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re: Where should I start putting extra money every month?
Posted on 2/26/17 at 4:21 pm to WG_Dawg
Posted on 2/26/17 at 4:21 pm to WG_Dawg
quote:
I'm contributing the max to my employer fund that they will give a percentage max.
You can contribute up to $18000 this year in your 401(k). Most employers will match up to a far lower level but it's still worth maxing this to get the tax deduction.
quote:
I don't know what any of this means.
Study this topic, it's a really important one.
The typical advice is to go something like this:
1) Contribute as much as you can to anything your employer will toss in extra for you. That's free money.
2) Then get a Roth going. Because you can take out anything you put in without a penalty, it can be a solid emergency fund too. Max this.
3) If 1 and 2 are covered, max your 401 up to the $18k limit.
This post was edited on 2/26/17 at 4:25 pm
Posted on 2/26/17 at 5:34 pm to foshizzle
quote:
1) Contribute as much as you can to anything your employer will toss in extra for you. That's free money.
2) Then get a Roth going. Because you can take out anything you put in without a penalty, it can be a solid emergency fund too. Max this.
3) If 1 and 2 are covered, max your 401 up to the $18k limit.
This is what most people should follow. Sounds like you have steps 1 and 2 covered.
So now up your contribution to your 401k. Since all of these contributions are pre-tax, you are lowering your taxable income for the year. Only after you hit the 18K limit would you need to worry about putting money elsewhere.
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