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retirement savings and building wealth

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  • #1

    retirement savings and building wealth

    I am finally in a position where I can start to think about increasing retirement savings and the best place to put my money. We are getting settled in to our house and we are getting a handle on what our household expenses are going to be every month

    Currently I have 6% put into 401K so that I can max out my employer contribution (3%). I am not talking large sums of money just yet. My gross income every month is ~$4K before bonuses. So, we aren't talking large sums of money at 6% each month.

    My primary question is, should I increase my 401K contribution or look at other options? Would an IRA be better?

    Also, what are some of you guys doing to have your money work for you? I know it ends up as pennies in the bucket until you are dealing with large sums of money, but you have to start somewhere.
    Originally posted by Leah
    Best balls I've had in my mouth in a while.
    Tags: diversify ur bonds nigga
  • #2
    Put as much as you can afford into the 401k.
    Originally posted by davbrucas
    I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

    Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

    You and slow99 should date. You both have passive aggressiveness down pat.

    Comment

    • #3
      Maximum contribution for a 401k account this year is $17,500. You shouldn't put money anywhere else until your account is full. The tax break is what makes it a priority.
      Originally posted by racrguy
      What's your beef with NPR, because their listeners are typically more informed than others?
      Originally posted by racrguy
      Voting is a constitutional right, overthrowing the government isn't.

      Comment

      • #4
        Good to know. I plan to keep increasing my contribution amount every pay period until I find the breaking point for my personal situation.

        I am assuming that $17500 is personal contribution? I am pretty sure I wont see that cap for a few years!
        Originally posted by Leah
        Best balls I've had in my mouth in a while.

        Comment

        • #5
          Originally posted by black2002ls View Post
          Good to know. I plan to keep increasing my contribution amount every pay period until I find the breaking point for my personal situation.

          I am assuming that $17500 is personal contribution? I am pretty sure I wont see that cap for a few years!
          Yes, personal max. If your wife is employed she can contribute 17,500 as well.
          Originally posted by davbrucas
          I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

          Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

          You and slow99 should date. You both have passive aggressiveness down pat.

          Comment

          • #6
            Remember that if your money is in a 401K, someone else is making the decisions. You get the tax break on an individual IRA also, and YOU make the investment choices. Looks like you are already getting the maximum contribution from the employer. Also, the vesting issue comes into play with a 401K. If you have an IRA, it is all yours except the early withdrawal penalty just like in the 401K. I just like to be in control of my money.

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            • #7
              Not married yet! When we do, is that 17500 combined? If combined is it the same account?
              Originally posted by Leah
              Best balls I've had in my mouth in a while.

              Comment

              • #8
                Originally posted by black2002ls View Post
                Not married yet! When we do, is that 17500 combined? If combined is it the same account?
                If your wife is working, you can put a combined $35k.
                *edited for fordracing19
                Originally posted by davbrucas
                I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                You and slow99 should date. You both have passive aggressiveness down pat.

                Comment

                • #9
                  Originally posted by slow99 View Post
                  If your wife is working, you can each contribute. My wife and I put back 34k a year to 401k.
                  Barge?
                  2015 F250 Platinum

                  Comment

                  • #10
                    Originally posted by fordracing19 View Post
                    Barge?
                    No, clarification since the first answer wasn't clear for him. I'll go edit it for you since you seem to have such an issue with me though.
                    Originally posted by davbrucas
                    I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                    Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                    You and slow99 should date. You both have passive aggressiveness down pat.

                    Comment

                    • #11
                      CHOO$$$$ CHOOO$$$$$ motherfuckers.

                      I only put about 10k/yr away.

                      Comment

                      • #12
                        No problem here. Just talking trash on my Obama phone.
                        2015 F250 Platinum

                        Comment

                        • #13
                          Originally posted by lowthreeohz View Post
                          CHOO$$$$ CHOOO$$$$$ motherfuckers.

                          I only put about 10k/yr away.
                          I will have set aside much lesa than that this year! (401k) it will probably only be ~$5k with an employer contribution of ~$2000. Could be more depending on the # of closings I have between now and October
                          Originally posted by Leah
                          Best balls I've had in my mouth in a while.

                          Comment

                          • #14
                            I contribute 10 percent to a company matching 401K as does my wife. We also both opened Roth IRA's 5 yrs ago, Roth IRA's are great! We are both in our early 50's and wished we had saved more early on in life but with kids and a mortgage it's tough.

                            We still should be in decent shape when the time comes to say screw you to the 40 hr a week grind!

                            Comment

                            • #15
                              only do roth ira since employer does 401k but doesn't match and its limited to railroad stock for the first 3yrs of money in.

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