(Closed) How much do you contribute to your 401k or retirement?

posted 10 years ago in Money
  • poll: What percentage of your paycheck goes towards your retirement?

    None

    1-2%

    3-4%

    5-6%

    7-8%

    9-10%

    11-12%

    13-14%

    15-16%

  • Post # 3
    Member
    4771 posts
    Honey bee
    • Wedding: December 2010

    @ttn133: We put the max in that the federal government allows without paying a penalty. So the percentage changes every year if we are given a salary increase, it also changes if the government raises the cieling. When I started contributing you could contribute a little over 12k and now you can contribute $16500. We are 29 and 31.

    Post # 4
    Member
    1276 posts
    Bumble bee
    • Wedding: June 2009

    I do 6% bc my company matches up to that. It rounds out to about $250 every 2 weeks. We also have an IRA through our bank.

    Post # 6
    Member
    2570 posts
    Sugar bee

    15% to 401K and then post tax cash to savings/investing. Some of which will eventually be used for a down payment when we figure out what state we will be living in.

    Post # 7
    Member
    3696 posts
    Sugar bee

    I’m 22 and I put 5% away in my 401k. My employer matches up to 4%, so total it’s 9%. I voted for 5%, though, because that’s what I actually contribute.

    Post # 8
    Member
    2022 posts
    Buzzing bee
    • Wedding: July 2012

    I contribute 6% because my company will match half of my contribution up to 3%. As I get further in my career and earn more money (having more money in each paycheck to take home and put in savings), I will probably contribute more.

    I am 23.

    Post # 9
    Member
    12268 posts
    Sugar Beekeeper
    • Wedding: June 2011

    I’m 31 and contribute anywhere from 12-17% during the year to get to the max.

    Post # 10
    Member
    2402 posts
    Buzzing bee
    • Wedding: February 2010

    10%

    I should probably jack mine up, I can afford it. my big fear is a crappy retirement!

    Post # 11
    Member
    1495 posts
    Bumble bee
    • Wedding: January 1991

    DH contributes 3% and I contribute I think 5%…. I think.  I can’t remember, but it’s around there.  We both have Roth style types of retirement plans through the government since we both have a government job.  I’m actually meeting with my retirement rep from the state next week and I have all kinds of questions!  We’re both 24 and working our first “real” jobs.

    We would contribute more, but we’re trying to pay off some debt and also build up our cash savings.  Our plan is to totally save/invest my income once we get our debt paid off.

    Post # 12
    Member
    4771 posts
    Honey bee
    • Wedding: December 2010

    @ttn133: about 16%

    As soon as I turned 20 I started contributing the max. I think that it’s easier to swallow when you’re used to it. Plus since I am older and was in a higher tax bracket and not married until last year, it helped me out with taxes to sock it away. I would rather sock it away for myself then give it to the feds 🙂

    Post # 13
    Member
    229 posts
    Helper bee
    • Wedding: February 2011

    I contribute 3% and my employer contributes 7.5%, I only voted for my contribution. We are only allowed to change our contributions once a year, so at that time I will be increasing my contribution (hopefully significantly) since my DH does not have a 401k set up through his work.

    Post # 14
    Member
    12268 posts
    Sugar Beekeeper
    • Wedding: June 2011

    @mwitter80: Yup, its definitely easier to start early and just be used to it.  Plus if you need to lower the contribution later in life, you’ve arleady put away so much that you should be really to able take advantage of the compounding growth.  If you try to make up for it later, you just dont have the same time advantage.

    Post # 15
    Member
    2570 posts
    Sugar bee

    @pinkshoes: Agree you two. I always find this piece interesting

     

    Say a 25-year-old socks away $200 a month in a 401(k) earning an average 10% annually. By the time she turns 65, she’ll have about $1.3 million saved. If her employer offers a 50-cent match for every dollar she contributes, her stash grows to nearly $2 million.

     

    The sooner you start, the more your money will grow over time. If the worker in our example waits until age 32 to start planning for retirement, her savings by age 65 would be half of what she’d have earned if she’d started seven years earlier.

    http://www.kiplinger.com/columns/starting/archive/2004/st1216.htm

    Post # 16
    Member
    354 posts
    Helper bee
    • Wedding: November 2011

    the company will match up to 5% so we contribute that.

    The topic ‘How much do you contribute to your 401k or retirement?’ is closed to new replies.

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