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How much $ do you put in 401k?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 285134" data-attributes="member: 12570"><p>I am starting to focus once again on my 401k as the last of the loans that I took out to help pay for my children's college was just paid off. I took out 8 loans during their school years, with each loan 1 year in length (some of the loans overlapped). I am at 15% w/$45k. The tax benefits are outstanding, as the amount that you have withheld comes right off of your gross income and thus lowers your taxable income. I also adjust my withholdings to ensure that my take home pay remains stable and I have just enough taxes withheld so that I do not have to pay in. I hope to increase it to 25% by age 50 (4 yrs) and also hope to take advantage of the additional $5k in "catch-up" contributions allowed by law. My plan is to have at least $100-150k in my 401k by the time I retire. I will couple that income with my expected $6k/mo pension (less 16% to the ex) and Social Security, which will make up for the 16% in lost pension.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 285134, member: 12570"] I am starting to focus once again on my 401k as the last of the loans that I took out to help pay for my children's college was just paid off. I took out 8 loans during their school years, with each loan 1 year in length (some of the loans overlapped). I am at 15% w/$45k. The tax benefits are outstanding, as the amount that you have withheld comes right off of your gross income and thus lowers your taxable income. I also adjust my withholdings to ensure that my take home pay remains stable and I have just enough taxes withheld so that I do not have to pay in. I hope to increase it to 25% by age 50 (4 yrs) and also hope to take advantage of the additional $5k in "catch-up" contributions allowed by law. My plan is to have at least $100-150k in my 401k by the time I retire. I will couple that income with my expected $6k/mo pension (less 16% to the ex) and Social Security, which will make up for the 16% in lost pension. [/QUOTE]
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How much $ do you put in 401k?
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