Suggested % to contribute to youy 401K? | TigerDroppings.com

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CajunCaimen
LSU Fan
Gulf Coast
Member since Nov 2009
891 posts

Suggested % to contribute to youy 401K?



What is the "typical" percent you should try to contribute?






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21829 posts

re: Suggested % to contribute to youy 401K?


10% is good number, but your goals in life should be the ultimate driver.





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CajunCaimen
LSU Fan
Gulf Coast
Member since Nov 2009
891 posts

re: Suggested % to contribute to youy 401K?


Thanks!





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The Cable Guy
Iowa State Fan
Baton Rouge
Member since Aug 2004
9692 posts

re: Suggested % to contribute to youy 401K?


I didn't contribute my first 3 years out of LSU around 2004-2007 since my company didn't match. Bad choice on my part but oh well.

2007-2010 I contributed 6-8%
2010-Present. 8% for a few months, then 10% for some months then 15% for about the past 6.

I'm married with zero kids. I say put in as much as you feel you can.

Edit to add, after the 1st gig 2nd company matched 2% and the current is 3%.



This post was edited on 1/2 at 7:35 pm


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tylercsbn9
LSU Fan
Tomball, TX
Member since Feb 2004
55079 posts

re: Suggested % to contribute to youy 401K?


Right now I do 6 % and my company does an additional 4. I have been saving to build a years worth of savings and save money for my wedding. After that I plan to contribute 10%





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CaptainJ47
Hawaii Fan
Gonzales
Member since Nov 2007
2836 posts

re: Suggested % to contribute to youy 401K?


Always contribute the maximum your company will match. From there identify where you want to be later in life and know the larger percentage you can do now the better. Also a tip from the wise, every raise you get increase your 401k contribution.





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DownSouthTiger
LSU Fan
downsouth
Member since Jan 2005
2161 posts

re: Suggested % to contribute to youy 401K?


6% in 401k, company matches that amount.
Another 5% in Roth. And another $500 in savings each month, unfortunately with me getting some property ready to build a house I am going into the savings constantly. Put $20 a month for each kid in 529 college fund also.






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30166 posts

re: Suggested % to contribute to youy 401K?


Screw "typical".

The correct answer is as much as you possibly can. And then a little extra.






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Cold Pizza
Ohio State Fan
Member since Sep 2011
7639 posts

re: Suggested % to contribute to youy 401K?


Yearly max which I think is $17k?





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PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1361 posts

re: Suggested % to contribute to youy 401K?


If you can swing it put in 10% and increase it by 1% everytime you get a raise. Target would be 20 to 25%.






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
71268 posts

re: Suggested % to contribute to youy 401K?


quote:

Target would be 20 to 25%


You can only contribute about 17k






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CajunCaimen
LSU Fan
Gulf Coast
Member since Nov 2009
891 posts

re: Suggested % to contribute to youy 401K?


This may be a dumb question, but what happens once 17K has been added to your 401K in a calendar year? Do you stop contributing for that year automatically?





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vjp819
LSU Fan
South Sec. 414 / Alex Box Sec. 210
Member since Nov 2003
6937 posts

re: Suggested % to contribute to youy 401K?


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.





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vjp819
LSU Fan
South Sec. 414 / Alex Box Sec. 210
Member since Nov 2003
6937 posts

re: Suggested % to contribute to youy 401K?


at my company they just stop deducting it from your check once you reach the limit. Just looking at my last paycheck from 1012. I contribute 16% before taxes, and they stopped the line listed
EE401K at 17,000, then added another line because I'm over 50 as: Catch Up EE 401K and shows on that line what I contributed over the 17000. So it looks as if the limit you contribute is $17000. Does not count what your employer contributes.



This post was edited on 1/2 at 8:38 pm


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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1633 posts

re: Suggested % to contribute to youy 401K?


I'm currently allocating 6% of my salary to get receive the company match of 3%. I have not figured out any goals I have in life, but as I have learned from the board, it doesn't hurt to at least contribute to the company match for the time being while deciding long term goals.





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ZZTIGERS
Miami (OH) Fan
Member since Dec 2007
11467 posts

re: Suggested % to contribute to youy 401K?


My company matches $ for $ up to 9%, so that's what I contribute.





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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1633 posts

re: Suggested % to contribute to youy 401K?


Interesting, so the $17K is only your contributions and does not include your employer?





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vjp819
LSU Fan
South Sec. 414 / Alex Box Sec. 210
Member since Nov 2003
6937 posts

re: Suggested % to contribute to youy 401K?


thats a great match, mine does 6%.





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vjp819
LSU Fan
South Sec. 414 / Alex Box Sec. 210
Member since Nov 2003
6937 posts

re: Suggested % to contribute to youy 401K?


nope only your contributions, not your employer





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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21185 posts

re: Suggested % to contribute to youy 401K?


6%, which is my company match. I am saving up to build a house so would like to keep any other money liquid.





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