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12% when I was 23 at 60k salary (didn’t max)
33% when I was 24 at 110k base salary (max by September)
30% currently, 26 at 145k base salary (max by June). 100% Roth the entire way. Think I’ll switch to traditional when base salary hits $200k. Also max HSA now that I’m not on parents insurance as well
I did job hop a bit (2 hops in 4 years) but more importantly every time I job hopped I made sure to get a promotion out of it and at least a 50% raise. I know so many people who left firms over 10-20k and no promotion which is a waste of a jump. Think I’m going to be at my current firm for a while though pretty happy here
Could someone breakdown the historical tax deferred benefit of 401k and what you would expect once it is taxed? What’s the overall net return when it’s all said and done? I’m curious.
For me, I’ve always maxed the match and then invested in S&P Index… I’m a passive investor. I’d be surprised if I should have been contributing more to 401k considering I have a MBA in Finance but I love learning new things. Better late than never… so, can anyone break it all down for us? Many thanks.
FC1 - I thought 401k was taxed as ordinary income. I googled it…
Whatever is required to hit the max
Rising Star
hold on, one more cause i can’t help myself. to be petty af when i’m right as hell.
Rising Star
25% to start the year to quickly front load, lower to 10% thru the summer months to finish max, then zero for holiday season cause i spend significantly more in the bottom half of the year.
30
Yeah D3 it’s deffo a PwC thing. Never had it before at any other company
15%
21 years old
Same!
6% me 6% employer
28 yo
24 - 6% + 6% 1:1 match + 2% into an ESPP. Working to pay down debt, but goal is $100K in 401K by 30
Nice goal
Someone tell my why I should do more than the match? I thought best practice is to just hit the match. But I have no clue. Could use some help.
My question is how are you contributing up to the company match if you don’t even know what the company match is?
17%
10% +3% match = 13% -> 33yo.
I would say NEVER have it less than 6%. 10% is a common recommendation. But do what makes you comfortable.
I would say whatever it takes to max it for the year is the most common recommendation. If you’re fine working past 70 or moving to a 3rd world country with low cost of living in retirement then I guess 10% is an ok recommendation.
https://www.investopedia.com/articles/investing/093015/why-saving-10-isnt-enough-get-you-through-retirement.asp
16% since 25 years old - 29 now
UK based: 8% employer, 8% me. 16% total. Increasing in October to balance future wife’s probable maternity+ leave lack of contributions.
Depends on the market. More when the market is down, less when it is up. 15-30% depending on market conditions.
0% and invest 10% on ETF better returns and i will get all the money at once when it’s the age of retirement up to me
That’s my conclusion too. Triggered? No. Confused? Yes.
4,856 (8% pre-tax) I put about 24k a year in savings for real estate investments 24 Y/O
Rising Star
12%, but that's max for me. 29yo.
20% since 24. I’m 28 now. I’m pretty frugal tbh so I don’t miss it
15% currently allows me to max out. Age 32
(Salary: 145k base; 10k-15k annually in bonus)
6%, 29 yo
Try to max out by Mid-July. That’s the time I hit the Social Security cap too. Get a nice raise for the remainder of the year. That’s when my expenses go up too.
5% + 5% match to the 401k, then 6% to max out the Roth IRA. Everything else I don’t spend (like 20%) goes to brokerage account that won’t be locked up for the next 42+ years (I’m 23 now)