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Third year associate salary ranges for NY?
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If you are in high COL it’s hard to put more than single digits into 401ks until experienced senior or manager, especially if you’re in audit.
6% 401k, 37% rent, 25% student loans and car loan, 31% credit cards 1% savings ... basically I’m poor
If you plan on using some of that 20% savings for retirement purposes, you would be better off using an account with tax benefits such as your 401k or ira. The rule of thumb for retirement savings is about 15% gross income including any employer match.
I only have 5% Gross ...the minimum to get the employer match...First year senior. Impressed with the other responses but 5% is all I can afford for now
35% as an experienced associate. 25% gross to a 401k. Then the max Roth IRA contribution at around 10% for the 35% total. When an S1 I hope to max the 401k and Roth IRA. A mortgage gets me a tad more in all of that. And obviously some saving outside is still going on. Pretty thin though if 35% is being saved as you can guess. I share living expenses w/my s/o, which helps. You can do 25% for sure no matter where you are...15% is where the reality of retirement begins though. The longer you wait the more you fall behind...6% isn’t much I’d do more just for habit sake. Try 15% then ramp it up once you stop noticing. Then keep going until you can’t. I’m still playing with it.
Put your money to work for you. It is all about generating passive income.
@tax Manager 1 what kind of passive income vehicles do you use
10% Roth 401k then about 27% to savings. Trying to save for a down payment when the time comes.
I do 26% to 401k and I use the rest. Save as Much as I can from there. My wife also works (RN) and 50% of her salary goes to savings, 50% pays mortgage
I do 6% as well. I also save as much money as possible to purchase rental properties. Once I start generating enough income through them I will save 100% of my salary for retirement .
6% to 401K (to max firm match), maximum $5,500 to Roth IRA each year, max out HSA (triple tax shelter). I live in NYC so that’s about all I can afford
15% to Roth 401K, 10% to regular 401K, 10% to savings account.
Do the people who contribute to the post-tax 401k plan on rolling it into a Roth IRA? You’re taxed on capital gains if you don’t
KPMG 1 I agree 100% hence why I want to move to a lower COL and get out of audit
You can do 25% anywhere if you live a cheap ass life lol
55% into 401(k) and $5.5k into Roth IRA. Decided in Sept. that I was going to max out the 401(k) for the year so playing catch-up for the first 9 months. Will drop to around 25% on New Year’s.
I’ll add I’m in audit and definitely high COL. You can definitely do 15% as a 1st year (certainly Roth IRA max and the company match) you just can’t try to keep up with the spending of those contributing nothing who are eating out 24/7, drinking more than college kids at bars multiple times per week, traveling Europe (or outside your region), etc.
Pwc3 you don’t pay tax on capital gains in a Roth 401k
6% 401k, 5% RWBP, 1.5% 401k match = 12.5%
Roth = 5%
HSA = 3%
300k in home equity
250k in combined retirement funds (31/29 ages)
Will start increasing our firm 401ks soon, but have been investing free cash flow in stock options for significant returns.
Don’t you pay a penalty if your 401k or Roth 401k goes above 18k a year or so when you do taxes?? How do you contribute so much. Saw some number at like 20-55% up in here?