Time to bump up that 401k

[olroadbeech]

I agree. I started my 401k as a preloader and have been bumping it up every year. I also have about 40 stocks so far but I only put $20 a week toward that, I just treat it like a savings account.

I just worry that I am not investing my 401k properly. When I set it up I put most of it towards the S&P500, but I really had/have no idea what I'm actually doing haha.

don't be afraid to ask questions and read all the posts in this thread and other threads that have 401k in title. It is a good starting point and education so you will know what kind of questions to ask a FEE only financial planner as a previous poster suggested.

like I mentioned in some previous posts on this thread we bumped our 401k up to the max several years after the 97 strike. that strike made us realize that nothing is guaranteed. We also started IRA's.

So now we have the pension, a very healthy 401k , Ira's , cash savings, and in a year or so we will be collecting social security. I have been retired about 18 months and we have only used the pension to live off of. haven't touched anything else which is all gravy or can be used for emergencies.

It took planning and discipline . We are very happy with our decisions so far.

You asking questions is a step in the right direction.

 

[Brownslave688]

Find A fee only planner. They won't try to sell u anything and will look at your 401 and make suggestions move it up to 16% and retire wealthy. I was lucky I started in the early 80's and jumped on the opportunity to let hourly workers buy stock I was young with a growing family but switched my old thrift plan to the stock and ignored the older drivers that said buying stock is siding with the "enemy" these were some of the same guys that said forget the 401 we have a pension. Put as much as u can into the 401 u will be happy later. I'm older now but I think I had almost 3,000 shares at $25 when stock went public it split to 12.50 and went up to $60 when it went public so we had over 300,00 most have gone for tuition but my point is put as much as u can in your 401. Sorry for rambling!!

16%?

Seems like a pretty arbitrary number

 

[IVE GOTTA PACKAGE 4U]

16%?

Seems like a pretty arbitrary number

Put in as much as you can. I know it's hard sometimes but it's a good feeling to have your own nest egg.

 

[Brownslave688]

Put in as much as you can. I know it's hard sometimes but it's a good feeling to habe your own nest egg.

I always tell drivers 20%. It should get most full time drivers close to maxing out.

 

[IVE GOTTA PACKAGE 4U]

I always tell drivers 20%. It should get most full time drivers close to maxing out.

Everyone situation is a little different. We don't all have a sugar momma.


But seriously...if you are in progression it's much easier to bump it up every time you step up.

 

[Brownslave688]

Put in as much as you can. I know it's hard sometimes but it's a good feeling to have your own nest egg.

My wife's group has an advisor that they can go to for free. He was surprised we saved so much considering how young we are.


Our 2017 goals suck to think about but have to be done.

Will. Life insurance. What happens to the baby should something happen to both of us

 

[IVE GOTTA PACKAGE 4U]

My wife's group has an advisor that they can go to for free. He was surprised we saved so much considering how young we are.


Our 2017 goals suck to think about but have to be done.

Will. Life insurance. What happens to the baby should something happen to both of us

Its morbid but it needs to be done

 

[Brownslave688]

Everyone situation is a little different. We don't all have a sugar momma.


But seriously...if you are in progression it's much easier to bump it up every time you step up.

The biggest difference without her would probably be I wouldn't be able to do a ROTH because I'd need more take home pay.

 

[Brownslave688]

Its morbid but it needs to be done

I was very surprised. She actually brought it up.

 

[IVE GOTTA PACKAGE 4U]

The biggest difference without her works probably be I wouldn't be able to do a ROTH because I'd need more take home pay.

A few more years and you won't have to put that much away. You have time compounding on your side

 

[Brownslave688]

A few more years and you won't have to put that much away. You have time compounding on your side

I'm ready for a big correction.

 

[IVE GOTTA PACKAGE 4U]

I'm ready for a big correction.

I have mine allocated they way I am comfortable with. Bonds are going to get killed

 

[Jackburton]

Just got this today
View attachment 107282

Remember last year I fell under the highly compensated employee heading and our plan didn't allow me to put the max (18k) and forced me to take back 4K? This is might be a response to the plan failing to meet the threshold of contributions so us "rich folks" can max out the 401k

 

[IVE GOTTA PACKAGE 4U]

Remember last year I fell under the highly compensated employee heading and our plan didn't allow me to put the max (18k) and forced me to take back 4K? This is might be a response to the plan failing to meet the threshold of contributions so us "rich folks" can max out the 401k

I try to get as many as I can to contribute

 

[barnyard]

My wife met with an advisor to make sure that we are properly invested. I was worried that I was buying too much stock, vs what I contributed to my 401k. The advisor was a tremendous help there. I do not remember what it cost, but do remember thinking, "Huh, that was cheap."

 

[barnyard]

We were going over our savings the other day, debating whether to contribute more, but we can easily make a 1/2 house payment every week, so that is the route we are taking. I do an auto withdrawal, so it is just like saving, it gets taken out of my account before I have a chance to spend it.

 

[IVE GOTTA PACKAGE 4U]

We were going over our savings the other day, debating whether to contribute more, but we can easily make a 1/2 house payment every week, so that is the route we are taking. I do an auto withdrawal, so it is just like saving, it gets taken out of my account before I have a chance to spend it.

The best debt is no debt

 

[By The Book]

My wife met with an advisor to make sure that we are properly invested. I was worried that I was buying too much stock, vs what I contributed to my 401k. The advisor was a tremendous help there. I do not remember what it cost, but do remember thinking, "Huh, that was cheap."

Your post reminded me of the tv commercial where the dad asks the son if he has an investor and the son asks the dad what are the fees, and the dad doesn't know, lol.

 

[barnyard]

Your post reminded me of the tv commercial where the dad asks the son if he has an investor and the son asks the dad what are the fees, and the dad doesn't know, lol.

Sometimes, all I hear is, "blah, blah, blah." If it were important enough, I would remember.

I have seen posts for years that say, "see a fee based advisor." The people on Sound Money say the same thing. Noone has ever said, "Expect to pay $x.xx amount." Whatever we paid, it seemed like less than what I was expecting it to be.

 

[By The Book]

Sometimes, all I hear is, "blah, blah, blah." If it were important enough, I would remember.

I have seen posts for years that say, "see a fee based advisor." The people on Sound Money say the same thing. Noone has ever said, "Expect to pay $x.xx amount." Whatever we paid, it seemed like less than what I was expecting it to be.

You did the right thing, now you know where you stand and a plan to meet your goals.