My salary is just over $70k and I max. Take home is just over $1500 a month. I have nothing else taken out of my check.

It comes out to about 3000 a month. What are your expenses?

I would not max on your salary.

Saving 15 percent of your salary is a good goal.

I started out making $52k and I think I maxed out my 401k around 90k. Now I max out a post-tax Roth 401k.

The key is to up your contributions a little at a time. You can bump up your contributions 1-2% a year or consider upping contributions each time you get a raise so that your raise goes to retirement and income stays the same.

I max out mine on 70k and my take home is about $1200 every two weeks (but my taxes may be different because in another state).

This is just an FYI, because I am not single. It is much easier on me because of that. I would find that hard for sure in DC or single.

Holy crap you're ambitious, I only just started maxing after a recent raise to $250k

Google "take home pay" calculator and enter your details.

OP, I am really bad with math and tax rates and such. But I tried to figure this out for you anyhow.

Your gross income is $70,000 a year. I'm assuming you live in MD and pay a state tax of 5% on that income, and that you pay a federal income tax rate of 25% on that income.

The maximum you can put into a 401K each year is $18,000 which is a contribution rate of about 25% of your gross salary.

Using this calculator I get:

https://nb.fidelity.com/public/nb/401k/tools/calculators/takehomepay

$673
Is your bi-weekly pre-tax contribution to your retirement plan account.

$471
Is an estimation of how much your bi-weekly take home pay will be reduced by.

And this calculator says that if you live in Maryland, and earn $70,000 yearly, your biweekly paycheck would be:


Gross Pay 2692.31
Federal 256.75
Fica 166.92
Medicare 39.04
State 92.26
401K 673.08 (This isn't the same as what I got above)

Net Pay 1464.26

https://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx

Yeah, I can't max mine. I make $60k and put in 10%. There is no employer match, but it's the best I can afford. On $70k as a single mom, I'd be scared to put in $18k!

DH makes around 70k and maxes. His take home is about $1500 every two weeks, so about $39k/yr or $3250/mo.

Anonymous wrote:I can’t believe anyone making 70k maxes his or her 401k. Isn’t max 18k per year? So that would get you down to something like 35k/year, right?

And I don’t say this to make you feel bad. You earn more than I do and I have a full-time job that required a lot of education. :/ I don’t max my 401k. I do 10 percent and my company matches 5 percent and I’m actually pretty proud of that—it’s about $11,000 per year.

Shoot, I meant 9,000. Clearly I wasn’t a math major.

I can’t believe anyone making 70k maxes his or her 401k. Isn’t max 18k per year? So that would get you down to something like 35k/year, right?

And I don’t say this to make you feel bad. You earn more than I do and I have a full-time job that required a lot of education. :/ I don’t max my 401k. I do 10 percent and my company matches 5 percent and I’m actually pretty proud of that—it’s about $11,000 per year.

how much are you putting in now and how much is take home? that's probably easier to estimate.

Single mom, 1 child
$70k annual salary
File Head of Household

I’m inspired by the posters who say they “max” their 401k. I contribute to the employer match currently, and am considering maxing it out.

What is the max I can contribute?
Any estimate of what my take home (after taxes) will be if I do this? (Exclude health ins, etc)

I’m trying to determine if this would be feasible for me to attempt.

I appreciate your help and suggestions.