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Up late working on a pitch. 5 beers in. AMA.
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15% of salary since my first job out of college. I didn’t start maxing it out until like 2-3 years ago, but I had kept other investments in the market. My overall savings rate is closer to ~50%. 31 years old and have $440k saved for retirement
32yo, 10% plus 2% match. I have it set to increase by 1% every January until I hit 15%. Currently have about $30k in my 401k and another $25k in my IRAs (Roth for my contributions, traditional I set up for rollovers out of a couple old 401ks). Previous couple companies I contributed about 6%.
Graduated late and aggressively paid down some student loans, credit cards, and car loans, but I’m getting back on track with retirement. Multiple relatives have lived to be 90+, and my grandma is like 95 atm so I’ll need as much retirement money as I can get.
Or eat a lot and drink like a fish!
I put 1% away. 😂 I have no plans or desires to live until retirement age honestly.
Well then change therapists!
I max out every year
Max out 401k and IRA every year. 26 with 150k across all retirement accounts
30yo 10% with +6% match currently but much slower in the beginning. Have about 75k now (37k Roth401k rest old traditional 401k) Thinking of lowering to 6% and bank the 4% for another house (and rent where i live now).
EY3 you repeated what I said, that payments are after tax (ie. from net pay). It isn't that you're being taxed twice. You're being taxed on your income, which you use to pay for things. You would be using your post-tax income to pay for a different kind of loan, or to put the money in a regular savings account, Roth, or to pay your mortgage if you just paid less down for house. The difference is that while you are waiting for this transaction to occur, you take advantage of market conditions, and after the transaction occurs, the interest is paid back into your own 401k account as payments are made. You also have the safety net of being able to not pay the loan back and take the remaining balance as a taxable distribution should financial disaster fall and you lose your job/are unable to pay. In that case, for the remaining balance, it was pretax going in and taxed going out, as any withdrawal would be.
If you insist that it is double taxation, that's your prerogative, but that's simply not how this works. Not sure what you do at EY but I'm really hoping it isn't financial planning.
18%. 30 with 200k, aggressively increasing each year.
18% into 401k, maxed Roth, and Maxed HSA - never spend HSA money
I maxed out at 30,000 last year.
6%. Maxed for a couple of years but took that money and moved towards house savings. Currently 30K with 125K in retirement accounts
When I was younger and thru age 54, I mostly maxed out my IRA and 401k contributions. There were a couple of years where I diverted money to a house fund but always got the match. Now at 56 I contribute enough to get the match but everything else goes into taxable brokerage account (hint:start saving in there too - you will need it earlier than you think). And honestly I’m not really aggressively saving as much and I’m good with that - all the early savings are compounding and working for me. This has allowed me to take a job that doesn’t have great pay but is fun and has benefits so I can coast into retirement. Right now it is about $1.7M and I’ll start taking distributions in 4-5 years.
Maxing since manager promo, 5-10% before that.
I used to max out, now I put 6% to get max company match and 25% goes into my investment account.
I only started maxing out my 401K recently; before, I just used to match my employer contribution. I have about 120K saved for retirement. 35 y/o. I do own assets and consumer debt is minimal, so it depends
69k annually, minus what the firm puts in my wealthbuilder. Mega backdoor Roth is the way to build your wealth guys!
I won a pretty significant lawsuit and it’s just sat in my taxable brokerage for the last few years. I was looking into this and then had some major life events come up that really messed me up from being able to do this. I’m planning on selling about $40k of stock per year and pumping my 401k contributions and then doing the conversion