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Posted on 12/11/21 at 5:44 am to tigersfan1989
quote:Please enlighten me. Into what retirement vehicle are you putting in $30k per year?
Early 30s. I contribute 20% (30k) get 10% employer match (15k) and put 6k into IRA.
ETA I'm 32 with four kids under 8 years old at home. So, my financial capacity to contribute to retirement is probably just a tad lower than a single dude making $150k/year.
I would estimate next year adding a little over $4,400 to max the ER match. I'm becoming a part owner of the company I work at, though, and will be getting profit-sharing distributions quarterly. Depending on how much lower school is going to cost in the coming years, I anticipate being able to significantly increase that contribution over the next 5-10 of years.
Genuinely glad to see a lot of you, if telling the truth, taking advantage of your margin each pay period. I'm a financial planner and every now and again will have a 50-something come into my office saying something like, "I've saved $60k for retirement and have a mortgage of $230k with $60k of equity. Now's your chance to be a hero!"...
This post was edited on 12/11/21 at 5:56 am
Posted on 12/11/21 at 8:34 am to tigersfan1989
quote:
I contribute 20% (30k)
What type of account is this?
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
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 11:10 pm to tigersfan1989
quote:
I contribute 20% 30k
No you don't.
Max is like $19,500
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