Post # 47
Max it out now, while you still can. My company has a rule limiting contributions for HCEs (and your income doesn’t have to be insanely high to be classified as this).
I am now limited to contributing only 4% of my salary to my 401-K due to HCE status.
My overall income is too high for a tax deferred IRA. Basically, I am screwed when it comes to traditional retirement savings.
If I had known this I would have been more aggressively contributing in my 20’s.
We have about $300K saved between the 2 of us which is not so hot considering our age.
Post # 48
I was doing 10% because our employer matched 100% and then we had a downsizing and they froze contributions. So I dropped down to 3%. I think the last time I checked it was at 75K. I think I’m going to increase it up to 5% the next quarter.
Post # 49
I am 26 and have almost $7,800 in my Roth and SIMPLE plans.
Post # 51
Two words: compounding growth. It’s best to start early and max it out as much as you can afford. Once you get as much in there as you can, if you need to decrease your contributions to have more cash on hand, you’ll already have a boat load in there working for you. Time really is money. Even with that huge market crash and losses in 08/09, I’ve more than recovered and its well on its way up again.
Post # 52
I have about $25k in a Roth 401k I’ll be rolling in my Roth IRA this year. I already rolled my traditional IRA into my Roth IRA last year (which is another $26k). I also have an additional $5k of my IRA money in privately held company stock. I’m 31. When I first graduated from college I contributed the max to my IRAs but nothing to the 401k. Things were tight, but I do wish I had contributed to get the match (I didn’t because I didn’t think I’d stay long enough for it to vest). After grad school (3 years), I contributed the max to both until I realized my job was in jeopardy (and nothing this past year while unemployed). My more recent company did not match at all.