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Post by chitchatgirl on Mar 30, 2017 12:54:25 GMT
I do 20% of my paycheck. My DH though is 40 and didn't have retirement accounts. I've been nagging him about this since we got married 5 years ago. I finally got through to him and he has started investing. However (and he doesn't know it), I've been planning my 401k with the expectation that he would never have a retirement account, so we in reality have more than I need. And I don't count any social security or pension plans into that number either. I don't count on it to be around in 35 years... I also got super lucky in that I opened my 401k a few months before the recession and was able to get good investments.  |
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Sarah*H
Pearl Clutcher
Posts: 4,019 
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Post by Sarah*H on Mar 30, 2017 12:57:47 GMT
With employer match and profit sharing, it works out to 21% a year.
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Post by anonrefugee on Mar 30, 2017 13:06:07 GMT
I'm envious of so many high employers match percentages!
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Deleted
Posts: 0
Nov 1, 2024 9:33:34 GMT
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Post by Deleted on Mar 30, 2017 13:12:39 GMT
I think between the two of us it is about 20%. We have met with our financial adviser who ran 500 different scenarios and said we have enough in retirement that we passed evey scenario. Not sure there are 500 of them though LOL
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Anita
Drama Llama
Posts: 5,717
Location: Kansas City -ish
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Post by Anita on Mar 30, 2017 13:19:09 GMT
I put in 6, and my employer adds in 4.5.
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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 13:46:33 GMT
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. I was wondering about this too! |
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Post by KelleeM on Mar 30, 2017 14:14:22 GMT
I put in 10% and my employer matches 6% but being a single parent for many years has put me in a position where I won't ever be able to afford to retire. My dh is retired and doesn't have much due to his life circumstances before we met. He's 15 years older than me and a smoker so the chances of him living well into my retirement are slim.
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Post by giatocj on Mar 30, 2017 14:34:00 GMT
We both have lump sums deducted weekly and our employer matches t 50% of that. I don't know the percentages, but I'd say between personal and employer it comes to about 18% or so.
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Deleted
Posts: 0
Nov 1, 2024 9:33:34 GMT
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Post by Deleted on Mar 30, 2017 14:53:38 GMT
We both max out our 401k at the 50+ allowance and contribute the max to our Roths. DH has two retirements, one of which started last year (mandatory LEO draw.) In three years, we WILL be retiring early, buying a bigger, RV and taking off in it full time, pre-Medicare, probably with VA medical insurance. That all depends on what happens between now and then with medical insurance.
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Post by kamper on Mar 30, 2017 16:58:14 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. There are also household income limits for Roth IRA contributions. I agree that if you are eligible you should contribute to a Roth IRA. |
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Post by beaglemom on Mar 30, 2017 17:30:26 GMT
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. Maybe I'm reading wrong, but on the irs website it says: "Compensation limit for contributions Remember that annual contributions to all of your accounts - this includes elective deferrals, employee contributions, employer matching and discretionary contributions and allocations of forfeitures to your accounts - may not exceed the lesser of 100% of your compensation or $54,000 for 2017 ($53,000 for 2016). In addition, the amount of your compensation that can be taken into account when determining employer and employee contributions is limited. The compensation limitation is $270,000 in 2017 ($265,000 in 2016)." I know his company matches very well. And we usually max out by June at the latest. I also know the take home in January is significantly smaller than December! |
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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 17:38:38 GMT
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. Maybe I'm reading wrong, but on the irs website it says: "Compensation limit for contributions Remember that annual contributions to all of your accounts - this includes elective deferrals, employee contributions, employer matching and discretionary contributions and allocations of forfeitures to your accounts - may not exceed the lesser of 100% of your compensation or $54,000 for 2017 ($53,000 for 2016). In addition, the amount of your compensation that can be taken into account when determining employer and employee contributions is limited. The compensation limitation is $270,000 in 2017 ($265,000 in 2016)." I know his company matches very well. And we usually max out by June at the latest. I also know the take home in January is significantly smaller than December! The most an employee can contribute is 18k. That means the company put in 36k - which is definitely not normal for a company match. It's pretty standard companies match 6-8%. It could be another type of program where they do additional contributions in lieu of a pension. |
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Post by Meri-Lyn on Mar 30, 2017 19:37:53 GMT
Maybe I'm reading wrong, but on the irs website it says: "Compensation limit for contributions Remember that annual contributions to all of your accounts - this includes elective deferrals, employee contributions, employer matching and discretionary contributions and allocations of forfeitures to your accounts - may not exceed the lesser of 100% of your compensation or $54,000 for 2017 ($53,000 for 2016). In addition, the amount of your compensation that can be taken into account when determining employer and employee contributions is limited. The compensation limitation is $270,000 in 2017 ($265,000 in 2016)." I know his company matches very well. And we usually max out by June at the latest. I also know the take home in January is significantly smaller than December! The most an employee can contribute is 18k. That means the company put in 36k - which is definitely not normal for a company match. It's pretty standard companies match 6-8%. It could be another type of program where they do additional contributions in lieu of a pension. His employer is probably doing a Profit Sharing contribution a well. That's the only way I've ever seen it done, because you are correct. You can't have more than 100% match. |
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Post by myboysnme on Mar 30, 2017 19:52:21 GMT
I constantly adjust with retirement calculators. I did not save enough. I currently contribute 13% and employer matches 4%. I am planning retirement in 2 years and saved half what is recommended but I have saved enough if all things go reasonably well to replace my income until age 90.
