How many here contribute the full 17,500 to their 401k? (rates, healthcare, house)

[mizzourah2006]

I'd also be curious as to people's age as well. Some of you bank. I thought I was doing ok, but then I see the average person in here appears to be making 150-200k.

Good for you though!

I contribute a little over 4200 and my wife an additional 1500. Mine is matched 100% and hers is matched 33%. We have also each maxed out our Roth's the past 2 years.

So in all right now we contribute about 21k a year. I also get paid in company stock each year as well which is an additional 7k, I don't immediately sell that, so I typically consider that as part of my retirement (although after a few years I may sell to diversify a bit), so with that we are at 28k a year.

I am 30 and she is 28.

[zombocom]

Wife and I both have pensions, that's 6% of our paycheck, and we put another 6% into a 401k (with no match by the employer).

[TaoistDude]

I used to max out my 401k, but wasn't able to for most of the past 10 years due to divorce and reestablishing myself. Now, I'm once again contributing the max allowed (Roth 401k), my wife and I are each contributing the max to a Roth IRA, and she is putting 50% of her salary into a conventional 401k (increasing to 75% next year).

We'll do fine in retirement, I think. I've managed to beat the S&P500 for returns over the last 10 years more than tripling the starting value. We'll more than double our balance between now and retirement just from contributions, and in a few years I think that will double again due to an inheritance. We also have 2 years of living expenses covered in non-retirement liquid funds.

[wisnowbird]

Originally Posted by mizzourah2006

I'd also be curious as to people's age as well.

I'm 41. I didn't start maxing my 401k until I was in my mid-30's. When I was in my 20's & early 30's I lived in the South, made a fraction of what I make now that I live in NYC & was lucky if I managed to scrape together a few thousand each year to contribute.

[tiny_t]

Originally Posted by Thinking-man

1. what's your contribution amount for the year?
2. About how much is your salary?
3. Do you find it difficult to contribute the full 17,500?
4. what's your company match?

1. what's your contribution amount for the year?
I max it out (17,500$)

2. About how much is your salary?
3. Do you find it difficult to contribute the full 17,500?
Not difficult with my current salary.
I have saved 40 - 48% of my salary, even when I got out of college make 40k.
I didn't start maxing until I made around 65k.

4. what's your company match?
My company match is 50% of the first 6%

[michgc]

Originally Posted by mizzourah2006

I'd also be curious as to people's age as well. Some of you bank. I thought I was doing ok, but then I see the average person in here appears to be making 150-200k.

Good for you though!

I contribute a little over 4200 and my wife an additional 1500. Mine is matched 100% and hers is matched 33%. We have also each maxed out our Roth's the past 2 years.

So in all right now we contribute about 21k a year. I also get paid in company stock each year as well which is an additional 7k, I don't immediately sell that, so I typically consider that as part of my retirement (although after a few years I may sell to diversify a bit), so with that we are at 28k a year.

I am 30 and she is 28.

Sounds like you are doing very well! A lot of people on this board who are contributing so much are a lot older than 30!

[synchronicity]

Originally Posted by mizzourah2006

I'd also be curious as to people's age as well. Some of you bank. I thought I was doing ok, but then I see the average person in here appears to be making 150-200k.

Good for you though!

I contribute a little over 4200 and my wife an additional 1500. Mine is matched 100% and hers is matched 33%. We have also each maxed out our Roth's the past 2 years.

So in all right now we contribute about 21k a year. I also get paid in company stock each year as well which is an additional 7k, I don't immediately sell that, so I typically consider that as part of my retirement (although after a few years I may sell to diversify a bit), so with that we are at 28k a year.

I am 30 and she is 28.

As another poster said, sounds like you're doing quite well! I turned 36 the first year I ever hit the fed max on my 401K, since you're curious, and was almost 30 before making my first contribution ever to a 401K, so you're well ahead of my pace.

[mathjak107]

i am 61 and contribute not only 23 k to my 401k since i can do an extra 5500 , we also contribute the max to my wifes ira and i fill up our hsa account with 7200.00 bucks.

you all who are trying to figure out how people contribute so much are only looking at pay check income.

if we go by pay checks i would have to say about 120k but then again my wife works only 3 hours and is semi-retired retired and i am going part time.

after decades of investing we have enough other income from other sources so we can save the money from our checks. in fact in up years we earn more from our investments then working.

basically we have been trading taxable income from other sources for tax deferred income from our pay checks.


anyone who saw our incomes from our pay checks would say no way , we have to be lying ,no one could have that much to save , but as you see there are reasons.

also trying to compare 401k balances can be useless information.

so many folks ,self included changed jobs and rolled their 401k money over to their own ira's that any comparisons become flawed by alot.

if i never rolled my 401k' money over i would answer the question with a 7 figure number.

since restarting a new 401k the last few years my answer would be about 90k.

new tax laws now allow you to transter your 401k money into your own ira if your plan allows it as well further making the question above not very useful as a number.

a smart person would be splitting their investing budget putting only the income generating stuff in a tax deferred plan. the equities should be bought in a taxable account where they can be taxed at only a fraction of what the deferred stuff will.

you have to be careful about questions like this thread as usually the folks asking have little financial knowledge and do not realize that the way they are asking the question can preclude the answer they really are looking for.

in my case my 90k answer at age 61 would be met with that sucks ! you are doing poorly. but that is because the few million we finally achieved is not in the 401k.

asking about only a 401k is very narrow and not a comlete or accurate picture of a real investment strategy for many reasons. the answer to the question they get may not really be the answer they were looking to compare with.

if someone is trying to compare what they are doing with others this question falls short.

if i said we earn 120k and save almost 37k you would go that is great but the rest of the equation says we are spending other income we have instead of our pay checks.

you on the other hand may be spending no other income and saving at a high rate , in reality you can be the one doing a better job saving.

[VJP]

I started maxing my third year out of school when I made 68k. I think the max then was 13000 or so (2006). Since then we've stepped it up and also max out my wife's, plus the two roth's. At least this way, there will be a good chunk in that deferred account come my 60s and 70s.

[JXBC]

1. what's your contribution amount for the year?
Just switched to 9%. With new salary and average bonuses, it is right at the Federal maximum of $17,500. I was at 16% up to last pay period.

2. About how much is your salary?
My new promotion kicks in next week, so I'll use those numbers. $150,000 annual, with an additional average of $45,000 per year in bonuses/cash incentive.

3. Do you find it difficult to contribute the full 17,500?
No.

4. what's your company match?
7.5% - however, this does not factor in to the Federal limit - combined for 2013 between employee contributions and employer contributions is $51,000.