{ "media_type": "text", "post_content": "How much are you putting into your 401k? I’m thinking 10% of my paychecks. About me: 29F, 140K annual salary, company match 6%", "post_id": "616b03b6e6de8b002cc8bfb6", "reply_count": 28, "vote_count": 5, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising" }

How much are you putting into your 401k? I’m thinking 10% of my paychecks. About me: 29F, 140K annual salary, company match 6%

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

Put in as MUCH AS YOU CAN now, there will be a time where you feel the need to divert some funds to 529s or a mortgage etc. So bulk up now. I didn’t when I was younger and I absolutely regret it. Especially with social security petering out over the next 10-15 years, we have to watch out for ourselves! I also suggest you get yourself a financial advisor. Again - waited too long for that and am so grateful to have one now.

like

We found ours through friends - and she’s great. She’s fee-only. 1200 retainer/year - we don’t require much handholding, but she does handle our Roth investments and advises when my husband has an emotional breakdown. I’m happy to pass along her name - she’s a funny soul and advises all of our friends. Not pushy, good listener.

like

I'm happy for all of you. Every time one of these threads comes up I always feel like I'm bad at being an adult. By the time I'm done with rent, bills, and student loans, I'm lucky if I can budget a hit of 5% for my 401k. And it's not like I go out all the time or buy stupid things. My money is just spent before I've made it. Luckily, this puts me on track for a stress induced cardiac event that will greatly minimize the number of retirement years I'll have to fund.

likefunny

I’ll be right there with you!

Max it out if you have the means to afford it. I’m so glad I did because I’m now going to a company that does not offer a 401k and glad there’s a good chunk of money already locked away.

like

There is also one strategy that’s right for almost everyone: at least put in the full amount your plan will match. Investments where you double your money right away are too good to miss.

like

Put in the max. It matters. It also lowers your salary so that you aren’t paying taxes on the money you put in. When I was your age, I was only making the equivalent of $66,000 today. I’m maxed My contribution, got the company match, every single year, and now I’m very glad

like

I'm at 10% in my 401k plus maxing out my Roth IRA yearly

like

A 401k can also be a roth, all depends on what your company offers

15% is recommended

like

I put 15%. Then once I hit the cap, it’s a fun raise for me the rest of the year

like

Max it out - if you can’t, try to contribute as much as required to max out the company match. This should be the baseline, otherwise you are leaving $ on the table. If you are younger consider ROTH contributions, as your tax bracket is less now & the investment will grow tax free over your lifetime. If older in your peak earning years it may be wiser to max it out traditional which is all tax deductible. For your case, depending on what you need left over I’d strongly consider Roth as you have another 20-30 years of work ahead, and it will grow and be able to be withdrawn tax free at retirement. Consult a tax / accounting professional to weigh the pros and cons - I’m not an investment professional - its important to consider ROTH vs traditional 401k contributions, and also remember you can contribute either way over the course of your working years depending on the circumstances. Don’t discount the tax implications of when you contribute, they can make a massive difference later when you go to withdraw.

like

FYI: Up to 19,500 per year is tax free. (Any your employer matched is also tax free.)

like

Correct! Sorry I should have clarified. But chances are you are at a much lower tax rate when you’re retired than when you’re working, so it works out much better.

You all are doing great!!!!! Yes, don’t forget that once you max out your 401k you can do IRAs I’m in my early 40s now. My husband and I were both religious about (and hefty with) these contributions early on, so that even though we had to slow down saving a little in our mid and late thirties (kid, mortgage, etc) our investments were already building up.

like

Max out the $19,500 if you can.

like

Currently at 30% but I don’t make as much as you. I’d recommend whatever percentage gets you to the federal limit for yearly contributions to your 401k, and also be contributing to a Roth IRA. But start by meeting with a financial advisor so they can provide customized guidance to your situation.

Try to hit the annual max. You will never regret it.

Definitely roll old 401ks into Roth or Traditional IRAs and then buy a mix of ETFs and tech stocks. I do this and see 20-50% gains per year, crushing target date funds. Also check out AltoIRA as a path for crypto and pre-IPO investments. And check to see it your current employer 401k plan offers self directed investments.

Just make sure you Max it out by end of year. It’s super important and so freeing when in a handful of years you’ve got some serious money squirreled away and compounding.

