401K account balance

[Anonymous]

Is there a general guideline for what % of your gross or net paycheck you should be saving toward retirement? I only make a bit over $50K. $3,500 is taken out for my pension each year and I out around $2,200 per year in a 401K. But I just started this a year or two ago when I was 39 or 40.

[Anonymous]

The max you can save per year in a 401(k) is $17,500. If you can swing that, it comes out to 1458.33 per month.
Basically, you would like to save as much as you can, but at least as much as your employer match, if you have one.

[Anonymous]

Anonymous wrote:Is there a general guideline for what % of your gross or net paycheck you should be saving toward retirement? I only make a bit over $50K. $3,500 is taken out for my pension each year and I out around $2,200 per year in a 401K. But I just started this a year or two ago when I was 39 or 40.

I'm not a financial planner, but the general guideline is to save as much as you can without unduly straining yourself. From your scenario, you have a pension account, which (all else being equal) is great. Does your employer match your 401K contributions? At my company, they match dollar for dollar up to 5% of your gross salary. If they have that arrangement at yours, it would be good to put at least that much away to get the 'free' money. As the PP mentioned the yearly contributing limit for folks under 50 is $17,500. As your income increases, you can always put away more. The most important thing however, which you are doing, is to start. Time is key here. The longer you save, possibly the more you will have in the future

[Anonymous]

Anonymous wrote:48. Single. One child. Almost nothing. What should be my first plan of action?! Help!

I'm similar. No 401(k) match at my previous jobs. Now I have a 3% match. If you have any sort of match from your employer, make it a priority to contribute to that level. So if you make $80K like me, put in at least $2400 a year. It's just $100 per paycheck. It's not a lot but it's a start. I put in 7%, but we're stretched pretty thin. I have less than $150,000, and I'm 50. Started saving on my own about 15 years ago and had my big 3% match for the last 10. I'll never have enough to not worry, but saving something is better than nothing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is there a general guideline for what % of your gross or net paycheck you should be saving toward retirement? I only make a bit over $50K. $3,500 is taken out for my pension each year and I out around $2,200 per year in a 401K. But I just started this a year or two ago when I was 39 or 40.

I'm not a financial planner, but the general guideline is to save as much as you can without unduly straining yourself. From your scenario, you have a pension account, which (all else being equal) is great. Does your employer match your 401K contributions? At my company, they match dollar for dollar up to 5% of your gross salary. If they have that arrangement at yours, it would be good to put at least that much away to get the 'free' money. As the PP mentioned the yearly contributing limit for folks under 50 is $17,500. As your income increases, you can always put away more. The most important thing however, which you are doing, is to start. Time is key here. The longer you save, possibly the more you will have in the future

Thanks for the info. No, my employer doesn't match anything. I'm a teacher so I guess they figure the pension is good enough. I only net around the low $20K so I really can't go much lower and be able to live. I did increase the 401K this fall when I got a small raise so I will try to keep doing that if I get a raise each year.

[Anonymous]

- Me (47) = $630k (401k and IRA); salary $155k

-DW (46) = $400k (401k and IRA); $35k Pension; salary $100k (part-time; by choice)

VA 529 college prepaid $36k ($42k for 4-year tuition (child 12 years); VA 529 college Invest ($2k; child 5 years)

Primary: mortgage left: $600k; Home equity $250k (Fairfax)
Rental Props (2) each ($15k each equity; Centreville)

No credit card debt.

[Anonymous]

If the company doesn't match, I would do a ROTH IRA instead of company 401K.

[Anonymous]

I'm starting a new job with a 6% match, but it doesn't vest for 3 years. I think there's maybe a 50-50 chance (or slightly better) that I'll still be there after 3 years. Should I contribute up to the match, which would strain us financially, or less?

And can anyone tell me, after the initial 3 years does the whole amount of employer matching vest, or is it 3 years from the day each dollar of matching was deposited to my account?

[Anonymous]

Anonymous wrote:I'm starting a new job with a 6% match, but it doesn't vest for 3 years. I think there's maybe a 50-50 chance (or slightly better) that I'll still be there after 3 years. Should I contribute up to the match, which would strain us financially, or less?

And can anyone tell me, after the initial 3 years does the whole amount of employer matching vest, or is it 3 years from the day each dollar of matching was deposited to my account?

It is highly likely that you get to keep it all at your 3 year anniversary, but check the plan materials or call the appropriate HR rep and confirm.

[Anonymous]

31, 95K in retirement accounts. Single, no kids...should probably pick up the pace while I can although wanted to save some cash for a downpayment.

[Anonymous]

Anonymous wrote:39 - 310,000....and a teacher! Got an early start thanks to my Dad nudging me.

when did you start and how much were you contributing over the years?

i'm 30 and have between 80-90K.

[Anonymous]

Anonymous wrote:I'm 29 and I have about $15K in mine, HHI of $58K, single, one 5yo kid, no support from other parent.

I also have an additional $15K between my Roth IRA and another retirement account from a previous job that I need to roll over.

I feel very, very, very behind. But there's not really any way I can contribute more right now. I haven't saved anything for DC's college either, I've focused on the 401K since my employer matches 5% and I'm reluctant to give up that "free" money. I'm the right path, it's just very slow going.

i'm 30 with a 4yo, make 68K, have received $500 this year from ex. Just posted that I'm between 80-90K. 30K means you have half your salary already so you're on track to meet Fidelity's threshold. Is your DC in K yet?

[Anonymous]

What is the point of all of these on line pissing contests?

[Anonymous]

Anonymous wrote:I thought Fidelity's rule of thumb was helpful:

"Save at least 8 times (X) your ending salary to help increase the odds that you won’t outlive your savings during 25 years in retirement.…For example, by age 35, Fidelity suggests that you should have saved 1X your current salary, then 3X by 45, and 5X by 55."

https://www.fidelity.com/viewpoints/personal-finance/8X-retirement-savings

This is helpful. And certainly more realistic for most people than what others are posting. I earn 60k, DH 100k. I'm 35 and have 60k saved; he is 45 and has 200k saved. So we could certainly be doing better but I bet we are doing better than most in this country. (But please don't ask us about college savings.)

[Anonymous]

700k. Early fifties and a small vested pension.

Not enough yet but almost done with college. Then we will save more aggresively. We have other assets as well.