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At what age did you start putting the max yearly limit towards your 401(k)?
Posted on 2/3/14 at 4:07 pm
Posted on 2/3/14 at 4:07 pm
Also once you started putting $16-17K or whatever the limit is, did you reduce your contributions temporarily during certain financial hardships like purchase of a new home, birth of a new baby etc., before going back up to the max limit once the finances settled down?
11
Posted on 2/3/14 at 4:27 pm to saintforlife1
More than likely not ever going to/nor do I want to.
Posted on 2/3/14 at 4:35 pm to saintforlife1
I think I was 7 or 8.
Posted on 2/3/14 at 4:38 pm to GoCrazyAuburn
quote:at least for a damn long time
More than likely not ever going to
Posted on 2/3/14 at 4:41 pm to jimbeam
quote:
at least for a damn long time
Yea, I'll put it this way, I'm wouldn't be trying to increase my contribution to the max. If my income gets me to where my match point is the max, then so be it. I'd rather use that money for other vehicles
Posted on 2/3/14 at 4:48 pm to saintforlife1
Started my job at 25, started contributing to my 457 immediately with what would amount to about 60% of the max. Within 4 months, I increased it to the max and haven't touched it since except to increase to the new max when the max contribution limit increased. Money is taken from check before I ever see it, so I just pretend like it's not there and live/budget based on the amount deposited in my bank account.
Only "financial hardships" were purchase of new home and saving for a wedding that is next month.
A couple years later I started doing additional investing of about another $500 a month. If I ever need access to more money, this would be what I would stop doing first.
Only "financial hardships" were purchase of new home and saving for a wedding that is next month.
A couple years later I started doing additional investing of about another $500 a month. If I ever need access to more money, this would be what I would stop doing first.
Posted on 2/3/14 at 5:08 pm to saintforlife1
quote:
At what age did you start putting the max yearly limit towards your 401(k)?
did you reduce your contributions temporarily during certain financial hardships like purchase of a new home, birth of a new baby etc., before going back up to the max limit once the finances settled down
going to try to max out this year....have reduced it in the past to try and buy a condo, purchase a car, financial crisis, build a liquid nest egg, etc. If I ever get married, I'm sure the chicka's spending habits won't let me max it out for long or often.
Posted on 2/3/14 at 5:53 pm to saintforlife1
I maxed it out twice in my mid 20's, then I had kids.
Posted on 2/3/14 at 8:02 pm to saintforlife1
Started too late for me, not till I was about 40.
Posted on 2/3/14 at 8:05 pm to kywildcatfanone
Try and max it every year. Started at 28 and currently 32. No kids though.
Posted on 2/3/14 at 8:39 pm to saintforlife1
I contribute to get the match and invest in other vehicles. Once I'm comfortable with those I'll slowly increase my contribution. Probably hit max in 3-5 years.
It doesn't help my raises have been significantly outpaced by others/inflation.
It doesn't help my raises have been significantly outpaced by others/inflation.
Posted on 2/3/14 at 10:04 pm to LSUtigerME
Started at 23 and have maxed with company match every year, maxed personal last 3 years with company match on top. Just turned 30, sitting on ~$250k in my 401k. Have a few other outside investment accounts I contribute to as well.
Posted on 2/3/14 at 10:10 pm to JL
Damn. Very nice.
Posted on 2/4/14 at 6:54 am to saintforlife1
This year I am doubling my contribution from last year and I will be placing ~$12,600 in it this year. I aim to contribute the max by age 27.
When I was filing the paper work to increase my contribution I originally filled in to max out the contribution, but I don't have the balls to put that much away yet and force myself to live frugally.
//Edited to add I am 24 now
When I was filing the paper work to increase my contribution I originally filled in to max out the contribution, but I don't have the balls to put that much away yet and force myself to live frugally.
//Edited to add I am 24 now
This post was edited on 2/4/14 at 8:56 am
Posted on 2/4/14 at 7:17 am to saintforlife1
My company matches 40% of our contribution all the way up to the max, so I make this a priority for myself. I was able to max it in 2013 for the first time, I was 24.
Posted on 2/4/14 at 9:27 am to saintforlife1
Started at 24 (I'm 26 now).
Recently, I earned a raise that bumped my salary up to a point where I'm only allowed to contribute 10% of my gross salary, so I'm no longer allowed to contribute the full $17.5k
Recently, I earned a raise that bumped my salary up to a point where I'm only allowed to contribute 10% of my gross salary, so I'm no longer allowed to contribute the full $17.5k
Posted on 2/4/14 at 9:45 am to geauxbears08
quote:
Recently, I earned a raise that bumped my salary up to a point where I'm only allowed to contribute 10% of my gross salary, so I'm no longer allowed to contribute the full $17.5k
how sad
Posted on 2/4/14 at 9:47 am to Chris Farley
quote:
My company matches 40% of our contribution all the way up to the max,
Posted on 2/4/14 at 10:17 am to GoCrazyAuburn
I'd move mountains to max my 401k in that situation
Posted on 2/4/14 at 10:34 am to Teddy Ruxpin
No kidding. I have never seen that before.
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