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View Poll Results: How much do you contrbute to your 401K
0-3% 17 19.10%
4-6% 16 17.98%
6-8% 19 21.35%
8+% 37 41.57%
Voters: 89. You may not vote on this poll

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      04-27-2011, 11:23 PM   #1
jlspeed29
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How much do you contribute to your 401K?

curious to see the results

YOUR contributions only...
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      04-27-2011, 11:40 PM   #2
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It used to be 401K ....Now, it's 101K and soon to be 01K
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      04-27-2011, 11:48 PM   #3
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Is this WITH company match?
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      04-27-2011, 11:49 PM   #4
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7.5% and my company matches the 7.5%=15%
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      04-28-2011, 12:07 AM   #5
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quick q:

how long after first becoming employed did you start personally allocating % (excl. benefits)?
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      04-28-2011, 12:14 AM   #6
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why not look into roth ira?
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      04-28-2011, 12:32 AM   #7
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Here is a cool link to a 401k savings calculator

http://www.bloomberg.com/personal-fi...culators/401k/
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      04-28-2011, 12:36 AM   #8
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Minimum was whatever my job matches (mandatory since it's free $$) but I usually contributed 10-16% since it was tax free.
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      04-28-2011, 12:54 AM   #9
jlspeed29
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damm..need to step my game up...im only doing %..but company only matches up to 6 i believe....i should double check

i started contributing when I was about 24 i think..first real job out of college pretty much
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      04-28-2011, 01:38 AM   #10
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Depends on how much you make of course and your expenses. For years I've maxed out the $15.5k and now $16.5k. It's difficult to do but much better to contribute more earlier as time is a huge factor in your 401k. I think my first year working a real job I didn't get the max, but not long after I have contributed as much as possible allowed per year.
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      04-28-2011, 02:09 AM   #11
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20% bi-weekly.
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      04-28-2011, 08:21 AM   #12
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I though max contribution was $5k. So I do that every march when it's tax time. No company match for me. I'm just trying to beat the gub'ment!
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      04-28-2011, 08:46 AM   #13
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Quote:
Originally Posted by ACZakka325i View Post
I though max contribution was $5k. So I do that every march when it's tax time. No company match for me. I'm just trying to beat the gub'ment!
You know "tax time" is actually for the prior year, right? Max is also $16.5k. It's gone up by like $1k each year for the last few years.
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      04-28-2011, 08:58 AM   #14
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I go up to 5% since my company matches that, so with company match its 10%.

I'd go higher if I made more money....like contribute 10%.
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      04-28-2011, 10:24 AM   #15
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I max out the contribution cap every year.
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      04-28-2011, 10:33 AM   #16
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Quote:
Originally Posted by ACZakka325i View Post
I though max contribution was $5k. So I do that every march when it's tax time. No company match for me. I'm just trying to beat the gub'ment!
that is for IRA's although I believe its like 5500 now or something..maybe maybe not..
but the max allowable 401K contribution per the IRS 16.5 if you are under 49

and 5K for IRA's (just checked)
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      04-28-2011, 01:27 PM   #17
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10% plus company match 10%
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      04-28-2011, 02:39 PM   #18
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I contribute 3% because that's all my company matches. Anyone putting more than the company match into their 401k is essentially throwing money away. The rest of your retirement savings should be going into an IRA. The fees for a 401k are higher and the choices are usually very limited. They fund choices can even be biased if the company is getting a discount to offer them.
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      04-28-2011, 02:50 PM   #19
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Quote:
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I contribute 3% because that's all my company matches. Anyone putting more than the company match into their 401k is essentially throwing money away. The rest of your retirement savings should be going into an IRA. The fees for a 401k are higher and the choices are usually very limited. They fund choices can even be biased if the company is getting a discount to offer them.
You're painting with too broad a brush and here are some reasons why. First, not all 401(k) plans are alike, so fees, investment options, etc. have to be evaluated on a case by case basis. Second, the IRA contribution limit of $5,000 plus the 6% 401(k) contribution you mentioned may be insufficient savings to meet a person's retirement goals. Third, high income earners who cannot access the benefits of Roth IRAs may have access to a Roth 401(k), in which case using the traditional IRA may be equivalent to "throwing money away."

Just some thoughts about why your strategy may work for you, but not everyone else.
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      04-28-2011, 03:03 PM   #20
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      04-28-2011, 03:07 PM   #21
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Exactly. Just because someone is maxing their 401k doesn't mean they're not contributing to an IRA of some sort. Personally I do both but the $5k limit per year is too little IMO. My company has lots of investment options for their 401k plan actually. However, the breadth obviously isn't as wide as with IRAs. The few funds I like which are not available on my 401k, I use my IRA to invest in those. Also, some people don't want to manage or watch over their IRAs so a 401k makes more sense to them.
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      04-28-2011, 03:07 PM   #22
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While my suggestion is a broad statment, it's almost always true. You will definitely be the exception if you have a 401k program that charges less fees than an IRA. So it's better to stop contributing to your 401k after you reach the company match limit and start contributing to an IRA. If you max out the IRA contributions for the year, you can switch back to contributing to your 401k again to take advantage of the tax-free exemption. But that's really the only benefits of the 401k. I would rather contribute to my personal stock account at that point and reap larger gains with full control over my money.

You are correct that higher income earners have to take a different approach. With salaries over $150k/year, you hit the ceiling for a traditional IRA and your 401k quickly.
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