When did you start contributing to your 401k?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was 22 when I got my first full time job (ie with a 401k), 6 months out of college. I started contributing right away. It was 3% of 25,000. 12 years later I now have $150k saved, and I only make $60k even now.

Start today. Even if it's small, you have to start. Better to be young and broke than old and broke.

Pretty much the same here. Started with first job out of college on the Hill, in 2002, making less than 20K, when I was 22. Continued to always put in whatever I could to at least get the match (which at the beginning was maybe $150-200) and took two years off of any contributions during grad school. Kept rolling everything into an IRA as I changed jobs. Now have $160K in both that IRA and the current 401K, and that is even with the 2 sh**show years of the recession when my balance dropped to virtually nil! Your instinct is right; especially for women - save early, at least to get the match (also takes advantage of dollar-cost averaging over time and reduces your taxable income.)

Add me to the list. Started with a Roth IRA at 23 since my nonprofit gig, which paid 28K, didn't have a 401K. Moved to the fed gov't months later and started TSP at 5%. Increased a percentage point with each promotion until I got to 10%. Still not matching, but I have 120K at age 32. Just upped it to 15% plus $2400 in a Roth IRA.

[Anonymous]

As soon as I had a job with one (at 25). Started a Roth much earlier (in college) though my parents helped me fund that while still in school.

[Anonymous]

First job. I was broke. I started with 1% and then added a percent every year for the next few years. It adds up quickly. You are never too young to start and you are never too broke to contribute. Start small. I don't make a lot but I'm 33 and have 80k. Not too bad for 10 years and not contributing a ton.

[Anonymous]

I started when I was 22. I probably peaked at around 26 because I didn't have kids! I haven't put a dime into my retirement since the recession and medical expenses crushed our finances.
Start now, even if it's 1%. No guarantees that it will ever get easier.

[Anonymous]

Was contributing 10% at 25...took about a decade to eventually get to the max contribution.

OP, contribute enough to at least get the match and as much as you can past that. Every dollar you contribute saves you 20¢ (or more) come tax time.

Time is your greatest advantage in investing. It's the only way to make compound interest really work for you.

[Anonymous]

Anonymous wrote:I started as soon as I got my first job. Maybe 22. You are late to start. Start now. It will not be taxed, and you won't notice the difference too much.

This. Just get used to the paycheck without it. I have maxed out since age 25 with a break for grad school. I think I have around $400-$500k in my early 40s. With another $100k in IRAs that I have also been contributing to since my 20s.

[Anonymous]

27 or 28. It's been a while. And, yes, I am glad that I started that young.

[Anonymous]

Sadly, not until my divorce. I was an idiot.

[Anonymous]

The first time it was offered, when I was 24. It is idiotic not to.

[Anonymous]

My first job out of grad school. I was $160K in debt but contributed what I needed to max out my employer match. If I hadn't done that, I would have been giving up free money. Ever since my loans were paid off, I've insisted DH and I both save the max in our respective retirement accounts. DH keeps trying to run retirement calculators and show me that given how much we are saving for our house down payment now. assuming we have our house paid off before retirement we won't need to save the max. But as I keep telling him, it is always easier to cut back saving later. Life will only get more expensive with kids and aging parents and who knows what life throws at us. Save even a little as early as you can.

[Anonymous]

Anonymous wrote:The first time I got a job that had one.

Do at least enough to get the match. Otherwise you're giving up free money.

Same here. Definitely get the match! (if it's offered)

[Anonymous]

Age 21, with my first job. But my second job didn't have one, so I lost a few years in later 20s.

[Anonymous]

I was 22 making 18k on the Hill. I am now 42 and have about 750k

[Anonymous]

Age 22. You're a fool for not, especially if your company matches. You're throwing away free money! Plus, there are tons of articles explaining how much more bang for your buck you get the sooner you start saving.

[Anonymous]

22, it was a 403b because I was at a nonprofit. 6% to get the match.