2006-08-26 01:40:02 · 5 answers · asked by dccuttie75 6 in Business & Finance ➔ Careers & Employment
It all depends on your budget but the more you put in your 401k the more you will have in retirement.
2006-08-26 01:44:08 · answer #1 · answered by T O 3 · 0⤊ 0⤋
As much as you can afford! At the very minimum, make sure you put in what your company will match. For example, if they match the first 6% of your contribution at 50%, 75%, like-for-like, whatever, make sure you put in at least 6% so you get the full match. You don't mention how old you are but I'll make the assumption that your pretty young. With that in mind, if you put in the full match and then add, e.g., 50% of your raises each year, you will create a disciplened approach to investing for your own security and this method will give you a nice nest egg when you retire.
2006-08-26 08:50:16 · answer #2 · answered by BrianR 2 · 0⤊ 0⤋
Do you have emploer matching, if so contribute the maximum amount that your employer will match and not a penny less, it's money you're entitled to so take advantage about it. Try contributing 5-25% of you check to the plan until you reach the max.
2006-08-26 09:35:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The best rule is to invest as match as your company will match, if they match up to 5 percent than invest up to 5 percent. Around 130.00 dollars a month. Invest it pre-tax which will lower your tax liability.
2006-08-26 08:47:10 · answer #4 · answered by fire_side_2003 5 · 0⤊ 0⤋
The amount you make is irrelevant. As long as you're not living hand-to-mouth, try 10%. Your expenses are going to determine what's feasible.
2006-08-26 08:49:07 · answer #5 · answered by honeybucket 3 · 0⤊ 0⤋