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How much of your income do you set aside into a 401(k)

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CMBV22

CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364

3752 Magic Points

Subject: How much of your income do you set aside into a 401(k)

Thu Jun 05, 2008 7:26 pm

I am curious how much money people set aside for retirement and at what age they begin their savings. I ask because I want to make sure I am doing enough for my husband and I to retire....in 40 years LOL
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Smith
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Fri Jun 06, 2008 8:33 am

I think 10% to 12% of total income in 401(k) will put you in good position to start with. Moreover if there is employer contribution, which does not generally exceed 6%, it will provide a good floor for you.

goodnatured

Joined: 03 Nov 2007
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Thu Jun 12, 2008 1:57 am

we have our companies handle this, we have mutual funds on my husband retirement. They have people that work with this stuff everyday.
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CMBV22

CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364

3752 Magic Points

Fri Jun 13, 2008 7:01 am

As of now we both contribute 10% and our employer contributes 3% and matches 25% of the first 5% we contribute. I would up our contributions but I am losing money left and right in this market....
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sdchargers_63

sdchargers_63

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Subject: bank

Sun Jun 15, 2008 1:59 pm

I recently started a new job..which I love!! After I am there a year, I can start a 401(K) with them. They 'match' it, also. I'm really looking forward to that......this way I can save alittle more, and 'be on my feet' when i get older. I'm in my 40's now.

goodnatured

Joined: 03 Nov 2007
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Wed Jun 18, 2008 1:57 am

It is never too late to start a 401k, you will be amazed on how much it builds when you have the employer plugging in that match. Do you know what they do with the money? My husbands goes into a mutual funds and they have made a great amount of money, they have an investment firm that handles the whole company.

It is really exciting when you get those statements in the mail and see your money grow and grow. goodluck sdchargers, I hope your investment gets a healthy return.
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sdchargers_63

sdchargers_63

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Subject: money

Wed Jun 18, 2008 10:47 am

My employment does the same thing, GOODNATURED. They do the 'funds' thing. We have a choice where they will 'split' the funds OR we can trust them to do this for us. We had a meeting recently, for work. They explained the 401(K) pretty clearly. How much we can put in, what they match, etc. It was very informative.

Morningstar

Morningstar

Joined: 17 Apr 2007
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Wed Jun 18, 2008 2:01 pm

Code:

I am curious how much money people set aside for retirement and at what age they begin their savings.

Age: ~30
Monthly investment: $0
Total savings: I have some change in a dish

...but I'm not working right now. LOL
However, I'm going to school and will be playing catch up in a few years.

Code:

ask because I want to make sure I am doing enough for my husband and I to retire

If you are asking the question, then the answer is probably that you could do more to contribute to your retirement fund. I'm not sure that there is ever an amount that would qualify as "enough." "Possible," now that is a different story.
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goodnatured

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Wed Jun 25, 2008 2:10 am

I have a pretty good pension and my husband do too. I don't set money aside, it come directly out of my paycheck, so I don't even notice.
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Goodnatured,

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Guest

Tue Jul 08, 2008 11:31 am

Hello, this was the right thing that you have done. I don’t think that you were wrong.
All the best!

foreclosure101.com

goodnatured

Joined: 03 Nov 2007
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Posts: 2336

970 Magic Points

Wed Jul 09, 2008 2:41 am

If you can have money taken out before you get the pay check you will not even miss it. You can adjust your budget to accomodate the amount you have deducted each pay. It adds up quickly.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714

71 Magic Points

Subject: income

Mon Jul 14, 2008 11:06 am

Yep..I agree. I can't start the 401 (K), through my employment, until I've been working there a while. But..i would like to start SOMETHING until that time comes. I DO have a Passbook Savings account..maybe I can transfer money into that.

goodnatured

Joined: 03 Nov 2007
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970 Magic Points

Tue Jul 15, 2008 2:41 am

They are independant companies out there that will help you invest your money into mutual funds, they monitor and move your money around to get the maximum benefit. Just googlle it and see what all is out there.
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fireyone

Joined: 26 Feb 2008
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5660 Magic Points

Mon Jul 21, 2008 1:38 am

That is what my husbands compny is suppose to do. they hired a firm to handle our 401k but I have yet to see tham move any money around. so far we see alot of minus but it still frows since we have 5% taken out and the company matches it at 125%

goodnatured

Joined: 03 Nov 2007
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Posts: 2336

970 Magic Points

Mon Jul 21, 2008 2:14 am

Wow that is a really good match plan, what do they have it invested in? You would think that if they have it invested in a negative stock for a long period of time that they would move it.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

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