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re: How old are you and how much goes toward your retirement each month?

Posted on 12/11/21 at 9:57 am to
Posted by tigersfan1989
Baton Rouge
Member since Oct 2018
1265 posts
Posted on 12/11/21 at 9:57 am to

This post was edited on 1/1/22 at 12:21 pm
Posted by jimbeam
University of LSU
Member since Oct 2011
75703 posts
Posted on 12/11/21 at 9:57 am to
29. 48% of net
Posted by TheOcean
#honeyfriedchicken
Member since Aug 2004
42609 posts
Posted on 12/11/21 at 9:59 am to
33. I invest about $10k/month. Portion of that goes into my solo 401(k). I think solo 401(k) you can max it out in the 60s
Posted by TorchtheFlyingTiger
1st coast
Member since Jan 2008
2159 posts
Posted on 12/11/21 at 10:18 am to
quote:

My 401k. I put 19500 pretax and 10500 after tax. 


Are you using the after tax 401k for mega backdoor Roth IRA? If not, what's the advantage of post tax 401k over a taxable brokerage? (Honest question)
Posted by DownshiftAndFloorIt
Here
Member since Jan 2011
66763 posts
Posted on 12/11/21 at 10:46 am to
31 and at the moment, zero

Posted by tigersfan1989
Baton Rouge
Member since Oct 2018
1265 posts
Posted on 12/11/21 at 10:51 am to
(no message)
This post was edited on 1/1/22 at 12:20 pm
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35677 posts
Posted on 12/11/21 at 11:28 am to
Early 30s. Between my wife and I we are at 5100 per month this year. Spent a ton of money this year . Last year we hit 6400 a month in retirement savings.
This post was edited on 12/11/21 at 11:32 am
Posted by jclem11
Neoliberal Shill
Member since Nov 2011
7934 posts
Posted on 12/11/21 at 12:05 pm to
I'm 32.

1. Max 401K annually for the last 3 years.
2. Max Roth IRA annually for the last 8 years.
3. Will max HSA next year now that I have it again.
4. Extra cash / bonuses / OT bag go to my brokerage account.

Hope to retire by 52.
Posted by achenator
Member since Oct 2014
2964 posts
Posted on 12/11/21 at 12:59 pm to
quote:

The IRS limit for employee and employer combined contributions is 58k per year.
61k for 2022 w/67k if over 50 for the catch up.
Posted by SmackoverHawg
Member since Oct 2011
27386 posts
Posted on 12/11/21 at 1:13 pm to
Have always maxed 401k and profit sharing for both the wife and I. So $116k last year or whatever. I can contribute another $20k tax deferred in a state retirement plan for healthcare providers and other state employees. And usually, usually $150-250k/yr in other investments outside of that in outside of that such as real estate, timber, stocks, or re-investments in our businesses or new businesses.

Got started late as we both went to professional school and have doctorates. Despite saving so much only in recent years have really got to appreciate the time value of money. Wish I would've done more investing outside of my tax deferred accounts at an earlier age.
This post was edited on 12/12/21 at 12:29 pm
Posted by SmackoverHawg
Member since Oct 2011
27386 posts
Posted on 12/11/21 at 1:20 pm to
quote:

Early 30s. Between my wife and I we are at 5100 per month this year. Spent a ton of money this year . Last year we hit 6400 a month in retirement savings.


You're doing well. Don't regret enjoying some of your money. I never have buyers remorse or regret blowing some money on stupid shite. The reason we make money is to live and enjoy it. My dad was frugal his whole life, wanted a luxurious retirement and was scared to run out of money so he never really fully enjoyed the fruits of his labor. He died at 63 from COVID. You never know. Make sure your save judiciously for retirement and your family is taken care of, but enjoy life. My biggest thing to warn people of is spending on material objects that rapidly depreciate. I prefer to spend my money on experiences. Travel, nice meals, good liquor and wine etc. I could live in a van down by the river so long as I have plenty of pillows and A/C, but I want to do shite. And I've learned that owning too much shite just bogs you down. If it weren't for the wife and girls, I'd sell my shite off, quit work and become a partying nomad. I would retain my off grid "hunting camp".
Posted by TheWiz
Third World, LA
Member since Aug 2007
11694 posts
Posted on 12/11/21 at 1:40 pm to
These are our contributions as a couple.

401k: $1,167/month
403b: $1,625/month
457: $1,000/month
Roth 1: $500/month although we backdoor so it's a lump sum.
Roth 2: $500/month although we backdoor so it's a lump sum.
Pension: $530'ish a month
Taxable: $1,000-$1,700/ month depending on cash flows.
i401k: try to put in the difference of what I don't defer in my 401k at the top. Just depends what's left over at the end of the year.
This post was edited on 12/11/21 at 2:12 pm
Posted by jimbeam
University of LSU
Member since Oct 2011
75703 posts
Posted on 12/11/21 at 1:47 pm to
You baws must make way more than me
Posted by lynxcat
Member since Jan 2008
24240 posts
Posted on 12/11/21 at 2:11 pm to
Save as much as possible without really sacrificing lifestyle. I used to pinch pennies more but I’m not going to live like that if it isn’t required.
Posted by SulphursFinest
Lafayette
Member since Jan 2015
8911 posts
Posted on 12/11/21 at 3:04 pm to
Yeah I thought I made good money. Yeesh
Posted by LatinTiger30
New Orleans
Member since Oct 2007
4432 posts
Posted on 12/11/21 at 3:52 pm to
That’s exceptional, bud. At this rate you’ll be ready to retire at 55.
Posted by LatinTiger30
New Orleans
Member since Oct 2007
4432 posts
Posted on 12/11/21 at 3:59 pm to
Ill be 45 in a few days and max out my 401k, fund my wife and I’s Roth each Jan 1st for the last few years, max out HSA, own a paid off house and no debt other than utilities, which are necessary. I want to be done in 10 years.
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
119894 posts
Posted on 12/11/21 at 4:04 pm to
quote:

You baws must make way more than me



These threads always remind me we pay govt workers way too much and they have way too generous retirement plans.
Posted by LatinTiger30
New Orleans
Member since Oct 2007
4432 posts
Posted on 12/11/21 at 4:04 pm to
Could be a taxable account aka bridge account. There no limit on how much you can add to the account.
Posted by MSTiger33
Member since Oct 2007
20446 posts
Posted on 12/11/21 at 4:50 pm to
Between EE/ER contributions, I have roughly $57,000 going into the 401k annually. Mid-40s
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