When did you start contributing to your 401k?

[Anonymous]

My 26 year old dh thinks we're too young and too broke to contribute to ours. I have read that we should start as soon as possible?

What about you?

[Anonymous]

I started once I qualified with my first real job - at 28.

Your first paycheck for which you qualify for benefits should show a 401k deduction.

[Anonymous]

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.

[Anonymous]

My first job out of grad school -- age 26. Though I didn't start until 6 months on the job -- there were too many start up expenses in NYC and I felt like I needed cash.

[Anonymous]

The first time I was eligible (22). I didn't put a lot in (enough to get the match), but it adds up. I also increased my contribution everytime I got a raise, so I didn't notice the deduction.

[Anonymous]

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.

[Anonymous]

Age 34. No regrets.

[Anonymous]

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.

[Anonymous]

Start now

[Anonymous]

If your company has a match, do that amount. If it doesn't, do at least a small amount. Having it going will make it easier to bump up the percentage later as you get raises. A little bit will go a long way at your young age.

[Anonymous]

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.)

[Anonymous]

22. First job after college.

[Anonymous]

33

[Anonymous]

You are right you should start contributing. It will reduce your taxable wages and there are many calculators out there that can show you the break even point between what your net pay is now because of the taxes you pay, versus what your net pay will be if you contribute to your 401k and pay less in taxes. A way to look at it is, you are paying the government in taxes before you are saving for yourself. Why? Pay the government less and yourself more.

[Anonymous]

22 first job. I've always done 10% but now I do 22% to get to the full 18.5k. It's sad