Quote:
Originally Posted by Bridge781
sorry does anyone know what this means:
I just checked my contributions and i see this:
My Contribution
5%
Employee Pre-tax
2%
Employee Roth
I guess it means 7% of my salary will be taken out of my check?
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Yes, I'm 99% sure 7% of your salary is coming out--5% pre-tax and 2% Roth. I'd up the Roth to at least 5% as well.
You really need to save 15% of your salary consistently for a decent retirement in your early 60s. The 6% employer match should cover you, assuming you are contributing the full amount to get the match. But if you have a gap in employment, you'll fall behind in your retirement savings, even with a 16% savings rate.
See this article entitled
The Shockingly Simple Math Behind Early Retirement:
https://www.mrmoneymustache.com/2012...ly-retirement/
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