Financial experts recommend maxing out your retirement accounts, but only 14% of workers actually do so. The maximum 401(k) contribution for this year is $23,500, with additional options for those over 50 or 60 to 63. Ramsey Solutions advises being debt-free before maxing out retirement accounts.

In a Reddit thread, users discussed the challenges of affording to max out 401(k) and Roth IRA contributions. Some high earners can do it, while others find it unsustainable. Advice includes gradually increasing contributions and balancing financial priorities.

While maxing out retirement accounts can offer long-term benefits, many middle-class earners struggle to balance this goal with daily expenses. Financial experts provide guidance, but acknowledge it’s not a one-size-fits-all approach. Building towards maxing out retirement accounts is important, but shouldn’t strain your budget.

Read more at Yahoo Finance: Financial Experts Say To Max Out Your 401(k) And Roth IRA Annually, But How Many People Can Actually Afford To Do It?