What percentage do you contribute to your 401k?

[kidman232]

wondering what % everyone is doing these days? I want to increase mine, but I also like having extra cash on hand for emergencies or short term investments etc

 

[AlwayzRight]

My company matched 4.5% of 6% so I contribute 6%.

 

[shdw01]

kidman, saving for the future is so underrated. Although I recommend against it...you can always cash out your 401k deferrals (with a penalty) if there is an emergency....but just make sure it is something like a health emergency, not an emergency need for a new car or an emergency gambling debt.

I tell people the right amount is between the maximum the employer will match (sometimes 3%, sometimes 5%, sometimes 0, etc.) and the most you can afford (there is a cap every year)

 

[kidman232]

my company does a 50% match but its capped out at $600 right now, so its not hard to hit.....

 

[shdw01]

my company does a 50% match but its capped out at $600 right now, so its not hard to hit.....

so at least $600....anything more the better for you.

 

[brucefan]

Only contribute up to the amount that gets matched . Off course it all depends on your cash flow and other savings goals, but the wild card with tax deferral is who knows what the tax rates will be when you need to withdrawal the money. I mean it's not like our country is loaded and doesn't need the tax revenue .

 

[The Guesser]

If you can afford it, do the max, $18,000 this year, and $24,000 if you're over 50. And put it in the most aggressive funds you can, if your company gives you choices, the further away from retirement you are.

 

[texansfan]

Pension here, but around $800 a month into my 457.

 

[wabashwonders]

I put in 11% right now and will bump to 12% next month after I get my yearly raise. Company matches 9%.

 

[DogDaze]

11%

I have mine auto-set to add 1% every year until it gets to 18% or something like that.

 

[pele272]

I put in 11% right now and will bump to 12% next month after I get my yearly raise. Company matches 9%.

dam, 9% match is awesome

 

[beefdiesel]

6% my company does 10% match up to 6% and we also have profit sharing which in the end makes it more than dollar for dollar match

 

[Enfuego]

kidman, saving for the future is so underrated. Although I recommend against it...you can always cash out your 401k deferrals (with a penalty) if there is an emergency....but just make sure it is something like a health emergency, not an emergency need for a new car or an emergency gambling debt.

I tell people the right amount is between the maximum the employer will match (sometimes 3%, sometimes 5%, sometimes 0, etc.) and the most you can afford (there is a cap every year)

Worst advice ever at the RX. You just never know when something may happen like a sickness, injury or anything else. So many Americans living paycheck-to-paycheck. You can't do that.