Is Maxing out 401k good enough?

OP doesn't have $350k household income. Only about 2% of household nationwide do.

This was not claimed. They're comparing lifestyle expenses. This is irrelevant.

Even if they did, $350k in retirement income is more than $350k in employment income, as there are no payroll taxes, and you don't need to save for retirement in retirement.

This is not useful, either. Of course the lifestyle that is funded by a particular income does not have a cost equivalent to that income, but the lifestyle at one income typically has a different cost to a lifestyle at another income. You'll notice I haven't used numbers, because they're arbitrary.

If they are paying into social security and Medicare, that will also increase resources and reduce costs in retirement.

This is a valid consideration, but relying on the existence of social safety nets is not prudent if you can help it. Also while valid for the discussion as a whole, it's hardly something "people need to check their advice on".

/r/personalfinance Thread Parent