I do watch to make sure I don't exceed annual contribution limits or my employer will not be able to match for the rest of the year. |
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Post by *KAS* on Mar 30, 2017 21:55:38 GMT
I believe I'm at 7%, which is matched by my company.
Sometimes I wish I had a husband to share bills with so I could increase my retirement savings! Thankfully I started my 401k at 21, so I will at least have a long time to contribute.
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Post by donnab on Mar 31, 2017 1:31:07 GMT
What a depressing topic! I've been sitting here doing about 10 different retirement calculators to find that we have not saved enough.  My husband contributes 12% with a 6% match and I contribute 10% with a 6% match. I did just increase his to 15% and mine to 12% after reading this thread though. I am calling a financial adviser tomorrow to find out exactly what we need! |
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Post by compeateropeator on Mar 31, 2017 1:47:51 GMT
10% with a 7% company match.
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Post by ~summer~ on Mar 31, 2017 2:09:48 GMT
Curious if companies are really matching 6-7% or if they are matching 50 cents on the dollar up to 6-7%?
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pudgygroundhog
Pearl Clutcher
Posts: 4,648
Location: The Grand Canyon
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Post by pudgygroundhog on Apr 3, 2017 18:33:25 GMT
Curious if companies are really matching 6-7% or if they are matching 50 cents on the dollar up to 6-7%? My company matches 100% to 3% then 50% for another 3%. So it's not a full 100% for 6%, but I typed 6% for matching since you have to contribute at least 6% to gain full company match. |
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Post by jassy on Apr 3, 2017 18:41:54 GMT
My company contributes 9% of my salary to my retirement fund, and then matches my contribution up to 3%. When I turn 55, they contribute 10% and match up to 4%.
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Post by mikklynn on Apr 3, 2017 19:24:54 GMT
Curious if companies are really matching 6-7% or if they are matching 50 cents on the dollar up to 6-7%? My company matches 100% of the first 6% I contribute. At year end, they make an additional contribution of up to 4%. This year they gave an additional 3%, for a total of 9%. |
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Post by jeremysgirl on Apr 3, 2017 19:44:48 GMT
I get 4% from the state and then up to 5% match. Right now I contribute 6% and they put in 9%.
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Post by ladytrisha on Apr 3, 2017 22:29:08 GMT
ours is a hot mess.
when hubby was working we did 10% and they did 100% match.
Thankfully we did it.
I got nothing in my job.
Now I've got new job and I started at 6% and was increasing 1% a year, hit 8% and then hubby's knee blew out. I'm still at 8% (with a 50% match), but my Roth has taken a hit to pay our mortgage.
We had an outstanding loan on our 401k when disability hit - thankfully he was over 55 1/2 and didn't get hit with the penalty this year with the 1099.
In order to stop my Roth bleeding, we're thinking of just withdrawing and paying about 1/2 of our debt down just to allow breathing room. His workers comp case is still pending.
We were on track for a comfortable retirement - now it's a bit fuzzy.
So my advice is to save your max that you get matched to - at the very least - and sit down with your 401k people and they should be able to let you know what you're looking at. I know Schwab with our company does it for free each year.
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peaname
Pearl Clutcher
Posts: 3,390
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Post by peaname on Apr 3, 2017 23:06:33 GMT
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Post by worldwanderer75 on Apr 4, 2017 13:56:24 GMT
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Mr styler
Junior Member
Posts: 50
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Post by Mr styler on Apr 4, 2017 14:18:23 GMT
Just up to the 3% company match then we contribute he max to both of our ROTH IRAs.
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My husband contributes 12% with a 6% match and I contribute 10% with a 6% match. I did just increase his to 15% and mine to 12% after reading this thread though. I am calling a financial adviser tomorrow to find out exactly what we need!
