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@yrret107: We put the max in that the federal government allows without paying a penalty. So the percentage changes every year if we are given a salary increase, it also changes if the government raises the cieling. When I started contributing you could contribute a little over 12k and now you can contribute $16500. We are 29 and 31.
I do 6% bc my company matches up to that. It rounds out to about $250 every 2 weeks. We also have an IRA through our bank.
@mwitter80: Oh, wow! That's great! Yeah, I wish I could contribute the max.
So based on last years numbers, what's your percentage?
15% to 401K and then post tax cash to savings/investing. Some of which will eventually be used for a down payment when we figure out what state we will be living in.
I'm 22 and I put 5% away in my 401k. My employer matches up to 4%, so total it's 9%. I voted for 5%, though, because that's what I actually contribute.
I contribute 6% because my company will match half of my contribution up to 3%. As I get further in my career and earn more money (having more money in each paycheck to take home and put in savings), I will probably contribute more.
I am 23.
I'm 31 and contribute anywhere from 12-17% during the year to get to the max.
10%
I should probably jack mine up, I can afford it. my big fear is a crappy retirement!
DH contributes 3% and I contribute I think 5%.... I think. I can't remember, but it's around there. We both have Roth style types of retirement plans through the government since we both have a government job. I'm actually meeting with my retirement rep from the state next week and I have all kinds of questions! We're both 24 and working our first "real" jobs.
We would contribute more, but we're trying to pay off some debt and also build up our cash savings. Our plan is to totally save/invest my income once we get our debt paid off.
@yrret107: about 16%
As soon as I turned 20 I started contributing the max. I think that it's easier to swallow when you're used to it. Plus since I am older and was in a higher tax bracket and not married until last year, it helped me out with taxes to sock it away. I would rather sock it away for myself then give it to the feds :)
I contribute 3% and my employer contributes 7.5%, I only voted for my contribution. We are only allowed to change our contributions once a year, so at that time I will be increasing my contribution (hopefully significantly) since my DH does not have a 401k set up through his work.
@mwitter80: Yup, its definitely easier to start early and just be used to it. Plus if you need to lower the contribution later in life, you've arleady put away so much that you should be really to able take advantage of the compounding growth. If you try to make up for it later, you just dont have the same time advantage.
@pinkshoes: Agree you two. I always find this piece interesting
Say a 25-year-old socks away $200 a month in a 401(k) earning an average 10% annually. By the time she turns 65, she'll have about $1.3 million saved. If her employer offers a 50-cent match for every dollar she contributes, her stash grows to nearly $2 million.
The sooner you start, the more your money will grow over time. If the worker in our example waits until age 32 to start planning for retirement, her savings by age 65 would be half of what she'd have earned if she'd started seven years earlier.
http://www.kiplinger.com/columns/starting/archive/2004/st1216.htm
the company will match up to 5% so we contribute that.
I am 27 and contribute about 22% of my salary (none for bonuses, since my salary maxes it out). I used to only contribute 8%, but did a mock 2011 tax return when I knew we'd be filing married (I am a CPA), and realized I could contribute 22% and still have my paycheck within $100 of what it was when I had my "Single" withholding set up.
If you want to get your savings rate up, I recommend upping it by 1-2% every month or two until you get up to your goal amount. It's a lot easier when you make it gradual.
I'm 23 and I contribute 6%, because that is the max amount my employer matches. I also put $5000 each year in my personal IRA. I've been contributing since I was 18 and started working. The additional $5000 that I contribute each year goes into my investment IRA which has more investment options then my 401k does, this is the reason I chose this option.
First corporate job age 22-25: 25% (I lived at home and didn't have many bills!)
Second/third corporate job age 25-29: 6% (with corporate match)
Current job - self employed: 0% for now until my business gets a little more established. Next year I'll roll my 401ks into a Roth and start feeding that little machine. :)
@baliahi1029: That's a great suggestion! Thanks!
I contribute 4% and my employeer matches another 3%. DH contributes 8% and his employeer matches another 5% or 6%. I definitely agree with the PPs who said that it is SO beneficial to start young and take advantage of the compounding over the years. You end up so much better off.
I also have separate mutual funds and a Roth IRA that I have had since late middle school (probably age 14 or so) that I contribute to when we have extra money to save for longer term. I usually do a single lump contribution a year. Eventually (probably once DH and I buy a house), I'll start automatic monthly contributions to these accounts.
DH and I also both take part in our company stock programs (money pulled out of each paycheck and then once a year can buy stock at a discounted price). I currently have over $6000 in company stock. I'm not sure how much DH's stock is currently worth.
We are 24 and 25.
7% + 5% employer match. Although looking at it the last month or so is depressing. I think my net return since inception is negative.
I'm 38
I contribute 15%.
Employer matches 7.5% of my salary once a year in a lump sum. If you leave before that date you lose the whole year's contribution. It takes two years to get the employer match and you are 100% vested at that point.
Vesting time frames can be important.
I have a retirement account that my employer takes a % out of my check and holds for me, and then if I decide to leave I transfer it into an account of my choice. I also have my own account that I started on the side through Nationwide and I put $20 a paycheck into it. I don't know how much money is in the work account, but in my personal account I have over $2000 and I've been there 1.5yrs. I am 24, and on my 25th birthday I am going to up the amount to $25 a check and keep increasing each year by $5.
At my old job, I contribute 10% because I figured that it will be easier for me when I'm younger to jumpstart my 401k vs. when I get married, have kids, etc. More responsibilities, less money to be able to contribute. Right now at my new job, I'm not eligible for a 401k so I have a Roth IRA that I'm maxing out and I'm going to continue contributing 10% when I'm finally eligible.
I'm 28
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I read something earlier and it got me thinking.
What percentage of your paycheck do you put towards retirement?
Also, how old are you?