Post # 62
Ha, what retirement account?! I have a personal savings, which I’m trying to add to with every paycheck, but I’m saving for a small emergency fund and the wedding. I don’t have a retirement account and am not sure I could handle one with my small grad student income!
My Fiance has had a retirement account for years and as long as I’ve known him, he maxes it out every year. But he’s significantly older than me.
Post # 63
- Wedding: October 2011 - Bed & Breakfast
No, we don’t max out our 401Ks. Right now we are on track to have 95% of our annual income in retirement, so I don’t see a reason to shortchange our kid’s college fund just so we can save more for retirement. Then again, I have no desire to retire in my 50s, either. I’m very happy to work until 65. It would be nice if I could have a tax free investment account to pay for the kiddo’s education though. 🙂
Post # 64
Thank you ladies for sharing your HSA wisdom! I never thought spending so much time on weddingbee would actually improve my financial situation but that just happened! Mad respect.
Right now I just max out my IRA. I recently got a job with a 401k match so I contribute as much as my employer will match, which is well below the minimum. For 2014 I may change it up though.
Post # 65
Thanks for the correction on the age! You both are right, it is 65; then you can use it for anything tax free, no penalties. Otherwise it’s 20% penalty plus income taxes.
59.5 is the age for a lot of other accounts so I mixed it up! I should have checked my notes.
More FAQs on HSAs:
Post # 66
Just in case you want to read more, a good article on using your HSA for retirement http://www.madfientist.com/ultimate-retirement-account/
Post # 67
I contribute up to my employer match on my 401k, and max out my Roth IRA.
Post # 68
I’m in Canada and have an RPP through work. My company will match my contributions up to 6%, so I put in 6%. It’s great, especially because I’ve gotten really good returns the past few years.
I also have an RRSP but I don’t max it out. I only put money in if I have a big cushion in my regular savings. I’m not comfortable having my money tied up because I don’t make very much and always want to be prepared for the worst. I usually put some of my bonus in, and some of my overtime money. I’m only 23 so I’m not worried about it too much right now, I just contribute what I can.
Post # 69
Back when I started my current job I needed to put 15% of my salary into my 401k to get the full company match. They’ve changed that since then but I’ve continued to put in 15% since I’m used to it and don’t know the difference. That’s not technically maxing out but it’s more than most and I think it’s enough. I’d rather have some liquid savings too for stuff that comes up before retirement (house repairs, babies, new cars, travel, etc.).
Post # 70
I contribute a percentage well over my company’s match to my 401K, and my annual contributions exceed the IRA limits (they go in to my 401K though- I don’t contribute to my IRA unless I’m leaving a job and rolling over my old 401K/403b). I don’t make enough money to max out my 401K and still have enough left over to live, on though. I wish I did! I got pretty close last year, but I’m cutting back hours this year so I don’t think I’ll get as close this year.
I still feel as good as someone with pretty severe anxiety can about our retirement plans, though. On our current track, we’re securely on our way to a comfortable on-time retirement- a bit early, even, if my fiance retires after 20 years in the military and then takes a private sector job, which is our current plan.