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Posted by
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Do you max your annual 401k contribution?
Posted by Brobocop on 8/26/21 at 4:17 pm818
IRS Limits are $19,500 for 2021.
How old were you when you started maxing?
I just got there. 32.
How old were you when you started maxing?
I just got there. 32.
re: Do you max your annual 401k contribution?Posted by kywildcatfanone on 8/26/21 at 4:23 pm to Brobocop
I do, and I get the additional for over 50.
I started maxing out probably about 10 years ago. Couldn't afford to before that.
If you are maxing out at 32, congrats, you should do well at 60.
I started maxing out probably about 10 years ago. Couldn't afford to before that.
If you are maxing out at 32, congrats, you should do well at 60.
re: Do you max your annual 401k contribution?Posted by Drunken Crawfish on 8/26/21 at 4:26 pm to Brobocop
Subtle brag but congrats. I don't think its realistic for most people to be able to max their 401k. Median Household Income for Louisiana is ~$49,000 which would be putting away 40%.
I do 10% of my salary plus employer match into a 403b.
I do 10% of my salary plus employer match into a 403b.
re: Do you max your annual 401k contribution?Posted by lowspark12 on 8/26/21 at 4:36 pm to Brobocop
I started last year at 35… but not near enough before that. Maxing out both Roth’s as well… but with 3 kids sometimes it’s hard
re: Do you max your annual 401k contribution?Posted by Paul Allen on 8/26/21 at 4:48 pm to Drunken Crawfish
Even if you don’t sniff the yearly max contribution you can still retire comfortably at 60-65 if you started investing in you late 20’s/early 30’s. Time in the market is very important. That’s still 30 years of contributions to your 401k.
re: Do you max your annual 401k contribution?Posted by Brobocop on 8/26/21 at 4:55 pm to Drunken Crawfish
quote:
Subtle brag but congrats.
Nah not really. My total balance isn't anything to brag about. I spent a few years of my career at companies that either did not match or did not offer 401k at all. I'm playing catch up!
re: Do you max your annual 401k contribution?Posted by Brobocop on 8/26/21 at 4:57 pm to Drunken Crawfish
I had a friend of mine who was maxing at like 24. lol it was sick. He made like $58k/yr.
He was new college graduate, single, lived with 2 roomates. Contributed 33% or something. it was wild.
He was new college graduate, single, lived with 2 roomates. Contributed 33% or something. it was wild.
This post was edited on 8/26 at 4:58 pm
re: Do you max your annual 401k contribution?Posted by JohnnyKilroy on 8/26/21 at 4:58 pm to Brobocop
My wife maxs hers. I don’t contribute to my 401k as there is no match. We take the money that we would contribute to my 401k and max both of our roth iras with some left over for taxable accounts.
Might not be the most efficient, but we like the extra diversity in tax treatments.
Might not be the most efficient, but we like the extra diversity in tax treatments.
re: Do you max your annual 401k contribution?Posted by oneg8rh8r on 8/26/21 at 5:03 pm to Paul Allen
Yes, we were able to start maxing ours out 6 years ago, I'm now approaching 50.
We are fortunate to be able to contribute 19.5K for me with 3% matching (all roth investment) plus my Roth IRA of 6K. She no longer works a regular job but trades stocks all day and we put away her 7K into Roth IRA.
My 401K is with TransAmerica and has grown substantially relative to my input.
We are fortunate to be able to contribute 19.5K for me with 3% matching (all roth investment) plus my Roth IRA of 6K. She no longer works a regular job but trades stocks all day and we put away her 7K into Roth IRA.
My 401K is with TransAmerica and has grown substantially relative to my input.
No. Max to get employer contribution 6 or 8%. Low amount so I don’t pay attention. Real estate, AMC, and cash for remaining
I do however max out employee stock purchase. 10% @ 5% discount can’t be beat
I do however max out employee stock purchase. 10% @ 5% discount can’t be beat
This post was edited on 8/26 at 5:34 pm
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re: Do you max your annual 401k contribution?Posted by armsdealer on 8/26/21 at 5:50 pm to Brobocop
Max employer match then hit the ROTH. I don't have an employer provided 401k but the wife does, we max the match.
re: Do you max your annual 401k contribution?Posted by 21JumpStreet on 8/26/21 at 5:50 pm to Brobocop
I use to until I found out about bitcoin.
re: Do you max your annual 401k contribution?Posted by macatak911 on 8/26/21 at 6:00 pm to 21JumpStreet
I have been putting some in since I started in 2013. Every year increasing more and more. Finally able to stomach the full max in 2019, 2020, and on pace for the same this year. Currently 34 so was 32 when I first did. Feels great.
re: Do you max your annual 401k contribution?Posted by bayoubengals88 on 8/26/21 at 6:19 pm to oneg8rh8r
quote:Please. Tell us more…
She no longer works a regular job but trades stocks all day
This post was edited on 8/26 at 6:20 pm
re: Do you max your annual 401k contribution?Posted by TigerDeBaiter on 8/26/21 at 6:46 pm to Brobocop
Yes. 30.
I started at 31. Stopped at 33 because I was on an overseas assignment and couldn't contribute. Now we are back at 35 and at max again. Not that great since our employer only matches 2%.
40-60% of our comp is in stock though so we don't touch it. Combined with 401k its like saving 100k a year
40-60% of our comp is in stock though so we don't touch it. Combined with 401k its like saving 100k a year
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