[quote]countingbeans wrote:
[quote]Testy1 wrote:
[quote]Derek542 wrote:
[quote]Testy1 wrote:
[quote]Derek542 wrote:
Testy has socks over 30 years old[/quote]
Isn’t that your oldest kids age?[/quote]
he turns 23 this Sat[/quote]
Congrats, I have one turning 15 sunday
[/quote]
shhhiiiittttt, I’m teaching my oldest how to drive… And still changing diapers on my youngest. [/quote]
That driving shit is scary.
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW!
[quote]Testy1 wrote:
That driving shit is scary.
[/quote]
Very much so. I feel like I want a full suit of body armor and protective head gear.
(Although he only almost got me killed once. Since then has been pretty damn good.)
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
Okay the wife has 6% and I have 6% going into a 401K is that enough?
Also being an owner of a company do I need to do more?
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
11% goes to my 401(k). I’d like to retire sooner rather than later (Part of which is a Roth 401(k) and part Traditional).
(Although I have been mulling over opening a business…which will totally fuck my retirement plans up)
[quote]Derek542 wrote:
Okay the wife has 6% and I have 6% going into a 401K is that enough?
[/quote]
Not enough info.
Speaking of which, complete thread jack, does anyone remember the thread AnytimeJack detailed his gym operations?
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
It’s a bit low, the more you can put away earlier in life the better. Compounding interest is the shit.
Does you company match and do you meet the requirement for the match?
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
You are because of your young age, but if you can swing more you should.
Grows faster the sooner you put it in.
[quote]usmccds423 wrote:
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
It’s a bit low, the more you can put away earlier in life the better. Compounding interest is the shit.
Does you company match and do you meet the requirement for the match? [/quote]
yea im contributing the max that they match
[quote]carbiduis wrote:
[quote]usmccds423 wrote:
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
It’s a bit low, the more you can put away earlier in life the better. Compounding interest is the shit.
Does you company match and do you meet the requirement for the match? [/quote]
yea im contributing the max that they match[/quote]
That’s good, at least you’re hitting the match.
[quote]Derek542 wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
Okay the wife has 6% and I have 6% going into a 401K is that enough?
Also being an owner of a company do I need to do more? [/quote]
I think you max out before 10% if my questimation is correct.
You’re in medical tho, retirement is different for you.
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
Yes, because you are actually saving lol. You need to up your % tho every chance you can. But at 26, your head is in the right place.
[quote]carbiduis wrote:
[quote]usmccds423 wrote:
[quote]carbiduis wrote:
[quote]countingbeans wrote:
[quote]usmccds423 wrote:
34, shit Beans, it’s time for that condo in the retirement community. [/quote]
Funny, I was reading an article (year or so at this point), I have more saved in retirement than a scary percentage of people my age…
PROTIP
Save 10% of your income. Start NOW![/quote]
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
It’s a bit low, the more you can put away earlier in life the better. Compounding interest is the shit.
Does you company match and do you meet the requirement for the match? [/quote]
yea im contributing the max that they match[/quote]
Disclaimer - I don’t have my financial calculator in front of me, I’ve never tried to run a FV in excel, and I don’t do PFP for a living…
Anyway,
It looks to me like the difference between 150/month & 200/month over the next 39 years (65-26) @ 5% is about $316K.
I’m honestly not 100% sure I did the math right, but I think it’s right.
Point being a small monthly change can have a large impact over time.
[quote]carbiduis wrote:
im 26 and throwing $150/mo at my 401k… I have a house and no savings (too much house work)
150/mo for me = 3.42% of my salary
am i on the right track?[/quote]
It’s better than most, and you have time on your side, but if I were in your shoes I would take a good hard look at where my money goes each month and start looking for ways to save on non-necessities now, funneling that extra money into your 401k.
Most people would be surprised how easy it is to come up with an extra 3-5 percent a month, if not more, just by eliminating some expenses that are more wants than needs (e.g., eat out less, travel less, use coupons, shop at discount or thrift stores, buy generic brands, get rid of unnecessary utilities, buy used goods if possible, shop around for better insurance rates, etc.).
I might be being an idiot…
Lol, pretty sure I’m an idiot
[quote]usmccds423 wrote:
I might be being an idiot…[/quote]
You can self-manipulate all of the numbers here:
[quote]JR249 wrote:
[quote]usmccds423 wrote:
I might be being an idiot…[/quote]
You can self-manipulate all of the numbers here:
http://www.bankrate.com/calculators/retirement/401-k-retirement-calculator.aspx[/quote]
That’s a nice online calculator.
carbiduis, it looks more like a $70k difference, but that is on your contribution only. It doesn’t include employer matching or salary increases and that’s assuming a 5% average interest rate.