Related Posts

Question re benefits: we used to get a daily stipend to get lunch in the office from GrubHub, but now we're all perm wfh. Still get the emails for GrubHub though, should I ask about using at home?

like

Booked stay w points on Marriott, still being charged the bs “destination fee.” Anyone have luck getting this waived? Some of the benefits are a part of platinum status anyway

like
like

EY folks, for the Wellness Fund of $1k, when is the soonest we can purchase for reimbursement? What kind of things constitute as eligible? [Apple Watch/Gym Equipment or Membership/Segway o.0/etc] What’s the beat use of this reimbursement that you have used personally?

like

What would you take over an increase in pay? How about better/cheaper health insurance, student loan forgiveness, or a downpayment for a house?

like

Have about $70K with previous employer’s 401K. Leaning towards leaving it in that 401K plan. Fees are 0.35%/year of portfolio size. Should I instead roll it over into new employer’s plan? Or IRA? Which option and why?

like

How long does it take Deloitte to match your 401k contribution? Are you able to negotiate that?

like

PwC - what’s the health insurance like there?

like

Is legato healthcare a product based or service based company? Website is saying IT services, while consultant says its product based company which has no variable.

like

Planning to move my pretax 401k to roth 401k (in-plan rollover/conversion). I know I’ll owe tax when I file, but does this event require tax witholding / estimated tax payment right now? In Cali if relevant

Does anyone here use their FSA for dependent care ? How do you maximize benefits and minimize waste ?

like

Need some advice, I’m a third year healthcare/corp/M&A associate in Texas from a small firm. Was let go today because of recent hires and not enough billable work. Feel like I should try everything possible to secure another job and still a bit shocked. So if anyone in this bowl has any leads, please let me k ow! TIA!

like

What amount is a good amount to contribute to 401k?

like

Any recommended ways to keep up with Healthcare legislation and related news?

like

Best consulting firms for healthcare providers?

Does contributing to 401k beyond the match make sense? You can’t touch it until you’re 59.5. If i were to invest on my own in various etfs Ill pay the 22% tax upfront and then cap gains would be 15% when i sell. I’d have freedom to use that money to invest in real estate. when i pull my yearly salary out in retirement I’d Atleast be in the 22% bracket if not higher. Since the last 3 dem presidents have increased spending like crazy i expect massive tax hikes in the future. Am i wrong?

like

For past layoff people how is 401k and company phone transition handled? I want to keep the phone number

What are some things that you should do a couple weeks before you leave/ resign to get the best value ? Max out benefits etc?

likesmarthelpful

Not bragging or showing off, but our household TC is £225k excluding bonuses. Somehow we manage to save £6k a month after paying out mortgage & bills and then a further £2k in corporate pension schemes. We invest our savings but the feeling of putting away £8k each month feels great. I thought when I'd get to this stage I'd have more desires to spend the money but there is nothing I can honestly think of right now that I'd love to buy. I didn't even spend a penny during the black Friday sales

like

First time home buyer here—although not ideal, would it be better to take money out of my Roth or traditional 401k to help pay for the house?

like

Additional Posts

Anyone have any feedback about working in-house at Amazon? Culture, Salary, etc?

like

Anyone from Facebook (Meta) can help me with a referral? Please. 😊

like

I have done Diploma in Electronics Engg.... B.E final year pending.. currently working with Sutherland Global services.. any job openings will be highly appreaciated..

like

Which computer desk chair do I get? My arm is sick of reaching my desk’s height to access the mouse and keyboard, and I’ve been sitting on a stopgap ottoman. Also what would be the difference health wise between a normal office chair and a gaming chair? Are gaming chairs better for high use?

like
like

Had a final round interview with an MBB last week and still haven’t heard back. Do most get their offers later that day?

like

How do you get better at contract negotiations? (I’m a 4th yr. in commercial real estate) I feel like I’m generally good at pulling together an initial draft of an agreement (ex PSAs)...but I struggle when comments come back. Specifically, I struggle with reading newly proposed language & deciding what stays, what goes, & what needs to be tweaked. Are there books I can read (or CLEs I can watch) to get better at this?

like

Anyone that has an autonomyous white standing desk; does it look good quality in person? The pictures online are hard to tell and often times look like the cheap $20 foldable white tables that you get from Walmart. Do they give off that vibe in person? Thanks!

like

Hi- I am currently a software dev project manager and looking at CISA cert to make a switch to IT auditing. What are some good roles/companies that are hiring? Any other tips or info on the day to day jobs for someone with this cert? I am looking for a more "quiet" role. Less meeting/zoom call time..

like

Recruiter at D states the offer is at the top of their range. Can I still negotiate a higher salary? Will they pull their offer? Will they match another offer if it is a 10 percent increase and not a competing firm?

funny

I have desk whiskey in my home office that I use for most days that end in “y”.

likefunny

Hiring FT CW in LA. Seasoned mid-level or newly senior copywriter. Boutique agency in Culver City. Reach out with your book!

like

Does anybody have insight on working for AlCPA? Currently interviewing. Thanks.

like

Throwing my sister in law a baby shower—any fun games that are not too typical?

like

Welp. I might not have a job by Monday. Any first year associates miss a deadline and not get fired?

like

Do you all ever have guilt calling in a sick day? I have a pretty bad cold and 5 months pregnant. I’m just so slow today and want to nap. Working from home

like

Does anybody here feels that this never ending calls and over zealous over productive folks are a byproduct of COVID. I mean I feel like I am working more because of WFH

like
like

Does anyone here have an idea of BA office? What kind of projects do they generally support from BA? Is it a direct client facing role?

like

At Havas Health & You we are looking for a VP, Brand Planner with HCP experience. Please shoot me a message if that’s you or someone you know.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
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

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal