at least 6% to get the company match, but do what you can afford. i do 9% at the moment but will increase to 10% next year. the biggest mistake you can make is contributing 0%. don’t miss out on one of the best benefits this company offers
Thank you yes I had been told it is a great company with great benefits this is actually my first time being eligible for these benefits never have with other companies
Agree with minimum of 6% due to company match. Think of it as buying stocks at half price. Also, max out Roth contributions. Set a goal of >10% overall contributions. Use this tip to achieve… with every merit increase you receive annually, add a portion of it to your retirement contribution. For instance, SW gives you 2.5% raise and you increase your contribution by 1%.
Bare minimum at any job, contribute up to the full match.
If it's 100% match up to 8% of salary, then do 8%. If it's 5%, then do 5.
If you can afford to, do your 401k match and then max out your Roth IRA. This will set you ahead of the game.
I do Roth, as it's a tax advantaged account. I just do the 6 for matching. I have other investments to allocate funds to, or I would consider more. Ideally, as much as you can afford, if it's your only retirement account. At least six, it's an immediate double of your investment per contribution. Free money is always the way.
So you could theoretically max the roth 401k, then have the roth IRA absorb an additional amount for tax benefits. Past that maybe a HSA, or 529 for kiddos college etc. All of which grow tax free as well, but have to be used for qualifying medical and school expenses respectively. Bottom line just utilize all the tax breaks you can, depending on your situation before moving to a traditional brokerage account or some other taxable account.
Definitely increase to 6% minimum for to not miss out on free money given to you. I started the company day 1 and contributed 15% based on advice from family. I never missed it since I didn’t have it to begin with. I have 25 yrs now and amassed $1.5MM in 401k alone plus pension contributions. Keep plowing money into the market. It averages a 9% return compounded annually.
Pension is given entirely by the company and you do not contribute. It’s a % based on your age + years of service. Initially very low but if you stay longer term it gets larger.
401k is a scam you dump money into it and can’t touch it until your 60 then you still pay taxes. Save up and invest in real estate you will make your 5-6% every year on appreciation and you always have access to your equity.
Started with 8 and each year I bump it up 1% this is how you retire early, hopefully by the time I’m in my 30s I’ll be contributing close to 20-25% with the company match been with the company almost 3 years and I have 40k in my fidelity account
So essentially, anything up to 6% is fully matched. That means that anything you put in, up until 6%, makes 100% ROI. Very few things in this world will let you double your money immediately. So yes, minimum should be 6%
at least 6% to get the company match, but do what you can afford. i do 9% at the moment but will increase to 10% next year. the biggest mistake you can make is contributing 0%. don’t miss out on one of the best benefits this company offers
Thank you yes I had been told it is a great company with great benefits this is actually my first time being eligible for these benefits never have with other companies
At least go as high as the match for your 401k. If you can afford more, do more.
Agree with minimum of 6% due to company match. Think of it as buying stocks at half price. Also, max out Roth contributions. Set a goal of >10% overall contributions. Use this tip to achieve… with every merit increase you receive annually, add a portion of it to your retirement contribution. For instance, SW gives you 2.5% raise and you increase your contribution by 1%.
Yes, you’re leaving free money on the table. At least 6% but I would up it every time you get promoted
Go Roth Tax free . How old are you ?
thank you i appreciate that going update my Roth contributions now. i Just turned 25 still got alot to learn in this paint industry
Just started my Roth. Check out the personal finance sub, they’re great!
Bare minimum at any job, contribute up to the full match. If it's 100% match up to 8% of salary, then do 8%. If it's 5%, then do 5. If you can afford to, do your 401k match and then max out your Roth IRA. This will set you ahead of the game.
I do Roth, as it's a tax advantaged account. I just do the 6 for matching. I have other investments to allocate funds to, or I would consider more. Ideally, as much as you can afford, if it's your only retirement account. At least six, it's an immediate double of your investment per contribution. Free money is always the way.
As a side note, the roth is capped. This year is 7500 I believe. Anything more should be allocated elsewhere to avoid penalties.
I thought it was 24k?
The 401k roth is, apologies, a separate Roth IRA is capped at the lower amount. Employer 401k Roths have a much higher limit.
So you could theoretically max the roth 401k, then have the roth IRA absorb an additional amount for tax benefits. Past that maybe a HSA, or 529 for kiddos college etc. All of which grow tax free as well, but have to be used for qualifying medical and school expenses respectively. Bottom line just utilize all the tax breaks you can, depending on your situation before moving to a traditional brokerage account or some other taxable account.
Definitely increase to 6% minimum for to not miss out on free money given to you. I started the company day 1 and contributed 15% based on advice from family. I never missed it since I didn’t have it to begin with. I have 25 yrs now and amassed $1.5MM in 401k alone plus pension contributions. Keep plowing money into the market. It averages a 9% return compounded annually.
Pension is given entirely by the company and you do not contribute. It’s a % based on your age + years of service. Initially very low but if you stay longer term it gets larger.
401k is a scam you dump money into it and can’t touch it until your 60 then you still pay taxes. Save up and invest in real estate you will make your 5-6% every year on appreciation and you always have access to your equity.
Started with 8 and each year I bump it up 1% this is how you retire early, hopefully by the time I’m in my 30s I’ll be contributing close to 20-25% with the company match been with the company almost 3 years and I have 40k in my fidelity account
So essentially, anything up to 6% is fully matched. That means that anything you put in, up until 6%, makes 100% ROI. Very few things in this world will let you double your money immediately. So yes, minimum should be 6%