Currently putting 5% into my 401k (traditional) and planned to increase it one percent a year (but open a roth) until I make it to manager and have 5 pct going to a pre and 5 pct to a Roth... thoughts on this?

like
Posting as :
works at
You are currently posting as works at

I would aggressively pay off debt, then max out 401K or nearly, then max out HSA, then Roth IRA.
Most financial planners suggest the same. So, if i was you I’d add more to 401K before opening a Roth. Reasoning is 401K is pretax so that’s an automatic 20%+ gain vs. a roth since any money you would invest into a roth is post tax.

likehelpful

They don’t A1... it’s always 401k up to company match then Roth IRA max then max the rest of your 401k in that exact order.

likehelpful

Would put more in if you could swing it. Also fidelity offers a Roth 401k plan (which might be better based on your current income)

like

Working to get there! Just a lot of cc debt (no financial backing so had to get everything myself and unfortunately credit was the way I went). As I pay off this debt, I am looking to start contributing to the roth going forward. If this stimulus passes then this process will speed up alot! 😂

like

Doesnt the firm match 25% of your contribution (up to 6%)? If you contribute 5% you would be missing a small portion of the match (1.5% - whtever 5% of 25% is)

first year here too - traditional advice ive read is 15% or as close to 15% as possible. Also, the more you invest now the more time it has to compound so my thinking is to contribute at 15% while building towards target emergency fund amount (6 mo expenses). After that, contribute more slightly more towards retirement while saving a little each month towards short term goals (vacation, new furniture, gifts, etc...) However, 15% is certainly difficult with student loan debt. Everyone’s situation is different

if you’re not getting company match, focus on your credit card debt first. When you get company match, then contribute what you need to capture that and focus the rest on credit card debt. When your credit card debt it gone, then add more to your 401k. Assuming your emergency fund is all built up. If not, then that first above all else.

Any plan that gets you closer to making out all tax advantaged options you have is a good one, no matter how long it takes. Everyone is different

Your employer match is so low... I would focus on paying off the credit cards then you can bump your 401k match up to 10-15% after that ideally.

So im doing 5% in my traditional 401k. You think I should switch the 5 pct to roth?

Related Posts

Hi all,

I have 6.8+ YOE.
Have offers from TCS -14.5 CTC
And TechMahindra -17.5 CTC

Little confused in terms of work culture, benefits etc
Kindly let me know your opinion

like

I'm SVP/strategy for a PR agency. I moved into PR, Healthcare, and Strategic Planning only 3 years ago. An agency recruiter is trying to convince me to move into a GSVP account role, assuring me "at that level it's all strategy." (I dont think she understands the words she's using. Or that I'm qualified). But long-term, knowing account roles are so much more plentiful than brand planning in PR, I'm wondering if I should start thinking about account. Anyone here moved from strategy to account?

like

So what’s everyone buying? I just got me some ETH, ALGO and GRT.

like

Making this bowl to share thoughts and experiences about angel investing!

like

Anybody have experience with PenFed for a VA loan? Came up in a search and their rates are extremely competitive. Any reason I shouldn't take the lowest bidder?

like

SD rent prices are just about the same as SF right now. It’s blowing my mind.

like

What is the “safest” LBGT 🏳️‍🌈 City 🌃, to buy a home/settle down? I have lived in San Francisco, and open to Atlanta or any other cities.

like

Which health insurance your company providing?

like

Is it still worth buying Tesla stock? Especially after rising so much since year start?

like

Is it better to have SFH for monthly cash flow or passive MF deals through a private syndicate? Friend told me that you need to have $1.5m invested in MF to generate 60k a year approx but it’s much better than dealing with tenants and maintenance. Just wanted to get peoples thoughts on becoming financially free through these two real estate methods

like

Any loan facility available in BOA

like

What did one investment banker say to the other?

like

Can I live comfortably in Dubai on 25k a month? With wife and kid too?

like

Hi All, how much should I expect to pay for someone to do my taxes for me? (Ball park)
- fbar
- state
- Federal

Also I moved out from MA in February so not sure if I'd also still need to file in MA?

like

Looking for advice on business trips. My boss kindly asked me if I want to go meet a client out of state along with business folks. It will be my first visit to a client. What do you think are the benefits of these trips? I’m fairly new in my career and in-house so would appreciate any thoughts. Thanks!

like

Canadian 🐠 Which ETFs are you buying right now?

like

I’m a new associate to a T&E group, partner goes away on vacation and leaves me with a 706 to review and sign. The family is very wealthy. Decedent married for 60 years. Partner says it’s “just a DSUE election, decedent was ill for years, no assets.” Provides no records. Not even an admission the decedent owned a toothbrush. So I looked up the decedent’s home - it’s a joint asset. Partner was “surprised”, and still insists “no other assets”. I found file references to art and antiques.

like

Well, its a good thing I sold ARKF when it was $55 last year

like

Hi Fishes. Just got the following offer and would like to know in hand salary. Please let me know.

Fixed: 30 LPA
Bonus: 3.33 LPA
Gratuity: 72130
Stocks: 2 LPA every year for 4 years
Benefits: 91k Broadband, meals and insurance
Total: 37 LPA plus joining bonus of Rs. 2 lakh

like

How do y’ll save money on taxes? Other than obvious routes like 401k.

like

More Posts

I’ve been doing change management and communication for many years with DEI experience on the side. How do I tell my DEI story to transition to a DEI career? How do I decide what level I should apply for?

like

I am starting a "Salary transparency thread". Please post your level e.g. L4/L5 and salary. Let's make sure everyone is fairly paid and can take a stand in the upcoming appraisal cycle !

like

Hi, I am currently trying to switch from partnership tax into a corporate finance/FP&A role - has anyone been able make this pivot? Any tips? I have some modeling experience but still feel super under qualified. I have 4 years of experience and up for manager promotion this October, but want to leave before then. Any help would be appreciated 😭

like

How many interview rounds are there for Virtusa and HCL for experienced Java developer? Virtusa HCL Technologies

like

I need it until the end of the day. Tks

Post Photo
likefunnysmartuplifting

Hi,
I have an offer Tech Mahindra and I joined the yesterday that is on 22nd, TechM all onboarding process is done. The Tech Mahindra is about to ship the laptop to my home location.

