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Message
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Posted on 12/11/21 at 8:39 pm to TDsngumbo
It’s above typical, can never be too much unless you’re unable to make ends meet.
Im 42 and max my Roth 401(k) at work and wife is 37 and maxes her traditional at her office
Im 42 and max my Roth 401(k) at work and wife is 37 and maxes her traditional at her office
Posted on 12/12/21 at 1:53 am to TDsngumbo
I’m 44 and put $2600 a month into my retirement across my pension contribution, 403b, ibonds, and index funds. Started a Roth at 24 and just did a $6000 back door conversion to it this month but doubt this will be an available option next year if Dems change the tax code.
Posted on 12/12/21 at 5:18 am to TDsngumbo
I’m 46 wife is 44 we have about 850k combined with rollover managed by FA, current 401, and SEP. We max out SEP & IRA, get 6k match in 401k, and just give our FA draws when we can (this year did a big one 20k). Slated to have really strong 2022 hopefully we can do that type of draw again.
Compounding interest is the magic. Start early. Last year alone we made 70k in interest on our investments. Its a genuine 3rd income.
Compounding interest is the magic. Start early. Last year alone we made 70k in interest on our investments. Its a genuine 3rd income.
Posted on 12/12/21 at 8:59 am to TDsngumbo
33 years old, married with 2 kids under 5.
2021
Max 401k = $19,500
Max 2 IRAs = $12,000
Taxable Retirement Portolio A (Index funds) = $40,000
Taxable Retirement Portolio B (Higher Risk) = $15,000
Stupid low mortgage rates and student loan payments are boosting our retirement savings.
50%+ of my income is year end bonus so my monthly retirement savings is only the 401k contributions.
2021
Max 401k = $19,500
Max 2 IRAs = $12,000
Taxable Retirement Portolio A (Index funds) = $40,000
Taxable Retirement Portolio B (Higher Risk) = $15,000
Stupid low mortgage rates and student loan payments are boosting our retirement savings.
50%+ of my income is year end bonus so my monthly retirement savings is only the 401k contributions.
This post was edited on 12/12/21 at 9:05 am
Posted on 12/12/21 at 9:01 am to TDsngumbo
Me: 35
403 - $1,625
457 - $1,625
Wife: 33
403 - $1,625
457 - $1,625
So that's $6,500/month. We were doing another $2-3k a month in a taxable, but are now building cash.
403 - $1,625
457 - $1,625
Wife: 33
403 - $1,625
457 - $1,625
So that's $6,500/month. We were doing another $2-3k a month in a taxable, but are now building cash.
Posted on 12/12/21 at 10:00 am to TDsngumbo
Max Roth, max HSA, 401k up to employer max, the rest goes to a brokerage account. Maxing a 401k with a target date fund seems like a bad strategy for long term wealth creation but that’s just me.
Posted on 12/12/21 at 11:57 am to TDsngumbo
I'm 53, I'm way behind in my 401K contributions due to my spending habits. If I had put that much in starting at your age, I'd be retired already by now. Plan to retire at 62. Only putting a couple hundred a month in now, plan to max it out starting in 2023 when my house is paid off. But for me it's not as bad as it sounds as my company offers a full pension, will be $70k a year by the time I'm 62, and my wife is fixing to retire in a couple of years w 25 years teaching.
Would have been nice to retire now and spend more time enjoying life vs having to work another 9 years.
Kudos to you and hope others follow your lead.
Would have been nice to retire now and spend more time enjoying life vs having to work another 9 years.
Kudos to you and hope others follow your lead.
Posted on 12/12/21 at 12:14 pm to TDsngumbo
Me
51
$1600 all Roth 401k
Also put 100% of my yearly bonus into Roth 401k to meet the max of $26000 per year (catchup included)...been doing this 3-4 years.(catchup just started last year).
Wife (51 and no pics)
$650 per month in 403B
We live simple lives (house/vehicles paid for...no kids) and don't spend money lavishly so this isn't an issue for us. We gross about 130k per year combined.
When I was your age, I was contributing just enough to get the company match (about 6%) and sometimes contributing to Roth IRA. With the 13 year bull run of the market, I've hit 1M in investments.
Sounds like you are doing fine.
51
$1600 all Roth 401k
Also put 100% of my yearly bonus into Roth 401k to meet the max of $26000 per year (catchup included)...been doing this 3-4 years.(catchup just started last year).
Wife (51 and no pics)
$650 per month in 403B
We live simple lives (house/vehicles paid for...no kids) and don't spend money lavishly so this isn't an issue for us. We gross about 130k per year combined.
When I was your age, I was contributing just enough to get the company match (about 6%) and sometimes contributing to Roth IRA. With the 13 year bull run of the market, I've hit 1M in investments.
Sounds like you are doing fine.
This post was edited on 12/12/21 at 12:52 pm
Posted on 12/12/21 at 12:18 pm to TDsngumbo
I was maxing 401k plus 3% employee match and maxing Roth when I was single with no kids. Did that for about 8 years. Then I got married and convinced my wife to put in 20% in her 401k and maxed her Roth for a couple years. Then we had kids and bought a house and it’s all gone waaaay done the last couple years to basically nothing while we try to replenish some cash and get the house set up like we want. Great thing is we put away so much early that we can afford to lax a few years. I’d venture to say we are well ahead of most our age in terms of overall retirement savings.
Posted on 12/12/21 at 1:44 pm to TDsngumbo
I’m 37. Defined pension plan as a teacher. Can also draw social security in retirement with my state.
I max my Roth IRA. Teacher retirement monthly contribution is $330.
Currently have $23k in roth. Wish I had started sooner. Plan on retiring at 58.
I max my Roth IRA. Teacher retirement monthly contribution is $330.
Currently have $23k in roth. Wish I had started sooner. Plan on retiring at 58.
Posted on 12/12/21 at 5:46 pm to TDsngumbo
I don’t really expect to live to 65 so nothing
Posted on 12/12/21 at 7:02 pm to TDsngumbo
42 and currently not sure what will be contributed this year. I started with a new company 4 months ago, and don’t yet qualify for 401k matching. I’m saving $700/week and waiting to decide where it goes between Roth/IRA/Investment accounts.
Posted on 12/13/21 at 7:12 am to TDsngumbo
quote:
I am wondering if I’m average or too low/high. I used to contribute each month to my Roth IRA but stopped back in 2018 to pay off some debt and started up again in August this year. I’m now contributing $500/month to my IRA and another $967/month to my 401k, including my employer’s portion. That’s a total of $1,467/month. I am 36 years old and would like to retire at age 62. Is that typical or too much? What do y’all do?
Have you tried one of the many retirement calculators on the internet? Everyone’s situation on this board is a little different, along with their needs and goals. How much income do you think you will need when you retire? Some places I have read say to plan on living off 4% of your nest egg.
The real question is how much income do you think you need when you retire. I think about this everyday. Don’t let some of these numbers here intimidate you. There are a lot of people better off than you and me. Three are also more people that are much worse off and relying on SS and that e deaths of their parents. This ain’t you. If you are this aware and focused on retirement, I’m sure you will be fine.
Posted on 12/13/21 at 7:54 am to TDsngumbo
34
10% to TSP, $350 to life insurance and $200 to Roth IRA.
Financial advisor said 62-65 I can retire comfortably.
I will bump those numbers up w/ age and retire at 57.5 most likely.
10% to TSP, $350 to life insurance and $200 to Roth IRA.
Financial advisor said 62-65 I can retire comfortably.
I will bump those numbers up w/ age and retire at 57.5 most likely.
Posted on 12/13/21 at 9:46 am to TDsngumbo
46 years old. I put away $5k for 8 months and $7k four moths out of the year. I then save any one time hits I get. I currently put $3k/month into a SEP and the rest goes into a brokerage account.
Posted on 12/13/21 at 3:27 pm to TDsngumbo
26,
I put about 600 a month in 401k with employee match equaling about 2000 every year.
Was putting an additional 600 per month in some stocks but recently bought land and need to start saving to build a house.
hoping the money I added previously can pay off down the road. I have a long way to go but if God will allow it looking to have all my stuff paid off in 20ish years then will start hunting a retirement date then
I put about 600 a month in 401k with employee match equaling about 2000 every year.
Was putting an additional 600 per month in some stocks but recently bought land and need to start saving to build a house.
hoping the money I added previously can pay off down the road. I have a long way to go but if God will allow it looking to have all my stuff paid off in 20ish years then will start hunting a retirement date then
Posted on 12/13/21 at 3:39 pm to TDsngumbo
(no message)
This post was edited on 12/18/21 at 9:49 pm
Posted on 12/14/21 at 9:55 am to TDsngumbo
early 60s but still working. Saving about 15,000 per month.
Posted on 12/14/21 at 10:39 am to TDsngumbo
41
Between my wife and I and not counting company matches.
About 2,000 a month.
That’s two 401ks
Two IRAs.
crypto
Gold/silver purchases each month.
Between my wife and I and not counting company matches.
About 2,000 a month.
That’s two 401ks
Two IRAs.
crypto
Gold/silver purchases each month.
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