent and other living expenses went into my retirement account. Was it a mistake to load up my 401(k)? Thomas Anderson thinks so. This is our story.
Compared with the average American, I’m doing all right. I have a good job, I’m saving regularly, and I’m debt-free for the first time since graduate school. That doesn’t feel like nearly enough, though, not in Manhattan anyway, where everybody else seems to be enjoying $200 monthly gym memberships, $500 Broadway tickets, and $800 parkas.