At what age do you plan to retire or

[Shawn Braquet]

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

[irokcj5]

Originally Posted by Shawn Braquet

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

My xx% does not include company match. I'm fortunate to work for a fantastic company that, if you put in at least 6%, you get 5% match, then they give us another 4% at end of year (as long as business is good), so 9% company provided, plus my 12% I'm at now = 21%. Wife has part time job at a non-profit, so no savings. As soon as daughter finishes college in may, I'll be able to start saving another grand/mo. since I'm at "catch up" age.

In saving, time is vastly important. starting at a young age is the most important thing to do, that way when you're 52 like me, your money will be working for you. Its the rule of 72. Wish I'd understood that years ago.

[Shawn Braquet]

Originally Posted by irokcj5

My xx% does not include company match. I'm fortunate to work for a fantastic company that, if you put in at least 6%, you get 5% match, then they give us another 4% at end of year (as long as business is good), so 9% company provided, plus my 12% I'm at now = 21%. Wife has part time job at a non-profit, so no savings. As soon as daughter finishes college in may, I'll be able to start saving another grand/mo. since I'm at "catch up" age.

In saving, time is vastly important. starting at a young age is the most important thing to do, that way when you're 52 like me, your money will be working for you. Its the rule of 72. Wish I'd understood that years ago.

No doubt on starting young. I didn't have an opportunity to invest before the age of 25, but my company is similar to yours that they match 4% to my 6% but give me an additional 5% in place of the previous pension so I put in 6% and get 15% put in total. I put in 13% now and have it set up to increase by 1% every year. The past 2 years I've bumped it up an additional % when I got my yearly raise also. I regret not putting in more than 6% early, I believe I started adding to it around 27.

[swamp snorkler]

Originally Posted by Shawn Braquet

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

I put into my wifes one all the time, it's when you put it into someone elses wifes one that the trouble starts.