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re: How much money do you put towards retirement from each paycheck?
Posted on 12/19/14 at 4:03 pm to Spirit of Dunson
Posted on 12/19/14 at 4:03 pm to Spirit of Dunson
I save about 40% of my gross income. I mean its for retirement but other things.
plan on retiring in 2019 at the age of 47.
plan on retiring in 2019 at the age of 47.
0
Posted on 12/19/14 at 4:03 pm to Teddy Ruxpin
Phase out starts at $181k and cuts off at $191k. Pretty small range IMO.
Posted on 12/19/14 at 4:06 pm to Lsuty755
Nominal dollar amounts are really useless here unless you're talking about something like a Roth ira or another retirement vehicle that has tax implications should you go over a specific threshold. Go with a percentage. But first and foremost, build and emergency fund. Some say 3 months, mines 12.
Early 20's? TIME is on your side. I'd max out EVERYTHING you can afford to when it comes to an employer match and a Roth. If you're thinking that you'll be ok later in life when you have more income to throw at retirement, you'll wish you'd have started sooner. (I started at 26 and feel I'm late to the game.) Compound interest and the rule of 72 are in your favor here. Good luck.
Early 20's? TIME is on your side. I'd max out EVERYTHING you can afford to when it comes to an employer match and a Roth. If you're thinking that you'll be ok later in life when you have more income to throw at retirement, you'll wish you'd have started sooner. (I started at 26 and feel I'm late to the game.) Compound interest and the rule of 72 are in your favor here. Good luck.
Posted on 12/19/14 at 4:07 pm to Lsuty755
Some of the best advice my dad ever gave me was to max out my 401K the first real job I got out of college. IRS now allows just under $18K/year to 401K, that's the combination of your contribution and the employer's contribution.
Listen carefully, invest the max NOW!!!!
I started this just over 15 years ago and have some friends just starting to invest, they will NEVER catch me. The money I now have just in my 401K alone is close to what my current house, cars, and boat is worth combined. When I open my annual statements, it’s scary and rewarding at the same time. 2008/2009 was a serious downer, but I never budged, you have to think LONG TERM… 30-40 years out.
When you get close to retirement age, you can leave on your terms because you did the right things from the start. My dad retired at 58 years old and has never looked back, not many can say that.
Listen carefully, invest the max NOW!!!!
I started this just over 15 years ago and have some friends just starting to invest, they will NEVER catch me. The money I now have just in my 401K alone is close to what my current house, cars, and boat is worth combined. When I open my annual statements, it’s scary and rewarding at the same time. 2008/2009 was a serious downer, but I never budged, you have to think LONG TERM… 30-40 years out.
When you get close to retirement age, you can leave on your terms because you did the right things from the start. My dad retired at 58 years old and has never looked back, not many can say that.
Posted on 12/19/14 at 4:09 pm to Lsuty755
At least 15% but do 30% if you can. Do it as soon as you get your check.
Posted on 12/19/14 at 4:09 pm to Spirit of Dunson
quote:
Phase out starts at $181k and cuts off at $191k. Pretty small range IMO.
Ya, I don't really get the logic of the range if you're going to make it that small. Just make it a hard cut off and be done with it. Instead you have to reclassify the ROTH contributions to traditional (and file forms and stupid stuff) if you happen to run into it in a given year. Both myself and SO get bonuses, so we can't predict it when you're right on it.
This post was edited on 12/19/14 at 4:10 pm
Posted on 12/19/14 at 4:12 pm to Fifthstring
quote:
Some of the best advice my dad ever gave me was to max out my 401K the first real job I got out of college. IRS now allows just under $18K/year to 401K, that's the combination of your contribution and the employer's contribution.
best advice I got was save every raise. I still live off our income level from 2001, although we make a lot more money know (about double).
Posted on 12/19/14 at 4:13 pm to Hawkeye95
quote:
best advice I got was save every raise. I still live off our income level from 2001, although we make a lot more money know (about double).
This is a very simple and very powerful rule when applied to the bottom line of retirement savings.
Posted on 12/19/14 at 4:16 pm to Teddy Ruxpin
quote:
This is a very simple and very powerful rule when applied to the bottom line of retirement savings.
yeah, it was great advice and glad I took it. We live pretty nicely too, but being able to sock that much in our 20s and early 30s are making it possible to retire so early.
Posted on 12/19/14 at 4:24 pm to Lsuty755
I have about 6.5% taken out each paycheck. If I retire from the same place, I will receive 70% for the rest of my life. I am about to set up deferred comp and start paying into an annuity fund. I don't remember the payouts on it, but they are worth it in retirement.
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