Are you financially planning for retirement?

[Bailey08]

Originally Posted by CaliTerp07

It's not really a "do I do both" thing. You can contribute up to the federal limit (I think 50% of your salary or $15,500, whichever comes first) into a 401k of any kind. You can put that money in either a regular (tax-deferred) 401k, or a ROTH (post tax) 401k. It depends how much money you're expecting to be pulling in when you retire. My money is hedged on being in a higher tax bracket at retirement, so I'd rather pay the taxes now when I'm in a relatively low bracket. Hence, our money goes into ROTHs.

To clarify a bit, you can do both a 401k and a Roth (traditional or IRA). They have different limits.

I'm maxing out my allotments but all the retirement calculators tell me I need to be doing more (personal investing). Boo. Retirement is freaking expensive!

[HayleyMarie]

No, but we will be starting once we move and Tyler starts his new job.

[CaliTerp07]

Originally Posted by Bailey08

To clarify a bit, you can do both a 401k and a Roth (traditional or IRA). They have different limits.

I'm maxing out my allotments but all the retirement calculators tell me I need to be doing more (personal investing). Boo. Retirement is freaking expensive!

You can have a 401k and/or and IRA (both can be either traditional or ROTH). Can you max out a ROTH 401k and a traditional (tax deferred) 401k? I thought the limit was $15 or $16k into 401k and another $5k into IRAs.

Then there are 403b's...which is what my work now has, and I need to look into.

[Jules]

Yep. We're maxing out. Which sucks sometimes, if you think about how much more money we could have.. But it's also good and an important thing to do. I also have a German account, kinda like a private CD that grows aggressively over time. My parents started it when I was little and I took over the payments with my first real job.

[JustaLilBitaLuck]

It's not necessarily for "retirement", but I do have two different savings accounts. One is for long term things (retirement, house, etc) that I absolutely never take money out of. The other is for short term things and emergencies (down payment on my car, vet emergencies, etc) I don't, however, have a 401k or anything, but I'll look into it once I have an official full-time job (right now, I work pretty much full time hours, but I'm not full-time status).

I'm really good at savings and budgeting, and I feel that I'm doing the absolute best I can with what I make.

[ravennr]

I prepare nachos.


I'm 22, and I know that's a poor excuse, but I'm also unemployed and working on immigration to another country. I finally got my boyfriend to open a savings account in his bank, that was a start. When I am able to work, I intend to start putting away as much as I possibly can.

[LindaJD]

The maximum yearly contribution for a 401k is $17,000, or $22,500 if you're 50 or older.

[Dizzy]

I pay into a pension.

[Taqroy]

I've had a 401K through work since I started (3 years ago). I put in 12% and the company puts in 4%. I really don't pay as much attention to it as I should but I'm super intimidated by all things investing. >.< Matt has nothing going right now and it worries me.