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Post by luvmygirls on Mar 30, 2017 0:58:08 GMT
How much percentage of, you and/or your significant others check, do you contribute to 401K? DH and I contribute 10%, which our employer matches up to 6%. He doesn't think we save enough, but I think we do.
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Post by katelynr439 on Mar 30, 2017 1:04:00 GMT
We do about 18% + the match which comes out to around 22%. I don't think it's good to compare to other though, it's all relative based on what you can afford, your timeline for retirement, what the actual numbers are (versus percent), other investing/assets, etc.
Have you used any of the calculators on a site like Fidelity? They aren't fool proof but in about 2 minutes can give you a good feel for if you're on track or not.
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Post by luvmygirls on Mar 30, 2017 1:09:09 GMT
This is more out of curiosity. I think 10% is enough for us. Just curious about others. We did a retirement analysis and are on track, but DH worries too much and thinks we need to save more.
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Post by txdancermom on Mar 30, 2017 1:11:32 GMT
I am currently doing 15% with no employer match. I try to up it some every year, but I also have other retirement savings from past jobs.
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Post by ~summer~ on Mar 30, 2017 1:12:31 GMT
We do the maximum allowed plus employee match
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Post by 950nancy on Mar 30, 2017 1:15:25 GMT
We put in 10% and our employer put in 6%, but we also put several thousand in savings per month too.
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StephDRebel
Drama Llama
Posts: 6,707 
Location: Ohio
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Post by StephDRebel on Mar 30, 2017 1:16:56 GMT
We started late, so we're making up. We each do 25% of his check into our retirement accounts and the other 50% goes into other long term savings. I'm freaking out over retirement!
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Post by christine58 on Mar 30, 2017 1:23:54 GMT
As a teacher our employer doesn't match our 403(b). This year I am putting in close to the max allowed...
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Post by littlemama on Mar 30, 2017 1:28:43 GMT
We have never been in a position to do the max. Dh has rarely worked anywhere that even offers a 401(k). My employer used to match, but hasn't in many years.
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caangel
Drama Llama
Posts: 5,705
Location: So Cal
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Post by caangel on Mar 30, 2017 1:34:25 GMT
We save 15% of our income in retirement. Part of this is in DH's 401K, part is the 401K match and part is fully funding our ROTH IRAs.
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pudgygroundhog
Pearl Clutcher
Posts: 4,648
Location: The Grand Canyon
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Post by pudgygroundhog on Mar 30, 2017 2:02:08 GMT
We both max out our 401ks and my employer match is up to 6% (I think my husband's is higher).
ETA: DH and I have drastically different views on retirement. I'm very risk averse, he is hell bent on retiring very early. My job is not stable and I think he's secretly hoping I will get laid off so it's an excuse for him to quit, we sell everything, buy a RV, and road school our kid. I'm 99% certain this would end in divorce and/or murder.
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Post by imkat on Mar 30, 2017 2:06:47 GMT
I max out mine, and my husband does the minimum to get his employer match. I want to retire early, and he plans to work until he is 67 so we can get his employer's healthcare.
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Post by annabella on Mar 30, 2017 2:09:25 GMT
I've done 20% since I started working. Over the years with each new employer the match is less and less.
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Post by ntsf on Mar 30, 2017 2:27:34 GMT
we have always matched.. so at least 6% of income.. and then there was the 14 yrs my dh spent at a company that kept you there by giving a 4-1 match on the 401 k money. so for every $1 you put in, they matched $4 up to 6 % of salary.. then dh was there for their ipo.. and we bought a lot of stock.. and it split by 7 and just goes up. so now that dh is retiring in the next few months, it looks like we may have a doable retirement.. course, his dad lived to 94, his mom is 90, my dad is 90.. so we think we may have to make the money last a long long time...he has worked 42 yrs.. and probably started saving when we got married.. he was 33.
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Deleted
Posts: 0
Nov 1, 2024 11:22:23 GMT
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Post by Deleted on Mar 30, 2017 2:58:11 GMT
Max allowed is 7%. We also deposit 1/2 of each paycheck into savings. I've also been frugal. I want a worry-free retirement.
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Post by lisacharlotte on Mar 30, 2017 3:01:17 GMT
We both save the maximum allowed. DH also does catch-up since he makes so much more than I do.
