Post # 1
So bee’s how many of you have a 401K account that you contribute to regularly? How old were you when you started it? How much do you contribute (%)? Does your company match? How much do you have in it now?
What age do you plan to retire?
Post # 3
Darling Husband and I both have retirement accounts through our companies that we started contributing to on our first day of employment (age 22 for both of us). I also have a separate Roth IRA I started in high school (probably age 16).
Currently, at ages 24 and 25, we have ~$55K in retirement money saved away.
I honestly don’t remember right now exactly what percentage we are both contributing because we both set it and then we leave it alone. I know we both contribute more than our company matches though so that we fully take advantage of that benefit.
We’re young enough that we don’t have a specific age set that we hope to retire by yet but we both firmly believe in the importance of starting early so that money has more time to compound and grow.
Post # 4
@sn2bmrsmntgmry: I have an IRA that has around $25 in it lol and a 401k from my old employer that has about $5k in it, I’m currently off the books and obviously my employer doesn’t contribute lol. SO has a pretty nice financial portfolio (especially since he’s in the Financial field lol) and prob could retire whenever he wanted to. I on the other hand will prob have to work until I’m 80 lol. When I was working at my old job they matched up to 3% so I was putting in 3%… prob should have put in more but oh well that was 4 years ago lol. I opened the 401k when I was 23 and I’m currently 28.
Post # 5
I have a TFSA that I started as soon as they came into effect. I don’t have an RRSP yet, as I don’t see the point. I would be paying more in taxes when I pull the money out than I pay on it now and don’t get any matching. I didn’t even get contribution room this year. Darling Husband has an RRSP, and we’re not concerned about a spousal one yet, but will make sure things are more level when we’re better established.
When I’m in a higher tax bracket I will start one and hopefully I’ll have company matching too!
We’ll figure out retirement later on in life.
Post # 6
I have a 401K with about $10K in it, I currently contribute 3% and the company contributes 3%. I know I should max it out, but knocking out our current debt takes precedence over retirement savings at the moment. Once our debt is limited to our mortgage and student loans, I’ll start contributing more and we plan to open an IRA.
Post # 7
- Wedding: October 2011 - Bed & Breakfast
I contribute 6% of my bi-weekly paychack to my 401k and my employer matches 1%, for a total of 7%. I started contributing when I was 22, but not at this rate. Right now I have about $35k in there. I’ve contributed more than that, but had 2 years of portfolio losses that were not pretty. I’ve since moved a fair chunk over into safer, but lower yeild, investments because the market makes me feel ill. So last year I lost everything that I invested in my European funds, but my stability funds and US market funds balanced out those losses and I ended up with a small net gain. At least it wasn’t another loss! I know I should have a higher risk tolerance because I’m still 35-40 years away from retirement, but I don’t. I am risk averse after getting burned twice. Mr. LK and I would like to retire somewhere around 68-70, which means that we will have to significantly increase our retirement savings once teen LK is out of college. At that point we will probably max out our 401k contributions to start getting them where they need to be. At my current rate, I will only have $800,000 to retire on, which is definitely not enough.