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How much of your income do you save for retirement


wiegie
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What % of your income do you save for retirement  

54 members have voted

  1. 1. What % of your income do you save for retirement

    • 0%
      3
    • 1-2%
      0
    • 3-5%
      9
    • 6-8%
      4
    • 9-10%
      10
    • 11-12%
      4
    • 13-15%
      5
    • 15-18%
      9
    • 19-22%
      7
    • 22-28%
      1
    • 29-35%
      1
    • >35%
      1


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Devilwoman's post about IRA's got me thinking. What percentage of your income do you save for retirement. For valid comparisons, if you company contributes anything, add that amount to both the amount you are saving AND to your income. (e.g. if you make ($90,000 and you save $10,000 which is matched by your employer, then your total percentage would be $20,000/$100,000 = 20%).

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For valid comparisons, if you company contributes anything, add that amount to both the amount you are saving AND to your income.  (e.g. if you make ($90,000 and you save $10,000 which is matched by your employer, then your total percentage would be $20,000/$100,000 = 20%).

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Does that include amounts subject to vesting?

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My prioritization....

 

1. Max out Roth contributions (including spouse)

2. At a minimum, as much into 401k to get maximum company contribution.

 

Another idea, slightly off-topic ... if you use a financial planner, most will review your current 401k (even if they don't manage it) and suggest the best allocation strategy for you. You just have to ask.

 

Junkyard

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My company provides a 401k/Profit Sharing plan that they've contributed 13% of our salary each year (and we don't have to contribute a dime to get that). Took 7 years to get fully vested, but given their generous contribution, I do not contribute extra at this point. There are other items that need my attention before increasing my retirement, i.e. kids education..

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My prioritization....

 

1. Max out Roth contributions (including spouse)

2. At a minimum, as much into 401k to get maximum company contribution.

 

Another idea, slightly off-topic ... if you use a financial planner, most will review your current 401k (even if they don't manage it) and suggest the best allocation strategy for you. You just have to ask.

 

Junkyard

 

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We see who posted already. Remove this....it is annoying.

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I just take 100 a month out of my commission check..My first year we did it I took 400 a month out then I switched it..Its not a lot but its something

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Eh, answered anyway, using gross income - 8% into 401(k) (company matches up to 6% + profit sharing) and about $400 a month into your basic "return lower than inflation" savings account. I lowballed it into the 15-18% range, which actually surprised me, I didn't think I was saving that much.

 

Of course, I'm doing a refinance and starting a part-time job, so cash flow will increase and I'll be able to save more - starting into Roth IRAs as soon as that starts rolling in, in addition to keeping my current savings rate at the same level.

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From the New York State Teacher's Retirement System I will retire (after 30 years) at 60% if my three highest consecutive salaries. My contributions are 3% of my salary for 10 years. This contribution is now 0% of my salary. I tuck away another 5% in a TSA annually.

 

edit: I voted 3-5% but that is not really accurate.

Edited by sunysteelfly76
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My company provides a 401k/Profit Sharing plan that they've contributed 13% of our salary each year (and we don't have to contribute a dime to get that).  Took 7 years to get fully vested, but given their generous contribution, I do not contribute extra at this point.  There are other items that need my attention before increasing my retirement, i.e. kids education..

 

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Sweet. Do they have a need for any more accountants? Have abacus, will travel. :D

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right now i put in 5% which the gub'mint matches (the max they'll match).

 

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That's not bad. I put in 10% to 401k and my company matches the first 4%. I also have about 7.5% going into a "Key Employee Plan", sorta like a super-401k. If I work to 60, I should reach over half a million, with luck.

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My investment is 3 kids in College , right now.

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My investment is 3 kids in College , right now.

 

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Yup thats my plight. Thank God it's only one for me and she isnt there yet but thats where all my savings are going right now!

 

Ya'll are some money making mofos around here huh?

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