- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
What % of your income are you saving for retirement?
Posted on 4/2/12 at 1:07 pm
Posted on 4/2/12 at 1:07 pm
I'm in my 30's and I'm now putting 15% into my 401k (3% company match)and maxing out my ROTH ($5000). That's roughly 24% of my gross income. Yeah, I know I'm not OT status.
With a kiddie on the way I'm wondering how much I can cut back on retirement savings and still safely put enough away for retirement.
With a kiddie on the way I'm wondering how much I can cut back on retirement savings and still safely put enough away for retirement.
This post was edited on 4/2/12 at 2:24 pm
12
Posted on 4/2/12 at 1:14 pm to Jason9782003
Too many variables. You didn't say when you plan to retire, what your income needs will be when you retire, etc. etc.
And the fact is that if you're only 30 it's pure guesswork anyway. The best advice is to simply save until it hurts. Then save a little more.
Here's what I do: I try to make sure I don't go below a couple of thousand in my checking account. I have a HELOC I can tap if I need more than that for an emergency, and I set aside a fixed amount each paycheck for things I know I have to budget for (car repairs, a new computer, vacation, etc.). Everything else gets put in a 401, Roth or the like.
Notice there is no savings account involved here and no "emergency fund". This is because you can pull out from your Roth whatever you put in without any penalty.
And the fact is that if you're only 30 it's pure guesswork anyway. The best advice is to simply save until it hurts. Then save a little more.
Here's what I do: I try to make sure I don't go below a couple of thousand in my checking account. I have a HELOC I can tap if I need more than that for an emergency, and I set aside a fixed amount each paycheck for things I know I have to budget for (car repairs, a new computer, vacation, etc.). Everything else gets put in a 401, Roth or the like.
Notice there is no savings account involved here and no "emergency fund". This is because you can pull out from your Roth whatever you put in without any penalty.
Posted on 4/2/12 at 1:52 pm to foshizzle
I am doing 13% with 6% match from employer.
I am 29. Not married. No Kids.
I am 29. Not married. No Kids.
Posted on 4/2/12 at 2:03 pm to Jason9782003
15% 401k
3% company match
10% stock purchase plan
28% total
3% company match
10% stock purchase plan
28% total
Posted on 4/2/12 at 2:13 pm to JPLSU1981
10%
Posted on 4/2/12 at 2:17 pm to JPLSU1981
6% 401k
7.5% company match
7.5% Roth IRA
25% Cash savings (house savings)
24 years old, probably won't retire until I die, but will talk a big game about doing so up until that point.
7.5% company match
7.5% Roth IRA
25% Cash savings (house savings)
24 years old, probably won't retire until I die, but will talk a big game about doing so up until that point.
Posted on 4/2/12 at 2:18 pm to Jason9782003
15% into company 401. Company matches As of right now, that's all I do.
Posted on 4/2/12 at 2:31 pm to Jason9782003
0%
Posted on 4/2/12 at 2:44 pm to TheHiddenFlask
quote:
24 years old, probably won't retire until I die, but will talk a big game about doing so up until that point.
lol. Same here. My goal has always been to be able to retire when I turn 40. I am well on my way for that goal. I would be bored out of my mind if I really did it though.
Notice most people are in good health mentally and physically while they work, after retirement it seems to speed up the downhill process.
ETA: Around 50% of my income goes towards retirement ventures. Only about 15% goes into 401k and Roth.
This post was edited on 4/2/12 at 2:46 pm
Posted on 4/2/12 at 2:59 pm to Jason9782003
15% with 5% match from employer.
Posted on 4/2/12 at 3:12 pm to Jason9782003
7% with a 7% employee match. Been saving since I was 21 and will probably stay at that clip, working deep into my 60s.
Posted on 4/2/12 at 3:18 pm to baytiger
22% until I hit the cap in the 401k. I'm 51 so now I get to go another $6k catchup. Add to that 4/6 company match.
Posted on 4/2/12 at 5:23 pm to Jason9782003
I'm 23 and right now it is only 8% with a 6% company match. For the past 9 months I have been saving to put a 30K down payment on a house. Now that I have accomplished that and will be closing at the end of April, I will probably start maxing out my Roth (and possibly bumping my contribution from 8% to 10%...but I will give it a few months to see how things go)
Posted on 4/2/12 at 6:44 pm to Jason9782003
Wife and I both work and about 7% goes into 401K. On top of that we save about 35-40% of our income. We believe in having money in the bank. A bit old fashioned that way.
Posted on 4/2/12 at 7:00 pm to siliconvalleytiger
Retirement saving is 15% plus 4% company match
Posted on 4/2/12 at 8:48 pm to kaaj24
For years the wife and I lived on only one income and saved the other, maxed the 401k, IRA and lived below our means buy very comfortable. Trips, cars, motorcycles etc. Now late 50's and we don't have to work. I do because I enjoy it but when you can walk away, everything is sooo much easier. 
Posted on 4/2/12 at 11:26 pm to Jason9782003
21% 401K
3% Company Match
$25K annually to savings and investments
for those of you talking about early retirement, the thing that makes early retirement difficult is not money, but health care....if you retire early, you have to furnish your own health care until 65....and insurance is out-fricking-rageous...plus, if you get any serious health condition, you become uninsurable....
3% Company Match
$25K annually to savings and investments
for those of you talking about early retirement, the thing that makes early retirement difficult is not money, but health care....if you retire early, you have to furnish your own health care until 65....and insurance is out-fricking-rageous...plus, if you get any serious health condition, you become uninsurable....
Posted on 4/2/12 at 11:49 pm to Jason9782003
Man...you guys are my heros!
I'm putting 6% in 401K with 6% match. Nothing else.
Saving for a down payment on a house, 2 kids one on the way means I'll probably work until I drop
I'm putting 6% in 401K with 6% match. Nothing else.
Saving for a down payment on a house, 2 kids one on the way means I'll probably work until I drop
Posted on 4/3/12 at 12:58 am to ZereauxSum
I save 50% of my take-home typically each month. Moving forward, I have 11% in 401k with a small employer match. I will max out the Roth IRA pretty soon.
I'll eventually need to find something else to put cash in.
I'll eventually need to find something else to put cash in.
Posted on 4/3/12 at 8:06 am to sstig
quote:
For years the wife and I lived on only one income and saved the other, maxed the 401k, IRA and lived below our means buy very comfortable. Trips, cars, motorcycles etc. Now late 50's and we don't have to work. I do because I enjoy it but when you can walk away, everything is sooo much easier
Choices. I refuse to do this.
My dad and his dad both did this and neither one of them made it to 60. I'm not living my life so that I can be "well off" at 60. I'm saving so that I have sufficient income and can be happy at 60 all the while living life to the fullest until then.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News