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Old 05-25-2014, 05:26 AM
 
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For those with no pension and only a 401k what % of your income did you contribute and what did your employer match?
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Old 05-25-2014, 05:53 AM
 
Location: Central Connecticut
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I started out by contributing three percent, as I was only working part time at first and had little money. Increased to five percent when I became full time. Each time I received a raise, that extra money went into my 401k. Now I max out.
My employer doesn't match, but the investment options are good, the fees are low, and payroll deductions make saving easy.
I have other savings and investments besides the 401k.
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Old 05-25-2014, 06:08 AM
 
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Loriact- thanks. What type of firm do you work for?
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Old 05-25-2014, 06:40 AM
JRR
 
Location: Middle Tennessee
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My wife and I started with the same company in 1993. Began with 3% each and bumped it up 1% each year. When the financial crisis hit in 2008, we held our breath and went to the maximum and have done it ever since. I retired in April and she is doing the same in June.

Our employer matched $2 for every $1 for the first $250 and then $ for $; up to 5% of our annual salary.
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Old 05-25-2014, 06:44 AM
 
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Thanks JRR
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Old 05-25-2014, 08:05 PM
 
Location: VT; previously MD & NJ
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in my last 15 years of working before retiring, I contributed the max allowed, including the extra allowed for older folks. It was these 15 years that my 401k grew the most. Also contributed to a Roth each year from the time that became available. And non-retirement savings/investments. You need them all.

When younger I contributed various percentages as my budget allowed - can't really remember now.
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Old 05-25-2014, 08:22 PM
 
Location: Florida -
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From about 1982 through 2008 (retirement), I maxed-out my 401K at either 10 or 12-percent, depending on the company match. (prior to then, I hadn't been too serious about my retirement account/s.) Fortunately, my wife also worked as a school Administrator and ultimately retired with a significant pension. Since 2008, we have lived pretty comfortably on her pension and our individual SS accounts (mortgage paid-off & no debt).

We've fortunately not had to tap-into my 401K/IRA funds. IF, however, we had tapped my 401K/IRA at the same rate that her pension has paid, we would currently be 15-20-percent est. behind where we are now (considering total 401K/IRA earnings). I can readily see why many folks who are depending mostly on savings and 401K/IRA for retirement income would be concerned about the future. There simply don't seem to be enough reliable, low-risk, high-paying investments out there to take up the slack for rising costs due to inflation and our stagnant economy.
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Old 05-26-2014, 03:51 AM
bUU
 
Location: Georgia
11,879 posts, read 8,655,358 times
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No pensions. (I cashed one very small one in about five years ago, because it was not COL and too small to make it worthwhile tracking it. I also worried about the longevity of the plan, itself.)

I've maxed out 401k contributions almost the entire time since 1986. My spouse has done so since 1998. We've typically had employer match of about 3%, but my spouse's is now effectively 1.5% and I haven't had employer match for the last 14 years.

My spouse reaches retirement age very soon, and still we couldn't live the rest of our lives on our 401k balance. With our non-retirement savings, which is almost half our 401k balance, we would have a fighting chance if we moved to a very inexpensive place to live. My spouse will probably end up working another five or six years, and I'll probably continue working another ten or eleven years, assuming that the employment fairy blesses us with such opportunities. That would get our net worth up to close to what we need to live to at least our mid-80s.
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Old 05-26-2014, 06:17 AM
 
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For those with a match can you tell us what it was.

Also do you think your 401k would have been better if it was professionally managed?
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Old 05-26-2014, 07:49 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Then (till 1999) match 1:1 up to 6% of income
Now- 1:1 up to 3% and now have choice of 401k and / or ROTH 401k (I used both)

We had 20+ great choices in 401k. Fidelity managed, so not bad. Many investment choices beyond Fidelity group, as well as life cycle funds (which I review, but don't use due to high expense ratio.

I did really well on company stock, trading on 10% swings. They cut me off that gravy train about 15 yrs ago.
It was common to make as much / yr in 401k gains as wages. so was worth the time 'invested'.

I would rather not have a managed investment, but certainly best for many to have that option, but not all.

We had a very active and engaging workforce who had newsgroups / trading luncheons (after market close) and helped each other be successful. Our company supported our involvement and paid guest speakers to come educate us. They also had employees and investment advisers on the investment board. Probably 20% of my ex-coworkers are now professional investment advisers, paid by their free schooling that came with the golden parachutes. Another 20% are now math and science teachers. (Our company paid for us to work in schools 10 hrs / month). We had great founders! *(and flexible hours,,, I'm ruined for life)
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