Now I got one more offer with better package. Now can I reject the Tech Mahindra and join the new venture.

Will Tech Mahindra blacklist me in their database or any action will be taken?

like

How much does a McKinsey 1 st year partner make?

like

Can someone tell me if a HRBP III is more senior level than a HRBP I? I’ve never really dealt with those titles so I am a little confused!

like

Did anyone got into Natwest as a fresher offcampus? (As a software engineer)

like

I have my salary discussion today. Can you please advise the avg package for the associate manager in SCB. How is this role placed in the hierarchy? My total experience is 5.7 years

like

Has anyone considered moving from NYC to Houston? Any advice of why not to do it apart from the Texas heat. The homes are so much bigger and taxes much lower.

like

Guys ..
When will final settlement take place? What will be the components of it?

First time participating in ESPP this last period. I received a heads up email that Morgan Stanley will get in touch to open a broker account, but not heard from MS themselves. Anyone in a similar situation?

like

Hi Fishesh,

Can anyone please tell me? How much should I charge per hour USD for SAP technical work as a freelancer. Client is based in UAE.

A quick check. How many of you got the project after joining in coforge? If you got the project is it same client which was promised while interview process? Please respond.

Why do recruiters never tell you which agency they want to talk to you about until they get you on the phone? I don’t want to waste anyone’s time and it would be helpful to know this info from the initial outreach. My experience with this only applies to healthcare, but would imagine it’s the same in consumer as well. Anyone?

like

Have an acquaintance who is a single mom; she purchased a used car 3 mos ago. Six wks later her 17yo wrecked it, air bags deployed, and estimates have ranged between $10-$18k in needed repairs while $21k is still owed. Acquaintance was switching insurance policies and flubbed the coverage dates and there were a few days where the vehicle was uninsured. No GAP insurance. I'm not seeing many options for her besides to continue pmts, fixing just enough to drive or voluntary repo. Thoughts?

like

Hi
Can someone help me in getting a job based upon Independent contractor
I am having experience of around 2.5 years in US Taxation
Specialised in coporate returns preparation and reviewing
Also i have experience working on foreign filings
Furthermore having good experience on working on quickbooks CCH axcess

like

What is the salary range for b2 in Wipro?

Hi anyone from india offered and visa process started. If yes please share offered date, PWC contacted date, cos received date, biometric date, visa stamped date. It will be helpful for the people who apply from India. Right now there is an delay in process, so sharing the details will highly helpful to others. Please!

like

Additional Posts in Personal Investment Chatter

Thoughts on XT?

like

Is there an app/software to consolidate and track your investments across different asset classes? (ETFs, stocks, bonds, crypto)

like

Anyone else long on AMT?

like

Make 72k with not a lot savings at the moment since I am new in the workforce. Any advice on how to break into real estate.
Also already own a primary residence.

like

Can my current lender refuse to accept the payment from refinance lender because they want to make more money from me? How do I sue them ?

likefunny

Anyone have experience with or recs for a good moving / shipping company? Trying to gauge typical cost, have about 5 furniture items to ship between states (7h driving distance) and would like them to load / unload. Thanks!

like

Will markets jump upwards the day Putin dies?

like

Ally bank dropping rates again. CD a good choice?

Given the hot sellers market, do you guys think I should plan to sell my house on my own (private) vs get an agent? Want to minimize closing costs/fees. Thanks!

like

I started a small LLC on the side. My company is getting it's first client this month.

Wondering if any 🐟 have recommended resources on setting up initial consulting business thru an LLC.

Books, websites, tax strategies etc.

My LLC is already incorporated, but looking for guidance with the next steps (creating contracts, invoices, etc)

likeuplifting

Is it too late in our lives to jump into a mortgage?

So my fiancée and I are relatively late in terms of finally landing well paying jobs and being able to save money instead of living paycheck to paycheck. We’re both 36 and currently rent a 2 bedroom in NY and have a combined savings of $35,000 which she wants to use as a down payment on a condo. I kinda just wanna continue saving while renting. I also literally just started contributing to my 401K so I’m also late in the game for that too.

helpful

What’s the max umbrella policy coverage y’all have seen offered by insurance providers? Looking to get one for the first time. Anything I should consider/ask the insurance company?

like

With the market pushing higher to mostly ath this week, are you keeping cash reserves for a slight pull back or putting money in the market today?

like

Has anyone here ever gifted a stock? Do you know the process? (Especially on Robinhood or Fidelity)

like

I don’t get it: Why would anyone invest, for example, in a 6% dividend yield etf with a 0.50% ER (ie EMHY) instead of a 9% dividend yield etf with a 2.5 ER (ie YYY)? Wouldn’t you still be getting better results with the expensive one?

like

Who’s buying the dip today?!

like

Buy the dip?

like

Follow up on Rich Dad Poor Dad...General consensus is to buy real estate...So for those of you who have read the book, have you bought any real estate lol?

likesmart

Voyager just filed Ch 11 bankruptcy. Rest in pieces.

like

Recommendations for best ways to save for retirement after contributing to 401k up to match and maxing out Roth IRA?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal