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Anonymous

01/27/20 at 9:29PM UTC

Money

How much are you contributing to your 401k and why?

This year I’ve made an aggressive decision to contribute to 30% of my bi-weekly paycheck toward my retirement. My reasoning is so that I can max-out my retirement by August/September and receive larger paychecks during the rest of the year. I've also been at a place where I've contributed 5% a paycheck so I'd imagine these answers will vary! So! How much are you contributing to your 401K and why?

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Anonymous

01/28/20 at 11:04PM UTC

I contribute the max every year also!

Anonymous

01/28/20 at 9:24PM UTC

I also try to contribute the max per year, with more coming out the first half of the year.

Anonymous

01/28/20 at 9:04PM UTC

I do 12%. I used to split 50/50 between regular 401k and roth, but recently switched everything over to ROTH.

Shelly Rich

174

01/28/20 at 2:13AM UTC

I put 15% or more in my 401K. When I wasn’t making that much I still put the minimum match amount from my company and increased by 1% every time I received a raise. I see it as investing in my future and trying to ensure that I’m not a burden to my family when I am older. It’s really hard and trust me I could use that 15% to pay for bills and not be check-check but the sacrifice is worth it to me for my future.

User deleted comment on 01/30/20 at 3:35AM UTC

Anonymous

01/29/20 at 8:13PM UTC

That's awesome, Shelly. Thanks for sharing!

Anonymous

01/28/20 at 1:18AM UTC

I wish I could contribute but my salary is just not high enough to do so. :-( Being a single income family is rough. I am trying to take on some side projects to help maximize my income so I can start actually saving. Unfortunately, my work's 401K is ridiculous and if you do not stay with the company something like 5 or more years, you are not fully vested. Personally, I am putting the difference in change through the acorn app and then I will move this to precious metals as it gets to be enough. While I love the stock market is great right now, I just don't know what the future will hold so precious metals is my way to a happy retirement.

User deleted comment on 01/30/20 at 3:39AM UTC

Anonymous

01/30/20 at 10:57AM UTC

My problem is expenses eat up most of what I make. If I did that , my standard expenses (rent, utilities, and food). If I did put money in my 401k which I have to put over 9% before my organization starts putting a .5% up to 3%).

User deleted comment on 01/30/20 at 12:06PM UTC

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Anonymous

01/29/20 at 8:13PM UTC

Interesting! I'll look into the acorn app. Thanks for sharing!

User deleted comment on 01/28/20 at 12:23AM UTC

Anonymous

01/29/20 at 8:12PM UTC

Great advice. Thank you!