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re: How much of your paycheck do you put into savings?
Posted on 7/12/13 at 4:12 pm to guttata
Posted on 7/12/13 at 4:12 pm to guttata
quote:
wish I could still do a Roth
You can, if you're over the income limit for a Roth ($127K for single I think) you can contribute to a non deductible IRA with post tax dollars and convert them to a Roth the next day. It's called a backdoor IRA, and it's perfectly legal (for now). Check with your accountant to make sure you do it properly though.
1
Posted on 7/12/13 at 4:32 pm to Vols&Shaft83
What??!!
Never heard of that. Good news for when I'm a n OT baller
Never heard of that. Good news for when I'm a n OT baller
This post was edited on 7/12/13 at 4:32 pm
Posted on 7/12/13 at 4:48 pm to King of New Orleans
Right now, nothing.
Living paycheck to paycheck sucks. Looking forward to a raise, albeit small, when I get promoted soon.
Living paycheck to paycheck sucks. Looking forward to a raise, albeit small, when I get promoted soon.
Posted on 7/12/13 at 4:59 pm to jimbeam
quote:
What??!!
Never heard of that. Good news for when I'm a n OT baller
Yep, it's tricky, and may not be the best option because if you already have a non-employer sponsored IRA, SEP-IRA, or SIMPLE IRA and you decide to convert a nondeductible IRA to a Roth, ALL of the IRA assets are subject to a heavy tax rate. There's a way to circumvent this risk:
HIDE OTHER IRAs. Rollover all the pre-tax money to an employer sponsored retirement plan: 401k, 403b or 457. Most employer-based plans accept incoming rollovers. Then convert non-deductible contributions to a ROTH.
Complete guide on this HERE
It's a lot of work, but worth it when you consider the value of having tax free growth and distributions in retirement.
Posted on 7/12/13 at 9:36 pm to Vols&Shaft83
Everyone says out of college, live like you still are to be able to save more. Would the suggestion be to just increase your lifestyle as income increases? I know historically money doubles every 7-10 years. Wait until you're 30 to start spending more on the finer things in life(with good sense o course)
I'm just not sure when to stop eating ramen and driving my 1999 truck
Posted on 7/12/13 at 10:05 pm to jimbeam
We live off of my paycheck and save hers so 50%. I max out our roths, save 4% for the 401k and the rest goes to a house fund, car fund, ect. No debt.
Posted on 7/13/13 at 10:10 am to Vols&Shaft83
quote:
whatever is comfortable everywhere else
thug POS
Posted on 7/13/13 at 10:49 am to Fat Bastard
quote:Whatever we don't spend that month- but it is nice to have no debt (other than a piece of property) and we don't pay to live right now.
How much of your paycheck do you put into savings?
Posted on 7/14/13 at 2:07 pm to saderade
About 40%. But I got started late and I'm 56. I wish I could get more tax deferred contributions into an IRA and Roth where i can manage my money, instead of these 403Bs, but so be it.
Posted on 7/15/13 at 5:30 am to King of New Orleans
Between $400-500
Posted on 7/15/13 at 8:50 am to Azazello
quote:
Right now, nothing.
Living paycheck to paycheck sucks. Looking forward to a raise, albeit small, when I get promoted soon.
Tighten your belt and find a way to put away $25, $50 or $100 a pay. There's always a way to save something.
Posted on 7/15/13 at 8:55 am to Overbrook
quote:
About 40%. But I got started late and I'm 56. I wish I could get more tax deferred contributions into an IRA and Roth where i can manage my money, instead of these 403Bs, but so be it
I'm several years younger than you but also got a late start due to getting my business through 2004-2010. It was a difficult period for the company.
Now we max our IRAs, 401Ks and have been putting money into a DRIP every month. Real estate is also making a nice comeback in Northern Virginia so while I'm not counting on it, it would appear that we will have a significant pile of equity in our house when we decide to sell.
The next step for us is to take our health insurance payments out of the business and purchase personal policies and start HSA accounts. I need to talk to some professionals about it with ObamaCare in place to see how it affects what I want to do which is go to high deductible plans.
Posted on 7/15/13 at 9:59 pm to King of New Orleans
25%
Posted on 7/16/13 at 6:01 am to King of New Orleans
Just put away as much as you can, especially tax free in investments, but not so much you live paycheck to paycheck.
Posted on 7/16/13 at 10:14 am to ItNeverRains
13% into my simple IRA....and about 10% of my take home pay into savings
Posted on 7/16/13 at 10:32 am to King of New Orleans
32-39%
10% into retirement and the remainder into regular savings. 24 and Single (Single as in not married. Have a gf of 2.5 years) without rent/mortgage.
10% into retirement and the remainder into regular savings. 24 and Single (Single as in not married. Have a gf of 2.5 years) without rent/mortgage.
This post was edited on 7/16/13 at 10:34 am
Posted on 7/16/13 at 10:47 am to LSUengineer12
:|
what kind of engineer?
what kind of engineer?
Posted on 7/16/13 at 11:10 am to jimbeam
Civil... 
Should've done Petro or Mechanical lol. That's where the money is!
But I like what I do, so it's all good.
Should've done Petro or Mechanical lol. That's where the money is!
But I like what I do, so it's all good.
This post was edited on 7/16/13 at 11:11 am
Posted on 7/16/13 at 11:12 am to LSUengineer12
same here. one year left of school. focusing on environmental side.
Posted on 7/16/13 at 11:12 am to LSUengineer12
quote:
Civil...
Almost did this. So glad I didn't. I don't think I would have liked the job, mostly.
quote:
But I like what I do, so it's all good.
Most important thing (barely)
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