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What’s best is that you care enough to ask this question.
Very good because you are in. If you can, hit the max to match in your 401k, then open a Roth IRA and put whatever remaining retirement contribution you can make in there. That way you pay the taxes now, while you aren’t making much, and get it all tax free in 40 years
You are young, but strive to max out every year as soon as you are able to do so. You won’t miss the pretax dollars as much as you think.
At 24 that's great! We're likely going to hit a recession in the next 3 years so your 401k will drop. Don't worry about it, it'll rebound quickly
I am 26 and only have 11k in mine, I live in NYC, have thousands of dollars of student loans. I contribute 8% . I know no idea how I could max it out and still put money into savings and afford student loans + my apartment...just keep going!
If you are 24 and have established ANY retirement savings you are doing great. As others have said, continue to max out your contributions and the employer match. Question for @strategist1: How did you amass that amount of 401k so quickly?
It’s a start
That’s good, because those eight thousand dollars will grow for forty years. Any dollar you save in your twenties is worth twice as much as any dollar you save in your forties. Stack the money away when you’re young and you’ll have a very different middle age and retirement from your peers.
Great start! Keep it up!! I’m $1.2MM at 48. Contribute the max every year if you can or at least hit the matching contribution Compound interest is your friend. If I can do it, you can do it. Good luck!
3k at 28
The home run in a 401k is hitting whatever the max is that your company will match. Or maybe I should say it’s a double. If you do nothing else, do that.
Better than many but I had 200k by 33
It’s great!
Good! Every dollar helps. Try to put in the max, even if you have to eat ramen 6 nights a week. And one day you’ll be a millionaire like me. (And yes, I ate ramen 6 days a week in my 20s.)