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

Submitted by CMBV22 on Thu, 06/05/2008 - 19:26

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 40 years LOL

Smith (not verified)

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.

Fri, 06/06/2008 - 08:33 Permalink

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

Thu, 06/12/2008 - 01:57 Permalink

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....

Fri, 06/13/2008 - 07:01 Permalink

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.

Sun, 06/15/2008 - 13:59 Permalink

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.

Wed, 06/18/2008 - 01:57 Permalink

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.

Wed, 06/18/2008 - 10:47 Permalink

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.

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.

Wed, 06/18/2008 - 14:01 Permalink

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.

Wed, 06/25/2008 - 02:10 Permalink
Anonymous (not verified)

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

Tue, 07/08/2008 - 11:31 Permalink

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.

Wed, 07/09/2008 - 02:41 Permalink

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.

Mon, 07/14/2008 - 11:06 Permalink

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.

Tue, 07/15/2008 - 02:41 Permalink

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%

Mon, 07/21/2008 - 01:38 Permalink

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.

Mon, 07/21/2008 - 02:14 Permalink

No there hasn't been much gain but he hasn't lost all the money that is invested. Last quarter he lost $900 of new money put in the account. We called and they are advising not too move it. I will give it another quarter and I am going to push it into a savings plan. IK see the stock market improving so I don't want to make a rash decision yet.

Tue, 07/22/2008 - 23:45 Permalink

I havent started yet since I just got a new job, but what does everyone think is a good % to start with?

Wed, 07/23/2008 - 15:20 Permalink


Depends on what type of fund that you are talking about and if the employer matches your contribution and by how much. Do you know this information yet?

Wed, 07/23/2008 - 22:10 Permalink

If you haven't been saving anything as of yet they usually advise you to start with 4% of your pay.

Fri, 07/25/2008 - 00:25 Permalink

That is not a whole lot these days fireyone, I think there is a calculation out there that goes on your age and when you plan to retire, I think it is a lot more than 4% at my age.

Just google "what should I save for retirement?" and you will get some pretty good results.

Tue, 12/30/2008 - 05:15 Permalink

I started a new job about 9 months ago. When I'm there for 1 year, and have worked 1000 hours, the company AUTOMATICALLY puts a %, of my check, into a 401 (K). I can't wait. I can save a bit of money, that way, too.

Tue, 12/30/2008 - 12:02 Permalink

Good natured, I know there is alot more that could be invested but when you have a home mortgage payment and bills any more than that is really hard to set aside. We just moved and are rebounding so we contribute what it trakes to get the company to match us. Not only that most of ours is invested in the market and we can not just put future money into something seperate. It goes how into what we have already chosen before the market took its volitile turn. We do not want to move out the remaining money for we will never regain what we lost so we are just letting everything ride and not investing more than the 4%. We talked with a stack market agent and this was his advice on how to handle things at this point.

Fri, 01/02/2009 - 00:40 Permalink

'Putting away' alittle at a time......yep.........with some of the bills I need to pay, that's about all I can do, too. But, DOES 'add up',....for sure!!

Fri, 01/02/2009 - 04:01 Permalink

It is really risky at this point but if we all would quit setting the money aside or even pull our funds from the moarket I believe it would have really bad effects on the already sinking economy. Setting aside money is sometimes thought of a little too late. I think everyone should try to build a nest egg because you never know when times like these ones will come around again. It will happen because history shows that it does.

Sat, 01/03/2009 - 13:36 Permalink

Yep........everytime I put money into some kind of savings account, I think I'm getting alittle bit 'ahead' of things, and then.......something happens that I have to take it out. SOOO frustrating!! Sometimes I feel I can never 'break even', lt a lone 'get ahead'. That would be terrible if I invested a large sum of money into something and lost it all. Alot of people are going through that right now.

Sat, 01/03/2009 - 13:54 Permalink

It's kind of strange that I never opened a 401(k) account with my former employer. I guess I was never really that well informed about it. I'm 21 & never had any information about 401k. I am curious if it is more economical to invest into a 401k account or if it is better to put that money into a high yeild savings account; which you have access to if you ever need it without the interest to repay it back. I think it might be a better option, depending on employer matchings vs. the interest that you would earn. It just makes me wonder.

What do you all suggest as the better option? I'm unemployed at the moment; which most of you already know from other posts, but that doesn't mean I can't plan for the future.

To answer the question that was originally posted, I think it really depends on your lifestyle & how you plan live after you retire. Are you planning to downsize to a smaller home, will you have alot of monthly expenses, etc. It's all a matter of how you live now & how you plan to live when you retire.

Tue, 11/03/2009 - 19:58 Permalink

It was better for me to put mine in a 401k because I couldn't touch it and plus my old employer matched up to 6% of every dollar I put in including overtime money. Most only base their contributions on a forty hour work week. So I was lucky there. But as far as the high yield checking I'm not sure of. If I did that I would never save if I could get it when I wanted to.

Tue, 11/03/2009 - 21:19 Permalink

Sounds like you were lucky. :) As far as I understand, most employers only match like 1% or 3% or something like that. I think I would be okay with having a high yield savings account. I've read about alot of people doing abitration that use high yield savings accounts to boost their savings. I just figured it could work well for retirement planning.

Tue, 11/03/2009 - 21:32 Permalink

I've been working at the same place for 3 years now (worked at another agency for 7 years, before this). Thsi agency has a 401K. It's really great. You can put in as much (or little) as you would like. What ever you put in, the company matches 75% of it. I put in $20 a pay and it sure adds up!!

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Thu, 12/12/2019 - 14:50 Permalink