(Closed) Do you max out your retirement funds?

posted 7 years ago in Money
  • poll: Which retirement funds do you normally max out?

    401 K/403 B (USA)

    IRA - Roth, Trad, or Simple (USA)

    SEP IRA (USA, self employed)

    RRSP (Canada)

    TFSA (Canada)

    I make contributions, but I don't max out any accounts

    Retire-what?

  • Post # 62
    Member
    3245 posts
    Sugar bee
    • Wedding: May 2015

    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
    Member
    7309 posts
    Busy Beekeeper
    • 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
    Member
    463 posts
    Helper bee

    View original reply
    @cbgg:  

    View original reply
    @sienna76: 

    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
    Member
    6112 posts
    Bee Keeper
    • Wedding: August 2012

    View original reply
    @HelpfulMarriedGirl:  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:

    http://www.healthequity.com/en/HealthAccounts/HSA/HSAFAQ.aspx

    Post # 67
    Member
    1243 posts
    Bumble bee

    I contribute up to my employer match on my 401k, and max out my Roth IRA.

    Post # 68
    Member
    576 posts
    Busy bee
    • Wedding: June 2014

    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
    Member
    300 posts
    Helper bee
    • Wedding: June 2014

    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
    Member
    472 posts
    Helper bee
    • Wedding: March 2014

    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.

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