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Suggested % to contribute to youy 401K?
Posted on 1/2/13 at 5:47 pm
Posted on 1/2/13 at 5:47 pm
What is the "typical" percent you should try to contribute?
15
Posted on 1/2/13 at 5:50 pm to CajunCaimen
10% is good number, but your goals in life should be the ultimate driver.
Posted on 1/2/13 at 6:04 pm to C
Thanks!
Posted on 1/2/13 at 6:31 pm to CajunCaimen
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%.
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 1/2/13 at 7:35 pm
Posted on 1/2/13 at 6:38 pm to CajunCaimen
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%
Posted on 1/2/13 at 6:51 pm to tylercsbn9
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.
Posted on 1/2/13 at 6:52 pm to CajunCaimen
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.
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.
Posted on 1/2/13 at 6:59 pm to CajunCaimen
Screw "typical".
The correct answer is as much as you possibly can. And then a little extra.
The correct answer is as much as you possibly can. And then a little extra.
Posted on 1/2/13 at 7:05 pm to CajunCaimen
Yearly max which I think is $17k?
Posted on 1/2/13 at 7:43 pm to CajunCaimen
If you can swing it put in 10% and increase it by 1% everytime you get a raise. Target would be 20 to 25%.
Posted on 1/2/13 at 7:51 pm to PlanoPrivateer
quote:
Target would be 20 to 25%
You can only contribute about 17k
Posted on 1/2/13 at 8:30 pm to yellowfin
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?
Posted on 1/2/13 at 8:32 pm to yellowfin
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.
Posted on 1/2/13 at 8:33 pm to CajunCaimen
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.
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 1/2/13 at 8:38 pm
Posted on 1/2/13 at 8:38 pm to CajunCaimen
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.
Posted on 1/2/13 at 8:38 pm to CajunCaimen
My company matches $ for $ up to 9%, so that's what I contribute.
Posted on 1/2/13 at 8:39 pm to vjp819
Interesting, so the $17K is only your contributions and does not include your employer?
Posted on 1/2/13 at 8:40 pm to ZZTIGERS
thats a great match, mine does 6%.
Posted on 1/2/13 at 8:41 pm to RickAstley
nope only your contributions, not your employer
Posted on 1/2/13 at 8:45 pm to vjp819
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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