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HOMEOWNERS: What percentage of your salary goes into your 401k ???
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Re: HOMEOWNERS: What percentage of your salary goes into your 401k ???
Posted by DjPiLL
Posted by SeptemberBride03
I put in 10%. My DH puts in 10% until he hits the max the IRS will allow, then stops it for the remainder of the year. I am a financial planner, so I try to practice what I preach - we'll skip something we want if it means keeping up with at least the 10%.
Well the IRS allows about 12k a year for 401k (not sure of the number).
Since you are a financial planner... what would you recommend for a 30 year old to be putting in right now? I know thats a broad question.
What if I could swing about 7k a year into my 401k instead of 12k.... would that be acceptable?
Even if I do cut back on my 401k a little... its not like I would then be putting pennies in.
I didn't want to get personal and ask eveyone in this thread how much they are putting in (in dollars)... I just asked for percentages...
It is possible that somebody that says they are only putting 10% in... could actually be putting in a larger amount than somebody putting 20% cause the former guy has a much higher salary.
Its hard to answer with such limited knowledge of your situation. I would put in as much as you can afford to. I watch people retiring everyday that do not have enough money and have to drastically change their lifestyle to avoid from running out of money. But, at the same time we are all young and starting out so there are other expenses we all have. I wouldn't forgoe things (like your house) for the 401k right now, but I would eat out a little less or buy a little less material things to make sure I was contributing enough to the 401k. We have a software that estimates, based on your age and expenses, how much you should save each year towards retirement. It takes a lot of detailed information. I don't want to throw out a number without really knowing you or your situation. Having a budget is the best thing! We learned about budgets for three weeks straight in my CFP class! That will help you to determine what you can afford to put in the 401k. FM me if you need more info!
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Posted 8/26/05 12:19 PM  |
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Prudential Douglas Elliman Real Estate
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: HOMEOWNERS: What percentage of your salary goes into your 401k ???
September:
I sent you a FM. Thanks for the help!
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| Posted 8/26/05 12:59 PM |
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| Pages: 1 [2] |
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