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re: Suggested % to contribute to youy 401K?
Posted on 1/2/13 at 8:46 pm to RickAstley
Posted on 1/2/13 at 8:46 pm to RickAstley
With company match, the limit is like $42K.
I contribute 2% and my company gives 8%. I contribute an additional 8% to bring my contribution to 10%.
I contribute 2% and my company gives 8%. I contribute an additional 8% to bring my contribution to 10%.
0
Posted on 1/2/13 at 8:52 pm to vjp819
quote:
i believe the limits 18% before taxes, and 75% after taxes. People under 50 have a lower limit then the over 50 crowd. Not for sure what the limits are.
It's 17,500 and over 50 is allowed to make catch up contributions of 5,500.
ETA: that's 2013
This post was edited on 1/2/13 at 8:54 pm
Posted on 1/2/13 at 9:04 pm to yellowfin
I'm at 6%
Posted on 1/2/13 at 9:15 pm to TheTigerZone
My firm puts the equivalent of 5% of my salary into my 401k even if I put nothing in. I think that's pretty solid. I contribute an additional 7% on my own.
Posted on 1/2/13 at 9:18 pm to foshizzle
quote:
Screw "typical". The correct answer is as much as you possibly can. And then a little extra.
Posted on 1/2/13 at 9:31 pm to CajunCaimen
At this point and here forward, I only contribute what it takes to get the company match. Additional savings go elsewhere.
There is no way I won't take advantage of the free money (company match), but the outside chance of government takeover of 401k's or other penalties for people who have saved and "can afford to spread it around" keeps me wary of contributing more.
There is no way I won't take advantage of the free money (company match), but the outside chance of government takeover of 401k's or other penalties for people who have saved and "can afford to spread it around" keeps me wary of contributing more.
Posted on 1/2/13 at 9:34 pm to Bayou Tiger
quote:
There is no way I won't take advantage of the free money (company match), but the outside chance of government takeover of 401k's .
I'm fairly abreast of things, but what is this about? Govt takeover that is.
Posted on 1/2/13 at 9:37 pm to DownSouthTiger
Sounds like me. company will match 6%. So thats what I put in, I max out my Roth IRA,and I fund another stock account and then I put the rest into savings
Posted on 1/2/13 at 9:45 pm to The Cable Guy
quote:Nothing at the moment, but it would be an easy target to bolster social security funding. I'm just being cautious.
I'm fairly abreast of things, but what is this about? Govt takeover that is.
Posted on 1/2/13 at 9:52 pm to Bayou Tiger
quote:
At this point and here forward, I only contribute what it takes to get the company match. Additional savings go elsewhere. There is no way I won't take advantage of the free money (company match), but the outside chance of government takeover of 401k's or other penalties for people who have saved and "can afford to spread it around" keeps me wary of contributing more.
Besides the "conspiracy theory" sound to it, I just switched to this style of savings. Really no reason at all to contribute more to a 401k plan than what it takes to get the free money. I can put the additional savings into other plans with similar (or better) tax benefits, all with additional options and greater freedom if times get tough.
Some 401k plans, such as mine, allow you to take a penalty free loan, for a pretty low interest rate. This loan is simply backed by the 401k investment, so you don't lose any earnings. Don't think an IRA will do the same (pre-tax contribution).
And the $17,500 limit is only for pre-tax contributions to a 401k, correct? Any additional contributions can go toward an after-tax 401k (what's the point though unless just for match, right?).
Posted on 1/3/13 at 6:27 am to LSUtigerME
Yeah the limit is for pre tax
Posted on 1/3/13 at 6:47 am to CajunAlum Tiger Fan
The correct answer is:
1.) Contribute as much as your company matches in 401k.
2.) IRA
3.) Contribute to get to max pre-tax contribution for the year in 401k.
4.) Other avenues of investing
1.) Contribute as much as your company matches in 401k.
2.) IRA
3.) Contribute to get to max pre-tax contribution for the year in 401k.
4.) Other avenues of investing
Posted on 1/3/13 at 7:29 am to polizei11
I put in $17k and the company matches 50%, so they just put a nice $8500 in the account yesterday. Free money!! Can't beat that.
Posted on 1/3/13 at 8:06 am to CajunCaimen
Do you have adequate insurance on your assets?
Do you have 6-12 months of your gross annual income saved in a liquid accout?
What is your consumer-debt load?
Age?
Company match amount?
*Remember that any of your money that you deposit into a qualified retirement plan law account will be taxed at ordinary income tax levels to be determined at that point in time.
Do you have 6-12 months of your gross annual income saved in a liquid accout?
What is your consumer-debt load?
Age?
Company match amount?
*Remember that any of your money that you deposit into a qualified retirement plan law account will be taxed at ordinary income tax levels to be determined at that point in time.
Posted on 1/3/13 at 8:36 am to CajunCaimen
quote:
What is the "typical" percent you should try to contribute?
As others have said you surely want to take advantage of the company match.
Beyond that, other than the as much as possible line of thinking, I believe I read you take your salary now and multiply it by 20 and that should give you enough money for retirement.
Posted on 1/3/13 at 8:54 am to saderade
I do 8% which is what the company matches. Until my kids graduate high school or college, I'm going to leave it as is. Once I'm finished taking care of them, I'll max it out.
Posted on 1/3/13 at 9:20 am to Hammond Tiger Fan
I'm at 17% for this year...
Posted on 1/3/13 at 9:27 am to CajunCaimen
I'm upping mine from 10% to 15% in a week or two. Hopefully I'll have to make a big adjustment come raise time. I'm probably just being overly optimistic about recently getting my MBA.
Posted on 1/3/13 at 9:42 am to vjp819
LINK
My wife has been contributiong more than 20% of her gross for a few years so I know it is not capped at 18%. 18% may be a rule your plan has but not the government.
The above link will answer most of the questions I've seen in this post.
quote:
i believe the limits 18% before taxes,
My wife has been contributiong more than 20% of her gross for a few years so I know it is not capped at 18%. 18% may be a rule your plan has but not the government.
The above link will answer most of the questions I've seen in this post.
Posted on 1/3/13 at 9:51 am to CajunCaimen
I would do up to the match limit. Do a Roth as well as you can so you can diversify taxable and non-taxable retirement income.
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