Ohio Chatter DEV

jmog

Sleeper's thread inspired me (ouch, that hurts to say).

I have known for a long time that a big percentage of American's don't save for retirement.

How much do you save for retirement?

Only include actual retirement savings (401ks, IRAs, investments, etc) not your normal emergency savings account.

Also, don't count SS. Just what YOU are putting away.

This will be a private poll, so feel free to ACTUALLY be honest.

Oh, and the % should be of your gross, not net.

mcburg93

Right now nothing after losing my job back a few months ago kinda hard to put money away. When I was working was stowing away 20%. I did the max on my 401k at work then put money away through safer means. My 401 lost a large amount but its slower coming back. My other investments are still doing alright.

sleeper

15% into retirement.

ZWICK 4 PREZ

combined 30%

Both 10% into 401k and 5% into an IRA
We put into saving too but I don't really call that retirement.

I'm not sure how the IRA will work now though since we're married. we used to be able to put 5000 a year in, but I'm not sure if it's 5,000 total now or still 5,000 a person.

Commander of Awesome

I thought I was doing pretty well at 8%.

Laley23

6%. Max that is matched (dollar for dollar) by employer. Dont make enough to put away money that wont be matched.

like_that

I had a good head start with my retirement savings, so currently as a fairly new employee I am at 5% with my tsp. I plan on increasing that in a few months though.

ZWICK 4 PREZ

Laley23;1167112 wrote:6%. Max that is matched (dollar for dollar) by employer. Dont make enough to put away money that wont be matched.

Do they match with actual money or company stock?

jmog

ZWICK 4 PREZ;1167105 wrote:combined 30%

Both 10% into 401k and 5% into an IRA
We put into saving too but I don't really call that retirement.

I'm not sure how the IRA will work now though since we're married. we used to be able to put 5000 a year in, but I'm not sure if it's 5,000 total now or still 5,000 a person.

How can an engineer fail at math?

Z4P...if you both put 10% of your incomes away into 401ks, that doesn't mean you put 20% of your total income into 401ks...you are still puting 10%.

10% of 40k + 10% of 60k is still 10% of 100k.

I honestly don't know the answer to the IRA, I personally have just always stuck to the 5k to be safe from the auditors

.

Laley23

ZWICK 4 PREZ;1167116 wrote:Do they match with actual money or company stock?

Actual money. But if you leave company before 5 years you only get 20% of it, in increments. So 20% if leave within a year, 40% for 2 years etc. After 5 with company, we will be able to leave with all the money.

jmog

Commander of Awesome;1167110 wrote:I thought I was doing pretty well at 8%.

You are, trust me, with nearly half of the country putting away 0, you are well above average!

ZWICK 4 PREZ

jmog;1167121 wrote:How can an engineer fail at math?

Z4P...if you both put 10% of your incomes away into 401ks, that doesn't mean you put 20% of your total income into 401ks...you are still puting 10%.

10% of 40k + 10% of 60k is still 10% of 100k.

I honestly don't know the answer to the IRA, I personally have just always stuck to the 5k to be safe from the auditors .

We just got married a couple weeks ago so in my head its still separate. when I look at projected amounts it went from 10% to 20% lol

jmog

I personally max personal pretax contributions 401k ($17k) and IRA ($5k).

I also put a little more into a post tax IRA, but that one isn't nearly as much as the others.

jmog

ZWICK 4 PREZ;1167127 wrote:We just got married a couple weeks ago so in my head its still separate. when I look at projected amounts it went from 10% to 20% lol

Dumb SparkE

Iliketurtles

I put in 10%.

jmog

Once again the Ohio Chatter is apparently MUCH better than the national average...so far only 9% say they don't save for retirement compared to the 49% of Americans

Sonofanump

I am near 13%, wife is near 10%. That will increase once mortgage is paid off.

ZWICK 4 PREZ

jmog;1167134 wrote:Once again the Ohio Chatter is apparently MUCH better than the national average...so far only 9% say they don't save for retirement compared to the 49% of Americans

That's b/c I'm retarded. I need to change mine to still 15%

ZWICK 4 PREZ

jmog;1167121 wrote:
I honestly don't know the answer to the IRA, I personally have just always stuck to the 5k to be safe from the auditors .

I just called and you can only put 5000 away if you're filly jointly; 10,000 separately. So now we're at 12.5%..keeps going down.

sleeper

jmog;1167134 wrote:Once again the Ohio Chatter is apparently MUCH better than the national average...so far only 9% say they don't save for retirement compared to the 49% of Americans

Typically forum users are more intelligent/more responsible than the public at large. There are also slightly more 'right' leaning politically as well.

ZWICK 4 PREZ

Laley23;1167122 wrote:Actual money. But if you leave company before 5 years you only get 20% of it, in increments. So 20% if leave within a year, 40% for 2 years etc. After 5 with company, we will be able to leave with all the money.

That's not bad at all.

FatHobbit

I am currently putting in 0%. I used to contribute 10% (with a 6% company match) until we took a 10% paycut and I got married. We got 5% back and I'm using that to pay down debt. Once we get our debt paid off, or my wife finds a full time job I will switch back to 10%.

I also have some company stock and a small IRA. The IRA was on the advice of my idiot neighbor who was a "financial advisor" and had a can't miss stock. I bought $1200 worth and it dropped to ~$100. He had refinanced his house to buy more than $20k worth and he sold it all when it tanked, so that makes me feel slightly better about it. (buy high, sell low right?!?) It's back to $700 now and I'll be surprised if I ever get anything out of it.

sleeper

FatHobbit;1167162 wrote:I am currently putting in 0%. I used to contribute 10% (with a 6% company match) until we took a 10% paycut and I got married. We got 5% back and I'm using that to pay down debt. Once we get our debt paid off, or my wife finds a full time job I will switch back to 10%.

I also have some company stock and a small IRA. The IRA was on the advice of my idiot neighbor who was a "financial advisor" and had a can't miss stock. I bought $1200 worth and it dropped to ~$100. He had refinanced his house to buy more than $20k worth and he sold it all when it tanked, so that makes me feel slightly better about it. (buy high, sell low right?!?) It's back to $700 now and I'll be surprised if I ever get anything out of it.

LOL @ can't miss stock. Never take stock recommendations from anyone, not even Buffet.

ZWICK 4 PREZ

FatHobbit;1167162 wrote:I am currently putting in 0%. I used to contribute 10% (with a 6% company match) until we took a 10% paycut and I got married. We got 5% back and I'm using that to pay down debt. Once we get our debt paid off, or my wife finds a full time job I will switch back to 10%.

I also have some company stock and a small IRA. The IRA was on the advice of my idiot neighbor who was a "financial advisor" and had a can't miss stock. I bought $1200 worth and it dropped to ~$100. He had refinanced his house to buy more than $20k worth and he sold it all when it tanked, so that makes me feel slightly better about it. (buy high, sell low right?!?) It's back to $700 now and I'll be surprised if I ever get anything out of it.

I'd never invest with someone who thought there was such a thing as can't miss stock lol.

FatHobbit

sleeper;1167168 wrote:LOL @ can't miss stock. Never take stock recommendations from anyone, not even Buffet.

At the very least the next time someone suggests a can't miss stock, I'm going to find out if he's an idiot before I buy.

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What % of your income do you save for retirement?