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McKinsey & Company I am joining the McKinsey & Company Boston office in late July and searching for housing in the meantime. If I could get some insight on the ratio of days in the office vs work from home that would be super helpful!
If I need to come into the office regularly I will try to find a place close by.
How do you give back to your community?
Additional Posts in Salaries in Advertising & Marketing
140k / SF / F / 31
138k as an ACD in San Francisco - too low?
Client side brand manager in LA?
I’m making 55k in Chicago. Am I underpaid?
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As much as you can. But no less that to get the full match from company
As much as you need to get your employer’s match. Then, prioritize maxing out a Roth IRA ($500/month). Then if you still want to invest more, keep contributing to your 401k. This is also all assuming you make less than the income limit on a Roth IRA.
Why max out Roth IRA first before 401k?
At the minimum, the same amount your company will match you.
Also, remember that your contributions come out of your paycheck pre-tax, so the more you contribute the less you pay in taxes, which means more money for you. Some 401(k)‘s have a calculator where you can plug in different % of contributions with your salary to see how those numbers shake out.
Conversation Starter
Does contributing to a 401k plan reduce your taxable income? I’m clearly new to this.
For anyone that can afford it, Roth 401k is always better in the long run. You pay the taxes at the outset once and you are done. All future growth is tax free. If you start in your 20s or 30s the growth will be substantial thanks to compounding. And you won’t owe any taxes on that money in retirement, when every dollar counts.
What is your current salary?
I think most people recommend 15% so try hitting $900/month between 401k and Roth IRA.
Depends on your financial situation. As a freelancer, maxing out my contributions makes sense as it removes that income from my tax equation.
I personally contribute the company match and then put the rest of my savings into an IRA so I have more control over how it’s invested.