(Closed) How much are you saving monthly for retirement?

posted 8 years ago in Career
  • poll: Monthly saving for Retirement?

    We don't have a retirement account

    Less than $50/month



    More than $200/month

  • Post # 3
    10361 posts
    Sugar Beekeeper
    • Wedding: September 2010

    You can only contribute $5000/year each to a Roth IRA. Something to consider.

    I contribute a little over $1,000/month to my 401k. About 1/3 of that is free money from my employer’s matching policy. My husband gets a pension that is a $12,000/year contribution (it’s a certain % of his income, so the amount gets bigger with raises), and that has guaranteed growth of 7% a year.

    So, right now, I guess we contriute like $24,000 a year to retirement? But a lot of that isn’t coming out of our incomes, it’s employer-given.

    Post # 4
    10635 posts
    Sugar Beekeeper
    • Wedding: January 2011

    As a student, my RRSP is a big fat zero.  It just doesn’t make sense to me right now to contribute to it.  I suppose DH could be contributing to mine, but we’re not too concerned about doing that right now.  He is contributing to his for the employer contribution.

    We’re more concerned about saving for a house, and we aren’t planning on using the Home Buyer’s Plan for that, but I’m not dead-set against it.  Once I have a job, I’ll probably contribute to my RRSP and we’ll look at income splitting and getting our RRSPs more even once I’m working and we have a house.

    Post # 5
    7769 posts
    Bumble Beekeeper
    • Wedding: July 2010

    I wouldn’t worry about it until you are financially able to contribute.  Sleep tight.  You are not helping yourself by stressing (I have to remember this all the time). 

    Post # 6
    10361 posts
    Sugar Beekeeper
    • Wedding: September 2010

    View original reply
    @cbee:  Yes! I wasn’t able to start contributing until age 25. Had to slog through undergrad and grad school first!! Don’t stress yet.

    Post # 7
    9050 posts
    Buzzing Beekeeper
    • Wedding: June 2010

    Im no longer a student and did not contribute while I was. There’s not much point in putting away money at a lower percentage of interest than you’re borrowing. I contribute the maximum through my work that they will match at $250 per pay period, dh has a government pension that’s very good and we contribute an additional $350/month to our personal rrsp. 

    Post # 8
    466 posts
    Helper bee
    • Wedding: July 2012

    In Australia we have mandatory superannuation (anywhere from 9 – 13% of your pay, plus more if you contribute to it). I have $173 mandatory super paid per fortnight into my super account

    Post # 9
    1249 posts
    Bumble bee
    • Wedding: January 1992

    I contribute about $100/month to my pension, but until my student loans are paid off, I’m not contributing anything else.  I’m only 24, though, so another 40 years until retirement!

    Post # 10
    369 posts
    Helper bee
    • Wedding: September 2011

    I contribute a little more than $450 per month.  I just graduated from law school so I feel like I’m a bit behind (25 years old).  I don’t feel like I’m contributing much, but we are also putting about 20% of our take home into savings on top of retirement, so we are saving quite a bit. 

    Post # 11
    13094 posts
    Honey Beekeeper
    • Wedding: July 2010

    I have about $100 coming from my (measly) paycheck each month and that is matched by my employer.  DH has ~$400 a month pulled from his paychecks (again – matched by his employer).  So we have about $1000 a month there into 401Ks.

    We also buy into our company’s stock purchase programs and contribute money to outside Roth IRAs and mutual funds.  We want to diversify our investments.

    Post # 12
    7309 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    Right now we are saving $1000 a month in our 401Ks. We will likely be starting Roth IRAs soon to diversify our retirement savings, which will be another $800 or so a month that we are putting away for the future. We’re in our early 30s though, so we really need to start ramping up and maximize our contributions now so that our investments have time to work for us and grow.

    Post # 13
    3942 posts
    Honey bee

    Including my company match I contrinute about $450/month.

    My company matches .50 up to 6%, so I contribute 8%. I’m only fully vested after 5 years though.


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