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Deleted
Posts: 0
Nov 1, 2024 11:22:23 GMT
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Post by Deleted on Mar 30, 2017 3:07:12 GMT
We both max out our 401ks and my employer match is up to 6% (I think my husband's is higher). ETA: DH and I have drastically different views on retirement. I'm very risk averse, he is hell bent on retiring very early. My job is not stable and I think he's secretly hoping I will get laid off so it's an excuse for him to quit, we sell everything, buy a RV, and road school our kid. I'm 99% certain this would end in divorce and/or murder. That will change once he finds out health insurance will cost $2,400 a MONTH, with a $7,000 deductible per person! That equals $43,000 a YEAR! Medicare doesn't kick in until 65. DH was going to retire this year (age 62). |
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pudgygroundhog
Pearl Clutcher
Posts: 4,648
Location: The Grand Canyon
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Post by pudgygroundhog on Mar 30, 2017 3:14:29 GMT
We both max out our 401ks and my employer match is up to 6% (I think my husband's is higher). ETA: DH and I have drastically different views on retirement. I'm very risk averse, he is hell bent on retiring very early. My job is not stable and I think he's secretly hoping I will get laid off so it's an excuse for him to quit, we sell everything, buy a RV, and road school our kid. I'm 99% certain this would end in divorce and/or murder. That will change once he finds out health insurance will cost $2,400 a MONTH, with a $7,000 deductible per person! That equals $43,000 a YEAR! Medicare doesn't kick in until 65. DH was going to retire this year (age 62). Believe me, we've had that discussion. It's one of my main sticking points - health care costs. I think he is naive about it. |
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Post by freecharlie on Mar 30, 2017 3:15:16 GMT
Not enough. Dh puts his in he was doung 15%, but recently lowered it. mine is paying off bills instead.
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Post by ntsf on Mar 30, 2017 3:33:57 GMT
we have cobra for me for three years.. and dh has two different companies' retirement health care to choose from.. so there will be 1 yr -18 months of full payment of health insurance for me before medicare.
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Post by ExpatBackHome on Mar 30, 2017 3:57:41 GMT
We max his out plus other monthly savings. I don't work so I don't have one.
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Post by beaglemom on Mar 30, 2017 3:59:15 GMT
We do the maximum allowed plus employee match That's what dh does too, I'm a sahm so none from me. Been his regular 401k, employer matching, and Roth 401k he does the $53,000 a year. I think it went up to $54,000 for 2017. |
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PrettyInPeank
Pearl Clutcher
Posts: 4,691
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Post by PrettyInPeank on Mar 30, 2017 4:04:40 GMT
We max his out plus other monthly savings. I don't work so I don't have one. Girl, you need to take that excess out of other monthly savings and take advantage of the tax benefits. You need an account, too. |
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Post by beaglemom on Mar 30, 2017 4:07:05 GMT
We max his out plus other monthly savings. I don't work so I don't have one. Girl, you need to take that excess out of other monthly savings and take advantage of the tax benefits. You need an account, too. We looked at doing it for me. The most you can do as a non working spouse is $5,500 a year and for us it didn't make sense taxes wise. |
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Post by originalvanillabean on Mar 30, 2017 4:17:34 GMT
After meeting with our investment representative we are on track. We've been saving for a long time so time value of money has really helped us.
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caangel
Drama Llama
Posts: 5,705
Location: So Cal
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Post by caangel on Mar 30, 2017 6:09:49 GMT
Girl, you need to take that excess out of other monthly savings and take advantage of the tax benefits. You need an account, too. We looked at doing it for me. The most you can do as a non working spouse is $5,500 a year and for us it didn't make sense taxes wise. I only started working very part time again but i never gave up fully funding my ROTH IRA. So worth it. If you qualify why not? Our priorities for retirement are 401k to the match (even better if it is a ROTH 401k), max out our ROTH IRAs, then max out the 401K. |
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Post by christine58 on Mar 30, 2017 10:12:34 GMT
I am also very fortunate in that I have an awesome retirement plan through NYS Teachers'. It's one of the most solvent in the country.
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Post by katelynr439 on Mar 30, 2017 10:34:14 GMT
We do the maximum allowed plus employee match That's what dh does too, I'm a sahm so none from me. Been his regular 401k, employer matching, and Roth 401k he does the $53,000 a year. I think it went up to $54,000 for 2017. Wow, he must have a very generous employer match. The most he can contribute himself is 18k, or 24k if he is 50+. The rest must be in match. And 401k and Roth 401k are both subject to the same limit, you can't contribute to both to exceed the maximum. Good for you guys, 50k+ going into retirement every year and being able to have a single income household. |
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momto4kiddos
Drama Llama
Posts: 5,153
Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Mar 30, 2017 11:08:24 GMT
We looked at doing it for me. The most you can do as a non working spouse is $5,500 a year and for us it didn't make sense taxes wise. I only started working very part time again but i never gave up fully funding my ROTH IRA. So worth it. If you qualify why not? Our priorities for retirement are 401k to the match (even better if it is a ROTH 401k), max out our ROTH IRAs, then max out the 401K. I also don't understand why it doesn't make sense to fully fund an IRA even if it's only $5,500. I'm with caangel, I do it every year too. |
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Post by mikklynn on Mar 30, 2017 12:25:28 GMT
With my employer match, I put 15% in every year. DH is retired on disability, so he no longer can fund his. He is actually taking a small distribution every month.
I can't retire until the medical insurance system is figured out. His medical expenses are crazy high. I have VERY good insurance through my employer, so I'll stick it out for now.
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