Can you tell me how much salary you earn (ANNUAL) and what’s your 401k contribution (per PAYCHECK) !? Just want to get an idea if my contribution is very less or okay. Mine: 137K, $368.

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$115K, 22%, hit the pre-tax max and then switch to post-tax (can also put some in a Roth, I just haven’t gotten around to it yet). I also don’t have student debt anymore, but I do have expensive rent in DC. My personal opinion, unless you have significant debt that you need to pay off, you should max out the $19K pre-tax maximum, and probably more than that if possible. If you’re making that much now (and apparently spending most of it), think about how much you’ll need in retirement for potentially 30+ years. I’m personally planning to need $3-4M and another $2M+ for my wife, as I refuse to trust that social security will be around in 25+ years.

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$19K pre-tax, then your employer will stop the contributions. You then have to switch your distribution to all post-tax if the year isn’t over. I believe between you and your employer that you can contribute up to $56K/year into your 401K.

Another viewpoint.....tied to age. I’ve generally maxed out my contribution. Now at 54 years old would like to retire early but all of my wealth is tied up in my 401k and my home (significant equity there). I wish I had kept some of my savings in liquid assets.

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Most people should max out plus do 10% salary outside however I realize not everyone is in a position too. This is my first year I can at age 31

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OP, that’s not enough data points. For example, you might have student or credit card debt, or big mortgage hence you contribute less. Everyone’s situation’s different.

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Also...missing the pay frequency. Is this monthly, semi-monthly, bi-weekly? That kinda matters...

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Bi-Weekly.

Max out always. I wish I did sooner. Started at 28 making $120k and have maxed out since

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wth... are you me???

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Im from EY but those exact amnts... 1st yr manager doe

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Why do you want to compare with others.. you do what’s best for you.. they are 100s of other variables

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Why 7%?

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D4 like others have said, 401ks inherently have tax benefits. Unless you don’t expect to live to retirement / have some extremely high yield investments, or are generally not one to save and want to have your money liquid, then few financial instruments / institutions are more valuable than the 401k / IRA.

19K / # of pay periods

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my pay is higher, and my 401k is lower. where did i go wrong? my 401k took a hit twice - 2007 and the one few years ago. also i am heavy on target funds.

How many years exp do you have?

8 years. How does that matter ?

Thank you for the inputs so far. I am considering to change my contributions to max out 401K (which is $19K per year)

You definitely should

Seriously I would look into whether it makes more sense to individually invest with automatic investments made from your paycheck/bank (after maxing Roth and company match). I'm still looking for someone to tell me that/how this strategy is worse. More liquidity and same results with maybe one or two extra steps

If you do pay more because of a higher tax bracket it is offset by 2 things: 1 No capital gains tax and 2 the extra money you invested because you saved it in taxes now. 401k usually comes out ahead.

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