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View Poll Results: Are you saving or investing for retirement?
Yes, and have been for a while. 19 51.35%
Yes, just started. 6 16.22%
No, but I'm about to start. 2 5.41%
No, I'd rather put my money towards other uses. 0 0%
No. I'm pretty young, so I'll worry about it later. 2 5.41%
No, but I wish I could. 5 13.51%
Nachos! 3 8.11%
Voters: 37. You may not vote on this poll

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  #31  
Old 02-05-2012, 01:58 PM
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Bailey08 Bailey08 is offline
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Quote:
Originally Posted by CaliTerp07 View Post
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!
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  #32  
Old 02-05-2012, 03:06 PM
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No, but we will be starting once we move and Tyler starts his new job.
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  #33  
Old 02-05-2012, 03:18 PM
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Quote:
Originally Posted by Bailey08 View Post
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.
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  #34  
Old 02-05-2012, 04:17 PM
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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.
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  #35  
Old 02-05-2012, 08:06 PM
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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.
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  #36  
Old 02-05-2012, 08:36 PM
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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.
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  #37  
Old 02-06-2012, 03:56 AM
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The maximum yearly contribution for a 401k is $17,000, or $22,500 if you're 50 or older.
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  #38  
Old 02-06-2012, 05:26 AM
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I pay into a pension.
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  #39  
Old 02-06-2012, 06:46 AM
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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.
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