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Old 05-26-2014, 07:49 AM
Location: Idaho
4,628 posts, read 4,473,076 times
Reputation: 9060


No match. Just what the employer contributed and what I contributed separately. The money is in TIAA-CREF.
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Old 05-26-2014, 08:14 AM
Location: Central Connecticut
417 posts, read 263,938 times
Reputation: 939
Originally Posted by tom1944 View Post
Loriact- thanks. What type of firm do you work for?
I work for a multidisciplinary consulting firm - engineering and environmental consulting, design-build, lead, asbestos, soil, water, air, permitting/compliance...

I don't think it would do better if it were actively manage - the fees would be higher. We can get free advice through our the company administrating the 401(k).
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Old 05-27-2014, 07:47 AM
Location: Long Island, NY
1,689 posts, read 2,060,014 times
Reputation: 2132
Originally Posted by JRR View Post
Our employer matched $2 for every $1 for the first $250 and then $ for $; up to 5% of our annual salary.
My employer was similar. Dollar for dollar match up to 3%, then half matching on the next 2%.

I contributed 5% of my salary for 13 years and then maxed it out for the next 12 years until I retired. Once I hit 50, I contributed another $5k a year.

It hurt financially to contribute that much, but now in retirement, I have one nice nest egg that should outlast me.
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Old 05-27-2014, 01:26 PM
Location: Hudson Valley, NY
895 posts, read 766,594 times
Reputation: 1761
We started off as 'DINKS' and knew that the more we could save early the better it would be down the road. My wife saved for the down payment on the house, I contributed 16% in to the 401k plus a 6% company match. We did have a pension back then too. With each kid I cut back 2% on my contribution, 3 kids I never went below 10% but the company increased their match when they did away with the pension plan (I was grandfathered). So I still do 10% plus 8% from the company and I reinvest a good portion of my dividends. Putting the max in early was very beneficial, and even though I cut back my contribution it was more than offset by salray increases and the larger company match. Solid investment options and low fees also a big help along the way
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Old 05-27-2014, 04:05 PM
2,394 posts, read 2,064,093 times
Reputation: 1648
Q44 are you an IBMer?
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Old 05-27-2014, 09:57 PM
11,938 posts, read 20,400,010 times
Reputation: 19334
We contributed 15%, which with our salaries still wasn't all that much. We also did regular IRA contributions -- no such thing as a ROTH back then. And that was 2K a year each. We both had 6% matches -- his was in funds, mine was in company stock... which I promptly sold after we transferred our monies out to Schwab when we started our own business.

Both our companies used the same management firm and we had pathetic choices in funds. They had, if I recall correctly, 3 choices in each risk style -- so about 9 funds. And even the aggressive funds they offered were really safe and gave mediocre returns and charged higher fees. I couldn't wait to get my hands on our 401Ks. I'm doing much better than they did. BUT -- I am an aggressive investor. And I don't have a lot of emotion about money. I may fall in love with a fund, but when it's time to kick 'em to the curb, I kick 'em to the curb.

Now, self employed, we can contribute up to 23% of our income? Something like that. The accountant tells me what to put in and I listen. And I still do a regular IRA. I'm not as on top of it as I should be, but I am rectifying that. Losing my mom four years ago, some health and family issues the past few years have made me do the set it and forget it routine. It's okay for a bit -- but I've got a few dog funds to sell. And some money to get invested.
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Old 05-28-2014, 01:41 PM
Location: Hudson Valley, NY
895 posts, read 766,594 times
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Originally Posted by tom1944 View Post
Q44 are you an IBMer?
V_r_z_n. Network Engineering side of the house.
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Old 05-28-2014, 06:10 PM
223 posts, read 274,833 times
Reputation: 443
We always contributed the max. At one point, it was only 10% though it is now 15%. Hubby is now allowed to make catch-up contributions, so he is probably putting in around 23% this year. My husband's company match is 6%, though I don't remember what mine was. I haven't contributed to my 401k in 14 years, but it is growing nicely. I have no plans to withdraw any funds for at least 12-15 years or so.

I actively managed both 401k's and don't really think that someone else could have done much better. The key was being willing to learn as much as possible about the process and doing my homework on each of the funds. In recent years, the plans began to offer index funds, which make it even easier to self-manage.
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Old 05-29-2014, 11:38 AM
Location: Over yonder a piece
3,911 posts, read 4,653,076 times
Reputation: 6247
I was a late starter. Didn't start retirement savings until 1997 (at the age of 28). My husband started much earlier than me - at the age of 21. We are both in our mid to late 40s now.

Up until 2009 I only did the bare minimum (3%) into any 401Ks or SEP-IRAs I had. However, when I started at my current job, I committed to increasing my input every year. I am now putting in 9% and will bump up to 11% in November of this year. My current company matches up to 6%.

My husband only does 6%, and has done 6% for the past 20+ years. Seeing how quickly my 401K is growing, he has decided to bump up 2% every time he gets his a raise starting next year.

Between the two of us by the time we hit our 50s we should each be putting in the max to our 401Ks and should have a decent nest egg if we work until we are 67-69 years old. Of course, by the time we get to retire, the recommended age will probably be 70+. *lol*
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Old 05-29-2014, 11:56 AM
Location: USA
1,815 posts, read 2,244,399 times
Reputation: 4139
My employer had a SEP plan. They added a percentage of our salary off and on for about 5 years (one year there was no contribution). They got audited and turns out boss was not treating us all equally or adhering to the SEP plan rules about percentage amounts. Several employees had to pay back not only the extra money, but any interest/gains they'd made on that money. Now my employer does nothing. I take care of my own savings/retirement plan.

I do not like IRA/401Ks. My fear is down the line the government will see all these accounts and figure out a way to get their hands on the money or a way to dole it out to you pennies at a time.
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