I didn’t make enough to max out my 401k until I hit my 40s but always had a rainy day fund (8 month runway). I guess I lost the compounding for all those years but I still have enough.
As an immigrant I’ve always lived so close to the edge financially that I feel I don’t have the same expectations of most native born folks of what retirement looks like (I don’t plan to retire, but if I’m forced to I’m planning for 70s not 65). To me it just means I have to be hustling all the time. I don’t feel I’m hard done by or financially insecure though. I’ve lived with very little (I was technically below the poverty line in undergrad — I really stretched my dollar) and now I’m relatively comfortable but it’s all the same.
My parents were immigrants, and my expectations are because I saw them work 24/7 to barely scrape together a life for my younger sister and I. I was specifically told to be careful while playing, because a doctor or hospital visit would set the family back.
If I did not have kids, my comfort level would be a lot lower. But I feel like I decided to bring them into the world, and so I owe it to them to bed financially secure enough to provide them healthcare and my time.
As an immigrant I’ve always lived so close to the edge financially that I feel I don’t have the same expectations of most native born folks of what retirement looks like (I don’t plan to retire, but if I’m forced to I’m planning for 70s not 65). To me it just means I have to be hustling all the time. I don’t feel I’m hard done by or financially insecure though. I’ve lived with very little (I was technically below the poverty line in undergrad — I really stretched my dollar) and now I’m relatively comfortable but it’s all the same.