[Money Talk] How much are you contributing for retirement?

You shouldn't have to drop your contribution rate since it's maxed anyway. Your company shouldn't allow you to withdraw beyond the max.
Personally I max my 401k. My company matches 12% so I'd be crazy not to. You started young so that's good.

 

For a second there I thought this was gonna be about the classic 1990's Chris Tucker film... A little disappointed.

 

I'll just be a retirement member.

 

I also max mine out. If you can afford it and you don't do this you're a moron. We only get matched 6%, would LOVE the 12% match! Nice!!

 

10% to max out my company's match of 5%.

 

You shouldn't max out just to max out. You should always max out your employer's match if you can afford to.

 

Yeah, just match out your employers match. 12% is freaking great.

 

My company matches up to 2%.... after reading this thread, I'm amazed at how little that is comparatively.

 

I have a 403.b which is the same as a 401.k for educational institutions. My company matches 5% if you put in 5% of your salary. Anything after 5% is not matched and put into a different account with no limits.

 

My company matches 9%. I put in 11%.

 

I assume you have a SIMPLE plan. They are the cheapest employer plans. My first accounting job had a SIMPLE IRA that matched 3% on your 3% contribution. My second one didn't have any retirement plan.

With the SIMPLE IRA, the employer must match your contribution up to 3% or elect to contribute 2% to every qualifying employee regardless of their contribution.

 

I have been stealing copper wire for years. I got this.

 

I plan to die and be buried in my cubicle. It's either that or I hit Megabucks.

 

After you have maxed out your company's 401K, make sure to max out your ROTH IRAs too.

Also, you are allowed to save in addition to that.

If you want to keep it tax efficient, dump any further savings into municipal bond funds. It'll grow tax free, so it'll be like your faking additional ROTH IRA contributions.

My wife and I max out both our 401Ks and ROTH IRAs and still save in addition to that.

We save about 55% of our income.

 

My company matches 4% if I put in 8%, so that's what I do.

The rest of my savings go to a down payment for a house that I'm not sure if I will ever buy. Home prices here are disgusting.

Once/if I buy a house I will probably start maxing out at 16%, evenly split between Traditional 401(k) and Roth 401(k).

 

My company doesn't have a plan at all. I'd be happy if they'd just start one whether they contributed or not.

 

Yeah, I actually don't even have to put in 12%. The company gives us 6% whether we put in anything or not. And then they match 100% of the next 6%.
So it's actually 6-12% depending on if you put anything in at all.

 

401Ks have to be part of a larger Profit Sharing Plan. To keep the Plan qualified (and the tax advantages thereof for the company), the company contributes either through a match or an unconditional payment. There is one out though. The companies can get a waiver (to keep the plan qualified) if they do not post profits. No profits, no profit sharing.

 

Back a couple months ago before I was let go I was contributing 6% and being matched the same. I'm not working right now, just finishing school this next semester so my money is just sitting there in a 401k with no contribution. Any advice on what to do with it?