What's your age / 401K Contribution?

[Anonymous]

Both 32 - max out on both

We only started maxing out this year

[Anonymous]

Anonymous wrote:

Anonymous wrote:Late 30's
10%

+1. My financial planner said 10% is the magic number. As long as you're at 10% total between your and employer's contributions, you're in good shape.

I thought it was 15%?

[Anonymous]

31...$18k max (~19% of gross & a 5% match) + $5,500 traditional IRA + ~$2k SEP-IRA (15% of 1099 profit) yearly.

I paid 8% in federal income tax last year and have never paid over 10%...god bless America! 2017 will be my last year on this gravy train because my income will finally be over the IRA full deduction threshold.

[Anonymous]

35
max ($18k) + 6% match

[Anonymous]

30 Max out

[Anonymous]

35 been doing 10% my whole career

Just talked to a financial planner and I'm going to have 3 million leftover AFTER I die

This is taking only half of SS too

I guess the key is in retirement we are budgeting our expense at 5k a month (ask yourself what are you going to spend money on besdiesfood and medical and travel, mortgage done, kids out etc)

I think most people on these forums are oversaving.

[Anonymous]

Anonymous wrote:35 been doing 10% my whole career

Just talked to a financial planner and I'm going to have 3 million leftover AFTER I die

This is taking only half of SS too

I guess the key is in retirement we are budgeting our expense at 5k a month (ask yourself what are you going to spend money on besdiesfood and medical and travel, mortgage done, kids out etc)

I think most people on these forums are oversaving.

Or just planning to retire early. That's what I'm doing. 35, maxing out, and planning to retire around age 50ish.

[Anonymous]

Anonymous wrote:35 and I put in the max. I also put a lot into a 529 plan for my two year old. I'm hoping that by doing so her college will be paid for by age 12 or so. We also save a fair amount outside the 401k and 529 but retirement and college are our #1 priorities for the time being.

What's your number to consider college 'paid for'? Just wondering.
We have about $300k for both kids, 1 is starting HS and 1 in elementary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:35 and I put in the max. I also put a lot into a 529 plan for my two year old. I'm hoping that by doing so her college will be paid for by age 12 or so. We also save a fair amount outside the 401k and 529 but retirement and college are our #1 priorities for the time being.

What's your number to consider college 'paid for'? Just wondering.
We have about $300k for both kids, 1 is starting HS and 1 in elementary.

I use this: http://www.savingforcollege.com/college-savings-calculator/

Of course, it's probably not precisely correct. But it's pretty close, and we'll be able to cash flow the difference (if any) during the college years.

[Anonymous]

51 now, have been maxing out for almost 10 years.

[Anonymous]

Anonymous wrote:35 been doing 10% my whole career

Just talked to a financial planner and I'm going to have 3 million leftover AFTER I die

This is taking only half of SS too

I guess the key is in retirement we are budgeting our expense at 5k a month (ask yourself what are you going to spend money on besdiesfood and medical and travel, mortgage done, kids out etc)

I think most people on these forums are oversaving.

$60k/year? Are you planning to stay in DC?

[Anonymous]

34, 8% plus 5 % match. $125/month to Roth IRA. I maxed last year had to scale back.

[Anonymous]

30, 6%, and employer matches up to the first 5%. Have $45K in it so far.

[Anonymous]

Anonymous wrote:

Anonymous wrote:35 been doing 10% my whole career

Just talked to a financial planner and I'm going to have 3 million leftover AFTER I die

This is taking only half of SS too

I guess the key is in retirement we are budgeting our expense at 5k a month (ask yourself what are you going to spend money on besdiesfood and medical and travel, mortgage done, kids out etc)

I think most people on these forums are oversaving.

$60k/year? Are you planning to stay in DC?

Don't forget...most people will have zero mortgage by the time they retire. And they aren't saving for retirement anymore. Which are two biggest invone sucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:35 and I put in the max. I also put a lot into a 529 plan for my two year old. I'm hoping that by doing so her college will be paid for by age 12 or so. We also save a fair amount outside the 401k and 529 but retirement and college are our #1 priorities for the time being.

What's your number to consider college 'paid for'? Just wondering.
We have about $300k for both kids, 1 is starting HS and 1 in elementary.

I use this: http://www.savingforcollege.com/college-savings-calculator/

Of course, it's probably not precisely correct. But it's pretty close, and we'll be able to cash flow the difference (if any) during the college years.

This is what is asked here...

http://www.dcurbanmom.com/jforum/posts/list/663098.page