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What percent of your income do you put away for retirement?

Jase

By Jase,
in Huddle Lounge

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Jase Apprentice

Jase

Posted
Posted

I have been... let's say "undersaving" for several years.  Pay raises over the years had shrunk what was 5% of my income that I was saving down to 3%, so I doubled my contribution up to 6%.  Either way, I've been working for 8 years out of college, and I barely have enough for one year of retirement.

 

I've heard that you should save a minimum of 10% of your income.

I've heard that you should max out the contribution limits.

 

It must be nice to have so much disposable income that you can sock away that much money.

 

What say you?.

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The_Light_Brigade Newbie

The_Light_Brigade

Posted
Posted

I contribute 10%.  It's incredibly difficult to look at my paycheck and realize I could use that money but I can't bring myself to change it.  I looked at a website that calculated how much money you made and projected that over your 30 year career taking into account the market and so on.  It gave me a dollar amount that I should be saving.  I took that amount and rounded it up to the nearest hundred.  In addition to my 401k, which gets a 5% match, I contribute to a 457b and Roth IRA.  My family has scared the hell out of me because they say how little they have for retirement.  I'm trying my best to prevent that from happening to me. 

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Jase Apprentice

Jase

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Not enough. 

 

I laugh at the Social Security estimate information that comes yearly in the mail.  Does anyone expect those benefits to be there?

 

nope

 

everyone under the age of 35 should probably operate on the expectation of getting nothing.

 

I am also expecting the govt to try to tax Roth IRA distributions by the time I retire

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Inimicus Mentor

Inimicus

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Ive averaged about 10% over the last 15 years.  During the last ten years I had an additional 8% thrown in by my employer.

 

Due to a wedding this past year and changing jobs, Im not making contributions to my retirement at this time but that will change in a couple of months when I get everything squared away with the new gig.

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Dexterity Newbie

Dexterity

Posted
Posted

15% 401K; matched by employer

10% Roth IRA; matched by employer

25% pays bills & living expenses

50% remaining is blown on vacations, Panthers tix, guns, cars, home theatre, etc, etc, etc.

I put 25% away, probably more than most. But I blow a crapload on toys, too. 26, single, & no kids. With my employer matching, I'm basically putting 50% of my annual salary into retirement. I will retire before I'm 50. I hate working.

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