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Hey Fishes
Can anyone share Mutual Fund schemes in their Portfolio?
I am a newbie and planning to start investing via SIP's in MF ( Around 4-5 SIP's of 10k each)
Thanks in advance.
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Max it out each year. First few years were a little tough but never changed my lifestyle. Now it’s smaller percentage but gotta get ahead of those 1 time tax advantages as much as you can
30 now, but have always contributed 15-20% (started as a BTA). With the exception of my first year this usually maxes out somewhere 3/4 thru the year and then those last few paychecks “feel” bigger and I usually do a little something nice for myself with the perceived surplus. Weird the mind games we play with ourselves. I think at 27 I had just over 100K in my 401K and that felt like a good accomplishment
Ugh the struggle. I'm trying to but a house need cash. Otherwise I would out more in 401k..
The issue with 401k loans is that a) you lose investment return on the amount of your loan since you are doing a withdrawal and b) if you lose your job you have like 60 or 90 days to pay back your loan otherwise you get hit with taxes and early withdrawal penalties on top of that (at exactly the worst time). Other things you can do is take out a 2nd lien, borrow from family, withdraw from IRA - I would consider 401k loan option of last resort.
Always contributing the most amount that can be matched, now have 130k in total in 401k (28 yr old)
Yea.. I head you. My last employer matches dollar for dollar up to like 7% or something. Deloitte does some Bs 25 cent on the dollar
I’ve always done 10%.
8% currently and I have 17k now...is that good or bad? Haha
Firm believer in running your own race. I personally have a good amt. of student loans but yea don’t stress !!
I have always done the full amount, but my rent is very low
Yeah I have done the whole 19k/max amount since my first year working. I wouldn’t recommend contributing the full amount if you’re not also able to fund a ROTH/have some general savings. For me, contributing the max amount is easy at this point since I have always done so—any pay increase really feels like more of mine to keep
19.5k each year, currently at 90k balance
8% currently have $75K.
25, contribute 15% which maxes out the yearly limit. Currently have a balance of $46k
I’ve tried maxing it out every year. Didn’t manage to do it my first year out because I was prioritizing student loans over the 401k. The way I’ve been looking at it that motivates me is I’m paying my future self first... now if I get raises in the future, the money feels more justifiable to spend on other things (or save/invest in different ways). The % should decrease over time, ideally. My second year it was like 22% of my take home
I always max my retirement accounts if I can afford to. The compounding of money when young, particularly for tax-free withdrawal, is incredibly powerful.
Max out and into Roth 401K. Increased to 30%, the max allowed to buy at a lower price since March. Will level off the 2nd half of the year.
I screwed up. I contribute like 6% since started working with poor employer match I'm only at 25k. Dang it
I am strong in cash for home buying I was planning... 130k cash stashed in savings. About 40k in a investment account. And like 10k in Crypto
Not sure if we should increase? I have like 50k in combined 401k and roth
27, only contributing enough for the match and maxed out my Roth IRA. I know I'll phase out of the Roth which is why I chose to do it that way. I just started maxing my Roth this year so any raises in the future I am raising my % 401k contribution.
26, 23%
8% pre tax and 8% post tax. I have about 56k. This may be a stupid question but is the 19.5k yearly limit for combined pre/post tax contributions or are they 19.5k each? I’ve been searching this recently and can’t figure it out and I’ve been too afraid to ask anyone else 🥺
@KPMG5, thank you for the answer, that makes me feel better! Knowing that I’ve definitely been close to maxing each year then.
Max every year since my career started.
Does anyone contribute to an IRA instead of 401k? I am recently thinking about switching (after the employer match of course) but would be very difficult to max both
Best route is to contribute to 401k up to employer match, then Roth IRA to max, then 401k to max
30, just started to max this year (90k salary).
Total retirement savings was around ~100k last time I looked.
Up until last year, my salary was between 45-70k so maxing was harder to do. However, my industry roles offered a much better match (6-7%). I miss that.