Reply to How Do You Think I Am Doing -- What Should I Do Differently?

Forum Index » Money and Finances

Reply to "How Do You Think I Am Doing -- What Should I Do Differently?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I think your retirement amount is good.  But you need to be adding to it each year.  You said you only contribute to your 401k to the match each year.  But how much is it that you contribute?  3% of your salary or 10%?  Overall, you should be contributing about 10-15% of  your salary to retirement each year.  So I would up it to that % if possible.

A good choice for you, if you are worried about having emergency savings is to contribute to your 401k up to the max and then put $5500 into a Roth IRA.  Roth IRA contributions can be withdrawn at anytime for any reason.  So while it should be thought of as a retirement fund, you can use it in an absolute emergency.

The amount you have in retirement now is good.  It's similar to what we have and I think we are doing well.  Our HHI is $140K.  I have about $300K in retirement savings and DH has $400K.  We max out our contributions, though, so I know the amount is good and we are on the right track.

How much of your HHI is yours versus your husband's?[/quote]

I put in 5% of my salary.  There is a 5% match.  I also max out IRA.  With emergencies to save for as well, I just don't see a way to bump the 401K.  But it is on my list.

Thank you very much for writing back to me.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics