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Started By
Message
1
Posted on 12/11/21 at 6:05 pm to I Love Bama
Max out solo (58k this year). 27k for wife in addition.
Started a little late but catching up
Started a little late but catching up
Posted on 12/11/21 at 7:46 pm to tigersfan1989
The third post is a guy in his early 30s claiming he puts 36k toward his retirement and his company match is 15k 
. This is definitely the Money Board
. This is definitely the Money BoardPosted on 12/11/21 at 8:05 pm to PetroBabich
quote:
The third post is a guy in his early 30s claiming he puts 36k toward his retirement and his company match is 15k . This is definitely the Money Board
The two firms I've been at this year have cut retirement benefits while acting like they're doing employees a favor.
Hard to believe there's anywhere out there that still matches that high, but good for him.
Posted on 12/11/21 at 8:05 pm to PetroBabich
I put about 350k in each year
Posted on 12/11/21 at 8:13 pm to PetroBabich
quote:
The third post is a guy in his early 30s claiming he puts 36k toward his retirement and his company match is 15k . This is definitely the Money Board
Sure makes the normal folks feel poor
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 12/11/21 at 8:53 pm to go ta hell ole miss
Math error.
I do send $600 a month to taxable brokerage account.
And I pay extra each month toward the mortgage.
I do send $600 a month to taxable brokerage account.
And I pay extra each month toward the mortgage.
Posted on 12/11/21 at 9:12 pm to tigersfan1989
quote:
Early 30s. I contribute 20% (30k)
?
How are you contributing 30K to a 401K? That's well over the limit.
Posted on 12/11/21 at 9:23 pm to Powerman
Divide by 4 to get the truth. Isn't that the rule?
Posted on 12/11/21 at 9:45 pm to Powerman
(no message)
This post was edited on 1/1/22 at 12:19 pm
Posted on 12/11/21 at 11:10 pm to tigersfan1989
quote:
I contribute 20% 30k
No you don't.
Max is like $19,500
Posted on 12/11/21 at 11:31 pm to tigersfan1989
quote:
The pretax limit is 19500. The rest is after tax contributions in 401k. I honestly have nothing to gain by lying to strangers on a message board about retirement contributions. Don’t believe me if you don’t want to it makes no difference to me.
Not accusing you of lying. Just didn't know if there was some work around I was unaware of. Unfortunately with my previous company I could never even get close to the match because of participation in the plan. I've gotten a check back several times for contributing too much.
Wasn't aware you could make post tax contributions to a 401K. Learn something new every day. Might make me rethink my strategy now that I'm with a new company and about to start my 401k plan with them.
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 5:43 am to tigersfan1989
quote:This makes sense if doing a MBD Roth like you posted earlier. Probably should have been more clear in the original post though.
The pretax limit is 19500. The rest is after tax contributions in 401k. I honestly have nothing to gain by lying to strangers on a message board about retirement contributions. Don’t believe me if you don’t want to it makes no difference to me.
Hope you send your workplace a Christmas card each year for allowing in-service withdrawals for someone in their 30's. Not many plans allow that (though I think the number is increasing).
On an unrelated note, I have a very hard time believing some of these responses...
This post was edited on 12/12/21 at 5:44 am
Posted on 12/12/21 at 8:17 am to Niner
I believe. These aren't typical contribution rates but neither are the posters spending time on MT on a weekend.
Posted on 12/12/21 at 8:36 am to Niner
quote:
On an unrelated note, I have a very hard time believing some of these responses...
Agree, but in my opinion it's a snapshot in time. I could be maxing everything available to me this year, but it will not have as much impact as the fact I started contributing big when I was 22. I've taken advantage of being able to start early and contribute close to the max allowed when many around me at that time were buying fancy vehicles and shiny boats.
We're far ahead of our original goal and have adjusted.
The old "Time in the market beats money into the market" saying rings true, in my opinion. So anyone reading this should know to start big early and don't let off the petal and you'll thank yourself on the back end. We can actually now back off contributions if needed and still retire ahead of schedule. What we are contributing now (max 401K and max Roth) is a snap shot in time and it's likely a year or two from now we will scale back even though we are not close to retirement age yet. The scale back is to be sure we have any debt addressed near retirement.
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.
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