My new job allows me to open a 401K account. I am in my late thirties, how much should I contribute weekly?
2006-12-21 08:00:38 · 5 answers · asked by DanjoHart 2 in Family & Relationships ➔ Singles & Dating
The max should be 25% of pay. Can you afford that? If not then contribute as much as you can and still live comfortably. Many 401(k) plans have a minimum required contribution for Employees of 2-3%. This is for IRS guideline purposes. Also starting in 2007 your company may elect that you make contributions. If you do not like the % then you must elect out of it or elect a different %.
2006-12-21 08:07:31 · answer #1 · answered by mitchellinho 4 · 0⤊ 0⤋
My job contributes and matches 4%. I chose to contribute 7%. This amount is taken out twice monthly..I am 31 and alreadyhave about 30,000 in 401k retirement. The longer you wait the higher % you want to contribute.
2006-12-21 16:04:48 · answer #2 · answered by tchem75 5 · 0⤊ 0⤋
I agree. If there is no match contribute over 7% at least. And divide up your contributions into moderate and risky accounts. I have mine all in moderate and it doesn't seem to be doing much for me right now contributing 5% and matched.
2006-12-21 16:08:11 · answer #3 · answered by Jenny 4 · 0⤊ 0⤋
max it out every week. the match from your employer will make it money well invested.
well yeah, without a match i'd go about 10% as well.
2006-12-21 16:03:27 · answer #4 · answered by John C 4 · 0⤊ 0⤋
If they match you should put in up to the limit for matching. If no matching you should put in 6%-10%
SJS
2006-12-21 16:03:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