I need advice on 401K

[Brownslave688]

He's not close to retirement, if he needs more money to live now.

You'd sure hope so but I've seen stranger things. I'm thinking he wants to retire soon and wanting to know exactly how much of that 40k he will see. So that he can pay some stuff off.

 

[Damondogg]

He's not close to retirement, if he needs more money to live now.

No I'm not close, 21 years seniority & I'm just 40yrs old. Got more blood to shed on the battlefield still.

 

[upschuck]

No I'm not close, 21 years seniority & I'm just 40yrs old. Got more blood to shed on the battlefield still.

Now would be a great time to increase, not decrease your contributions if you can. Compounding could make a tremendous difference in you retirement.

 

[Brownslave688]

Now would be a great time to increase, not decrease your contributions if you can. Compounding could make a tremendous difference in you retirement.

Yeah. If you are a full time driver and don't live in one of the most expensive cities in the USA Chicago, New York, LA, ect. There's really not reason not to be putting at least 10% away.

 

[Damondogg]

Yeah. If you are a full time driver and don't live in one of the most expensive cities in the USA Chicago, New York, LA, ect. There's really not reason not to be putting at least 10% away.

I'll look into that, I'm at %5 now considering I need more take home pay weekly-not sure if I up my contribution though by much. Thanks for your advice man!

 

[Damondogg]

Now would be a great time to increase, not decrease your contributions if you can. Compounding could make a tremendous difference in you retirement.

I've increased by a couple percent, not much because I need more take home pay due to bills & crap. Thanks for your help.

 

[sox]

Talk to the most senior guy in your group in 1984 we only had the thrift plan i got advice no regrets

 

[ManInBrown]

I mean I would really love too. If we all really wanted to, we make enough to put 18K in a year. But here's the problem for me. I'm 18-20 years from my projected retirement if my body holds up. We all know that's not a given. But I want to enjoy life NOW. Killing myself all week. If I want a new toy, I get myself a new toy. That 18K puts a big dent on enjoying life now. What do you guys and gals do as far as retirement contributions.

 

[Brownslave688]

Giving up things isn't much of a problem for me since my wife makes so much but it's still all about forgoing instant gratification.

 

[burrheadd]

In 18-20 years your gonna wish you had hit that 401k as hard as you possibly could have

 

[PT Crazy]

Work PT and contribute 35% to 401-k. Work little, live simple, enjoy life!

 

[By The Book]

I think the people who are retiring before 55 now will not max out. They will put in 10 to 20% so they have some cash on hand to hold them over to 59 1/2. If you are going to work until 59 1/2 I think these people will max out for about 5 years because they are still working and have the cash. If pensions get reduced this will force many to up the 401k percentage., and become more fiscally responsible

 

[oldupsman]

I maxed out from day 1 when it was first offered in, I believe it was 1986. I retired at 55. And have no need
to work a day the rest of my life.

 

[By The Book]

I maxed out from day 1 when it was first offered in, I believe it was 1986. I retired at 55. And have no need
to work a day the rest of my life.

You would be the exception as not everyone can do this. I think your point is if you can do this, do this. Sounds like you are wise with your finances.

 

[oldupsman]

You would be the exception as not everyone can do this. I think your point is if you can do this, do this. Sounds like you are wise with your finances.

We just made ourselves do it. You don't buy the new toy. You stay at home for vacation this year. We made
decisions to do without sometimes. And always remember it's before taxes. It doesn't affect your take home
pay as much as you think.

 

[Brownslave688]

We just made ourselves do it. You don't buy the new toy. You stay at home for vacation this year. We made
decisions to do without sometimes. And always remember it's before taxes. It doesn't affect your take home
pay as much as you think.

Well that depends. All of mine is after taxes so it effects my take home a lot.


This though no one said the choices were easy but if they were everyone would retire with millions in the bank.


The more you make the easier it is though. My wife maxes out putting less than 10% in. She gets a 5% match and her employer does profit sharing which goes directly into the 401k which is about a 6% match. She's freaking set and doesn't notice the 10% because I set it up from day 1. She lets me deal with it and just says yeah ok when I tell her how lucky she is.

 

[By The Book]

Well that depends. All of mine is after taxes so it effects my take home a lot.


This though no one said the choices were easy but if they were everyone would retire with millions in the bank.


The more you make the easier it is though. My wife maxes out putting less than 10% in. She gets a 5% match and her employer does profit sharing which goes directly into the 401k which is about a 6% match. She's freaking set and doesn't notice the 10% because I set it up from day 1. She lets me deal with it and just says yeah ok when I tell her how lucky she is.

So.....when you take the highest payout on the pension she's good with that too.lol

 

[Brownslave688]

So.....when you take the highest payout on the pension she's good with that too.lol

Lol. Yes I'll be taking the highest payout. If she can't make it by on our 401k money I did something wrong.

 

[Areyoukiddinme]

set your contribution where you can live and then after 6 months fine tune it

 

[olroadbeech]

I started with 5 %. that was easy. then 10% . didn't miss it so went up every year till maxed . im so glad I did. my income from the 401k is going to be about 2400 a month.

also on the max of 18k a year for you , you will save about 3000 or more in taxes.