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re: Do you max your annual 401k contribution?
Posted on 8/31/21 at 1:12 pm to Brobocop
Posted on 8/31/21 at 1:12 pm to Brobocop
I put 17% into 401k my company fully matches 7% and I max out Roth and HSA (company contributes $1000 every Jan 1st to HSA) and sometimes I feel like that isn't enough. I have no debt either. I have friends that contribute little to nothing and spend every dime they make on trips, cars, pools, furniture, etc.
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Posted on 8/31/21 at 1:13 pm to VADawg
quote:
32, got a bit of a late start to retirement planning
No you didn’t. Do you think a boatload of mid to late 20’s employees are putting away retirement money? Sure, maybe some, but the lion share is probably paying back student loans and other debt.
Posted on 8/31/21 at 1:15 pm to Brobocop
I don’t max my 401k. I put in 12% with another 6% company match.
I do max a Roth IRA and wife contributes close to max on her 401k.
We then contribute 1k a month to a taxable account that is all in index funds. Something about tying all my money in retirement accounts that I can’t access till I’m 60 doesn’t sit well with me so I do prioritize the taxable over 401k max just bc of the versatility
I do max a Roth IRA and wife contributes close to max on her 401k.
We then contribute 1k a month to a taxable account that is all in index funds. Something about tying all my money in retirement accounts that I can’t access till I’m 60 doesn’t sit well with me so I do prioritize the taxable over 401k max just bc of the versatility
Posted on 8/31/21 at 1:21 pm to Paul Allen
quote:
No you didn’t. Do you think a boatload of mid to late 20’s employees are putting away retirement money? Sure, maybe some, but the lion share is probably paying back student loans and other debt.
I was 27 before I ever put a dime into it and didn't start taking my contribution percentages seriously until last year. I kick myself every day for it.
Posted on 8/31/21 at 1:28 pm to VADawg
My wife was real serious about her 401k compared to me in her 20s and our relative balances show that. She almost has double my balance, with hers as Roth and mine as traditional. Both start maxing about age 31/30 - mine still traditional and hers Roth.
Posted on 9/1/21 at 6:50 pm to Brobocop
Just started maxing last year at 29. Had employer match for one year with previous company, but none now. Max Roth IRA at beginning of year, max HSA, ESPP 15% contributions with 15% discount, and rest goes to brokerage.
This post was edited on 9/1/21 at 6:51 pm
Posted on 9/1/21 at 7:01 pm to VADawg
quote:
Then again, I also know two people in their 40s who make good money but spend every damn dime they get and have nothing for savings.
Do they have kids? I’m in the unusual situation of no kids so that really gives a twist to financial planning. What am I saving up for? One day, I’ll start that thread…
Posted on 9/1/21 at 7:47 pm to rocket31
quote:
yea. locking your money away until your 60 in some scuffed usd account that you don't control that only makes 7% per year on average seems mind numbingly stupid
well if you want exposure to mining companies or ETFs containing mostly mining companies with a little of Square/Tesla put in, instruments like IRAs give you tax advantaged ways to take advantage of those plays.
Posted on 9/1/21 at 7:48 pm to Paul Allen
quote:
No you didn’t. Do you think a boatload of mid to late 20’s employees are putting away retirement money? Sure, maybe some, but the lion share is probably paying back student loans and other debt.
I don't understand how this is getting downvoted. Someone on the OT posted a statistic today showing that the MEDIAN net worth of a 55 year old in America today is like 150k. Many people are grossly underprepared for retirement or simply will never retire.
Posted on 9/1/21 at 9:31 pm to Brobocop
I’ve been maximizing mine out the last 3 years. My employer already withholds 7% for pension and I had bills to pay before that. I’ve got 15 more years before I retire at 58.
If you are doing this in 30s that’s great. Do a separate personal Roth IRA if you can as well.
If you are doing this in 30s that’s great. Do a separate personal Roth IRA if you can as well.
This post was edited on 9/1/21 at 9:33 pm
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