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What % of your income do you save for retirement?

  • ernest_t_bass
    12% with an employer match.
  • ZWICK 4 PREZ
    FatHobbit;1167172 wrote: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.
    No need. If he suggests it, he is.
  • sleeper
    FatHobbit;1167172 wrote: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.
    Don't even bother. Next time someone tells you to buy stock "XYZ" just tell them you heard the exact opposite about stock "XYZ" and that stock "ABC" is going to take off.
  • FatHobbit
    ZWICK 4 PREZ;1167176 wrote:No need. If he suggests it, he is.
    With what I know now you are probably right.
  • Laley23
    ZWICK 4 PREZ;1167158 wrote:That's not bad at all.
    I agree. Its the best benefit they offer. To bad I dont make enough for 6% to be a very big amount.
  • adog
    16%
  • rmolin73
    16%
  • mella
    25% of my wife's and my combined take home pay goes into savings. Right now it is mostly for the kids' college funds and emergency money but after a certain point that money will be going for retirement.
  • Ironman92
    I teach gim and play $40 a week in lottery tickets.
  • Sykotyk
    If you're in debt, any kind, you by default are not saving for your retirement.

    For instance, if you have a credit card that is at 18% interest it is pure stupidity to put money in any bank unless you can beat that 18% return to make money. Secondly, as you pay off the debt you pay less interest, thereby making your return on investment better.

    So, setting money aside is a losing proposition. Pay off your debt, then you can save for retirement.
  • sjmvsfscs08
    10%, it's matched.
  • Ironman92
    I buy 100 count boxes of Topps 1987 Rafael Palmeiro rookie cards once a month.

    Those wood borders are just so rare....and he will be cleared of using.
  • j_crazy
    The max. 15500. It's 12% of my income.
  • bwcomet89
    11% My co. adds 1% every year to the 401k, I figured I'd just let it go until it became a burden. So far so good.
  • McFly1955
    10% currently, but paying huge amounts to rid ourselves of student loan debt within the next 2 years.
  • McFly1955
    Sykotyk;1167405 wrote:If you're in debt, any kind, you by default are not saving for your retirement.

    For instance, if you have a credit card that is at 18% interest it is pure stupidity to put money in any bank unless you can beat that 18% return to make money. Secondly, as you pay off the debt you pay less interest, thereby making your return on investment better.

    So, setting money aside is a losing proposition. Pay off your debt, then you can save for retirement.
    Agree that paying off debt (most debt) early is very important --- gotta put enough to max out the company match on your 401k, though.

    My work puts in 6% per year, no employee deferral required, so that's not the case for me.
  • Glory Days
    My yearly savings has been messed up with changing jobs over the past few years. but 90% of my net worth is in some sort of long term savings/investment.
  • jmog
    Sykotyk;1167405 wrote:If you're in debt, any kind, you by default are not saving for your retirement.

    For instance, if you have a credit card that is at 18% interest it is pure stupidity to put money in any bank unless you can beat that 18% return to make money. Secondly, as you pay off the debt you pay less interest, thereby making your return on investment better.

    So, setting money aside is a losing proposition. Pay off your debt, then you can save for retirement.
    When it comes to tax deductible interest debts such as student loans and mortgage payments you are incorrect.

    If you are talking CCs or high interest car loans then you have a point.

    I only have some student loans and mortgage right now. All CCs and cars are paid off.

    I have always put away about 10%, my percentage shot up fast as I paid off CCs and my cars (recently).
  • jmog
    j_crazy;1167438 wrote:The max. 15500. It's 12% of my income.
    Max for 401k is now 17,000...just FYI :).
  • queencitybuckeye
    Sykotyk;1167405 wrote:If you're in debt, any kind, you by default are not saving for your retirement.
    Not at all true.
  • sleeper
    The #1 thing you can do for retirement is not to marry a dumb bitch.
  • thePITman
    I save 12% with 6% company match, so 18%. All into a Roth 401k.
  • Con_Alma
    jmog;1167643 wrote:Max for 401k is now 17,000...just FYI :).
    :thumbup:
  • gut
    Sykotyk;1167405 wrote:If you're in debt, any kind, you by default are not saving for your retirement.

    For instance, if you have a credit card that is at 18% interest it is pure stupidity to put money in any bank unless you can beat that 18% return to make money. Secondly, as you pay off the debt you pay less interest, thereby making your return on investment better.

    So, setting money aside is a losing proposition. Pay off your debt, then you can save for retirement.
    A mortgage, especially at these rates, would be an exception. The bubble aside, it has historically been the largest nest egg for about 90% of Americans.

    Student loans at low, subsidized rates would also be an exception. Perhaps auto financing, as well, if, as you mentioned, you can beat those rates in the market. Anyway, the former two can actually be viewed as investments and the auto financing is just an ROI proposition. But technically, the principal repayment in a mortgage is saving.

    Everyone should be contributing as much as they can to a 401k or an IRA (which may be more appropriate for people in low tax brackets that expect to be in higher ones in retirement). Foolish not to take advantage of the compounded, tax-free growth. And it can still be a safety net as you can take hardship loans (though generally recommended only as a last resort).

    People that rack-up credit card debt are just stupid. Temporarily it can make sense if you need some short-term business financing or might be out of work, but if your living beyond your means it's the surest way to financial ruin.
  • gut
    thePITman;1167720 wrote:I save 12% with 6% company match, so 18%. All into a Roth 401k.
    People that don't contribute enough to their 401k to max the company match are literally leaving money on the table and saying "no thank you, you already pay me too much". The numbers who don't do so, especially among younger 20-somethings, are just astounding and highlight a failure to teach are young people about basic principles of saving and finance.