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

Posted on 12/11/21 at 12:41 am to
Posted by tigersfan1989
Baton Rouge
Member since Oct 2018
1265 posts
Posted on 12/11/21 at 12:41 am to
(no message)
This post was edited on 1/1/22 at 12:19 pm
Posted by Niner
Member since Apr 2019
2026 posts
Posted on 12/11/21 at 5:44 am to
quote:

Early 30s. I contribute 20% (30k) get 10% employer match (15k) and put 6k into IRA.
Please enlighten me. Into what retirement vehicle are you putting in $30k per year?

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 by UltimaParadox
Huntsville
Member since Nov 2008
40885 posts
Posted on 12/11/21 at 8:34 am to
quote:

I contribute 20% (30k)


What type of account is this?
Posted by PetroBabich
Donetsk Oblast
Member since Apr 2017
4636 posts
Posted on 12/11/21 at 7:46 pm to
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 by Powerman
Member since Jan 2004
162258 posts
Posted on 12/11/21 at 9:12 pm to
quote:

Early 30s. I contribute 20% (30k)

?
How are you contributing 30K to a 401K? That's well over the limit.
Posted by Privateer 2007
Member since Jan 2020
6228 posts
Posted on 12/11/21 at 11:10 pm to
quote:

I contribute 20% 30k


No you don't.
Max is like $19,500
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