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ETA- How much should I put in 401k? Should I go 401k roth or regular?
Posted on 4/24/13 at 9:11 pm
Posted on 4/24/13 at 9:11 pm
Tia
This post was edited on 4/24/13 at 9:48 pm
Posted on 4/24/13 at 9:19 pm to wegotdatwood
Hope so, I certainly do.
Posted on 4/24/13 at 9:19 pm to wegotdatwood
You could have found the answer for this by the time it took you to type this
Posted on 4/24/13 at 9:28 pm to DaBeerz
What do you do?
Good to have a one traditional set up and one roth? Or should I go Roth on both?
I doubt I'll ever make too much to contribute to a Roth.
It seems nice to lower our taxable income even though the rate now will be less than down the road.
Good to have a one traditional set up and one roth? Or should I go Roth on both?
I doubt I'll ever make too much to contribute to a Roth.
It seems nice to lower our taxable income even though the rate now will be less than down the road.
Posted on 4/24/13 at 9:29 pm to wegotdatwood
I'm curious to see how maxing out works for using these in conjunction if someone in the know could weigh in.
Posted on 4/24/13 at 9:32 pm to acgeaux129
Also, my wife's work will start matching 5% after 1 year.
I was thinking do 10%? She makes about 40 a year. That would be 6k a year and hopefully max out the roth.
I was thinking do 10%? She makes about 40 a year. That would be 6k a year and hopefully max out the roth.
Posted on 4/25/13 at 9:43 am to wegotdatwood
1) contribute up to the max that your company matches. You will not find a better ROI that the initial match (have your wife do the same to hers as well)
2) depending on your age, and what others say here, i would then try to max the yearly contribution to your ROTH
3) if you are still young, and dont have the income to save more, then each time you get a raise, then up a portion of that raise into your 401k. the more you can put in now the better
2) depending on your age, and what others say here, i would then try to max the yearly contribution to your ROTH
3) if you are still young, and dont have the income to save more, then each time you get a raise, then up a portion of that raise into your 401k. the more you can put in now the better
Posted on 4/25/13 at 11:13 am to tigeraddict
I decided for her to do 10%. Her company only matches 5% but I always like to do a little more. Plan on still maxing the roth.
From her end, that's about 11k a year saved.
From her end, that's about 11k a year saved.
Posted on 4/25/13 at 11:17 am to tigeraddict
quote:
then each time you get a raise, then up a portion of that raise into your 401k
I got a big bump a year after I started my job. Since then, it has been the standard COLA and a couple percent here and there. My point being, I have not technically gotten a raise since my first year because I up my 401k contribution to offset the raise.
If you dont need the money from the raise, I think it is a sound strategy.
Posted on 4/25/13 at 3:09 pm to wegotdatwood
401k is pre-tax so it's nice that it reduces your taxable income. I'd say put in at least the amount that your employer will match. Roth IRA is post tax so if you expect to be in a higher tax bracket once you retire it's good.
Posted on 4/25/13 at 4:04 pm to wegotdatwood
I don't think my company contributes to our 401k until you've worked like 6 years or so
So what I'm doing right now is investing 10% every paycheck into a Roth account and 5% into a traditional
My thought process is that I'll be paying higher taxes in the future, so I want to shelter as much of that money as I can by paying taxes on it in the present ( while I'm in a lower tax bracket).
Honestly, I don't really think it'll make too much of a difference. The real key is to save often and save as much as you can afford to.
So what I'm doing right now is investing 10% every paycheck into a Roth account and 5% into a traditional
My thought process is that I'll be paying higher taxes in the future, so I want to shelter as much of that money as I can by paying taxes on it in the present ( while I'm in a lower tax bracket).
Honestly, I don't really think it'll make too much of a difference. The real key is to save often and save as much as you can afford to.
Posted on 4/25/13 at 4:13 pm to OnTheBrink
quote:
I got a big bump a year after I started my job. Since then, it has been the standard COLA and a couple percent here and there. My point being, I have not technically gotten a raise since my first year because I up my 401k contribution to offset the raise.
Strange that it seems you have to manually "up" it.
I told them to take the match percentage out of my income. I get a "bonus" every other paycheck and it scales accordingly taking out more on those paychecks than the ones in between.
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