Reply to When did you start contributing to your 401k?

Forum Index » Money and Finances

Reply to "When did you start contributing to your 401k?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=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. [/quote]

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.) [/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