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I have 5 years of experience in 3D design & operations. I accepted the offer of 10L from Accenture to come on notice period (90 days). Now John Deere is offering 11.5L based upon Accenture office. Having global economic slowdown in consideration shall I take this offer? Accenture John Deere
Rising Star
Name the agency you hated working at. 🍿
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Sounds like the minimum to me. I currently pay 0 and my employer pays 9%. The lowest I’ve had in a previous role was a 5% match.
Pro
I thought that would be the case :(
Bowl Leader
I’m in the US… most folks do the employer match on the company pension, Ira, Roth, etc. then they invest more in different accounts - like a Coinbase / Robinhood / etc.
I’m not a financial expert. But what I’m doing. I’m taking my current year expenses and fun activities and total the cost. Let’s say all the above is 30,000 pounds. Then (because inflation has been insane) think triple. So let say if I’m 20 now, when I’m 65, the same costs are 90,000 pounds a year. (I hope not but really worst case scenario. )
And I plan to live long - 110. (Yeah wishful thinking). 110-65= 45.
90,000pounds *45=4,050,000pounds. (When I’m 65)
So if I do the reverse math. 1/3 is a bit over 1,000,000 pounds over the course of working/40 years of a career =25,000/12 months in a year =2,083 savings goal per month between pension, Ira, Roth, Robinhood stocks, etc.
I know at 20 years old, saving 2,000/ month is probably out of reach. Even mid-career it might seem out of reach. But saving something adds up over time.
Warren buffet really didn’t see big returns until he was in the market for like 20+ years. So time in the market counts.
Most people move companies every 2 years, so having a 3rd party firm to roll your retirement accounts to will be handy as you move forward over time.
Bowl Leader
That is why I was just throwing numbers on a page. Round numbers can give you a feel for what is and isn’t possible. Kinda like putting a banana next to something for scale.
What I have done is started with saving 1% above the basic company stuff. And I’m voting myself up to 10% between all my accounts.
So in your case 1,900 pounds. That’s 19 pounds saved either in stocks, high interest savings or added to your company account. If that is too much, start with what you can.