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I'm freaked out that I'm nowhere NEAR on track with my 401k

Posted by ty97 Oct 20 '17, 08:16

And I gave multiples of 2400 a year. And I still feel like I don't give/have enough.

Responses:

This is me with my 529 college savings plans. It's a really good amount but by itself only would cover say two years of a private school tuition - oblique, SuperFeud Champion and Tenth Astronaut Oct 20, 08:24 5
- we have RESPs here. Feds give you 20% up to $480 I think it is ($2400 from you gets you $480 from the Govt right away) - Beaker Oct 20, 08:34
- I've done calculations of what you would need to put away to cover everything. It's ridiculous. All because the school inflation rate far exceeds most - decline Oct 20, 08:29 3
  - I'm actually pleased at the end of the day that we're getting as close as we are. We don't want him to carry any debt - oblique, SuperFeud Champion and Tenth Astronaut Oct 20, 08:32 2
    - that's great of you as parents :) -- nm - decline Oct 20, 08:40 1
      - It was much harder when we first started savings when my wife was home with the kids and not working full time out of the home. That college savings - oblique, SuperFeud Champion and Tenth Astronaut Oct 20, 08:43
They don’t mention it in the article, but every proposal I’ve seen to cap pre-tax 401(k) contributions has been paired with requiring plans to offer - znufrii Oct 20, 08:20 11
- I already have a Roth option. I WANT my pre-tax option. -- nm - ty97 Oct 20, 08:22 10
  - can I ask a dumb question? what's the point of capping roth contributions? like, if I'm not tossing cash into a roth, I'll just invest it somewhere. - amanda jones state university Oct 20, 08:25 9
    - You pay taxes upfront to withdraw earnings tax-free - znufrii Oct 20, 08:31 4
      - are the ira contrib maxes for employee contrib only? or what employer contribs as well? (obviously I have never maxed anything.) -- nm - amanda jones state university Oct 20, 08:39 3
        
        I know the 401k maxes have employee contribution maxes and separate 'total contribution maxes' (about 3x of the employee max) -- (edited) - ty97 Oct 20, 08:45 1
        
        2017: 401k deferral max is 18,000. 401k Annual DC contrib max is 55,000 (employee + employer). IRA/Roth max is 5500. - decline Oct 20, 08:55
        
        I don’t think the overall caps would change based on what I’ve heard so far, but really it’s all speculation anyway st this point -- nm - znufrii Oct 20, 08:42
    - you are probably phased out of any tax benefit of your roth contribs now. -- nm - decline Oct 20, 08:27
    - no taxes on gains when I withdraw? is that it? -- nm - amanda jones state university Oct 20, 08:26 2
      - I'm guessing that's it. You don't pay any capital gains either annually or at withdrawal, which is a nice perk. -- nm - ty97 Oct 20, 08:28
      - yep -- nm - decline Oct 20, 08:27
decline, I get why they are thinking it, but the fundamental basis is 'if they need money now'. They don't need money now. - ty97 Oct 20, 08:19 1
- agreed -- nm - decline Oct 20, 08:20
None of it will mean anything once the cleansing revolution comes - Reagen Oct 20, 08:19 1
- The first rule of... -- nm - Spawn Oct 20, 08:31
I tried a month or so ago to find a way online to calculate how much I should be saving now to retire with $xxxxx per year, and I couldnt - tRuMaN Oct 20, 08:19 10
- Since I started this job nearly 18 years ago, my father has told me 'max your 401k contributions!'. I've never maxed. - ty97 Oct 20, 08:21 9
  - it's 18% up here for the equivalent. Insane idea that I'd have expected to max that. -- nm - Reagen Oct 20, 08:29
  - yeah, it's really hard for most people to max out -- nm - decline Oct 20, 08:24
  - I have always met the minimum to get full employer matching. But next maxed out personal contributions in a year. -- nm - ty97 Oct 20, 08:23 6
    - right getting every cent from employer matching is a must. -- nm - Beaker Oct 20, 08:28 5
      - Which all but doesn't exist anymore. - Reagen Oct 20, 08:31 3
        
        My dad, who retired from my company, retired with a pension and a 401k. I will not have a pension. 401k is my retirement. - ty97 Oct 20, 08:34 2
        
        I will probably have a pension but that's very occupation specific. -- nm - Reagen Oct 20, 08:36 1
        
        I should * my no pension line - ty97 Oct 20, 08:50
      - Yup, I at least heeded that message, even in my mid-20s when I was a financial toddler (from a financial responsibility perspective) -- nm - ty97 Oct 20, 08:29
you and me both, brother - decline Oct 20, 08:19
I am freaked out that I do not even have a 401K -- nm - groiny Oct 20, 08:19

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I'm freaked out that I'm nowhere NEAR on track with my 401k

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