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Feb 12th, 2024
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 Re: 401K contributions
[Re: Chickenman]
#8892489
07/31/23 03:29 PM
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Joined: Apr 2005
Posts: 19,909
TurkeyHunter
THF Celebrity
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THF Celebrity
Joined: Apr 2005
Posts: 19,909 |
Take advantage of matching but make sure you are aware of the details regarding your employer's 401K plan. Be sure to check performance and fees. My recommendation is don't go max on a crappy 401K plan. Make sure you are getting employer match but there can be other tax saving investments through proven financial institutions. If it's am awful 401K plan with crappy matching, you might be better off with another retirement investment.
To be determined
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Re: 401K contributions
[Re: BOBO the Clown]
#8892505
07/31/23 03:49 PM
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Joined: Nov 2004
Posts: 4,119
BarneyWho
Extreme Tracker
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Extreme Tracker
Joined: Nov 2004
Posts: 4,119 |
Im exact mind set, saving in my 20’s is what allows me to do the great vacations, hunts etc now
 You, me, and everyone we run around with have been very blessed.
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Re: 401K contributions
[Re: Chickenman]
#8892653
07/31/23 07:09 PM
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Joined: Sep 2013
Posts: 491
Uncle Zeek
Bird Dog
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Bird Dog
Joined: Sep 2013
Posts: 491 |
I now contribute 5%. Employer 4%. Hope to be in a position to contribute 10% within 5 years but with inflation, bills are high. A guy I work with contributes 18% and will max out for the year around August/September.  Another couple of guys max out around November. What are yall contributing? Would yall move large sums to your IRA which is performing better? For guys in our age bracket, I'd contribute more - up to the the maximum if possible. For younger workers, I'd recommend contributing just enough to max out any employer match, as I think the utility of 401k and IRA type accounts is going to be much lower for successive generations. I wouldn't go to the trouble of moving 401k money to an IRA while you're still with the employer - too many hoops to jump through. But you may want to contribute your 5% to get the employer match and then contribute enough to an IRA to max it out for the year.
Last edited by Uncle Zeek; 07/31/23 07:11 PM.
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate, probate & taxes
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 work
zac@artimlegal.com
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Re: 401K contributions
[Re: Chickenman]
#8892704
07/31/23 08:12 PM
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Joined: Sep 2012
Posts: 12,921
PMK
THF Celebrity
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THF Celebrity
Joined: Sep 2012
Posts: 12,921 |
first comes tithe, then max out my 401k with company 6% match, another 10-15% into a Roth ... we live fine and in hopes of retiring in the next couple of years. I enjoy my job and the people I work with, very flexible working conditions including about 50-60% remote from home. I just wish I had done better planning when I was younger but having young kids and mortgage kept us on a shoe string back then.
"everyone that lives dies but not everyone who dies lived..."
~PMK~
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Re: 401K contributions
[Re: Chickenman]
#8892734
07/31/23 08:56 PM
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Joined: Dec 2005
Posts: 6,237
Chickenman
OP
Extremely Right Wing
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OP
Extremely Right Wing
Joined: Dec 2005
Posts: 6,237 |
I appreciate the feedback.
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Re: 401K contributions
[Re: der Teufel]
#8892917
08/01/23 01:39 AM
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Joined: Jul 2005
Posts: 3,314
Stump_jumper
Veteran Tracker
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Veteran Tracker
Joined: Jul 2005
Posts: 3,314 |
Sounds like you sacarificed a lot to have money when your older, just sounds like a miserable way to live.
I am more into live now while your younger and can travel
I would never put my hobbies and "fancy" vacations on hold and drive old cash cars, Screw that no need to live like a pauper, life is too short.
On the other hand, life can be fairly long these days. How long have your parents and their siblings lived? Being old and depending upon social security with little other financial resources can be pretty miserable, too. I think the average SS benefit these days is around $25K/Yr. Last time I read it was about $1700/month or about $20.4k/year. I was fortunate to pretty much max out mine for my retirement age. With no debt I can live on it and put some in savings every year even after paying property taxes and deer lease. 2 years into retirement and have not touched 401k or brokerage accounts.
2017 Tundra 5.7 CM 4x4
2006 Champion 2200 Bay Boat
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Re: 401K contributions
[Re: Chickenman]
#8893203
08/01/23 02:49 PM
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Joined: Dec 2004
Posts: 2,472
bassfishinglawyer
Veteran Tracker
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Veteran Tracker
Joined: Dec 2004
Posts: 2,472 |
I always max out. No matching but still a good thing.
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Re: 401K contributions
[Re: 71Rcode]
#8893208
08/01/23 02:55 PM
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Joined: Sep 2004
Posts: 12,460
RedRanger
THF Celebrity
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THF Celebrity
Joined: Sep 2004
Posts: 12,460 |
Red, you're a good man and I've agreed with many of your posts. My last 25 years of practicing what I outlined above has been fulfilling and humbling. I'm a blessed man and have never been truly hungry or lived without...thank you Lord. Now in my mid 50s I'm picking back up my hobbies and traveling a bit more...but our heads are still down working and investing. Newest vehicle in the garage is 10 years old. Man... I love beating the system.
To me --- fancy = new truck or BMW, family to Hawaii or Disney, kids attending private or out of state college, hire out yardwork. What worked for me was/is simplicity ---$10k cash truck or Honda, family to Orange beach or to visit family, in state public college, sons or me handle yardwork
This is my take and mindset, which has served me well. You guys know best for your families.
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Re: 401K contributions
[Re: der Teufel]
#8893209
08/01/23 02:58 PM
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Joined: Sep 2004
Posts: 12,460
RedRanger
THF Celebrity
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THF Celebrity
Joined: Sep 2004
Posts: 12,460 |
Sounds like you sacarificed a lot to have money when your older, just sounds like a miserable way to live.
I am more into live now while your younger and can travel
I would never put my hobbies and "fancy" vacations on hold and drive old cash cars, Screw that no need to live like a pauper, life is too short.
On the other hand, life can be fairly long these days. How long have your parents and their siblings lived? Being old and depending upon social security with little other financial resources can be pretty miserable, too. I think the average SS benefit these days is around $25K/Yr. Father died at age 62, Brother around age 55, Sister around age 55, mom kicked when she was 80 and I have on sister still alive pushing 80. I am more into live for the now, but I have done my best to prepare for my wifes future when I am gone.
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Re: 401K contributions
[Re: BOBO the Clown]
#8893212
08/01/23 03:00 PM
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Joined: Sep 2004
Posts: 12,460
RedRanger
THF Celebrity
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THF Celebrity
Joined: Sep 2004
Posts: 12,460 |
I normally pass on these threads, but I'll give another perspective.
Wife and I are mid 40's. I was lucky enough when I started my full time job I had a manager/mentor sit me down and show me compounding interest on a spreadsheet for 5, 10, 20, 30, etc years and the benefits of maxing out your 401K. I've maxed mine out from day 1 of employment until recently as well as my wife when she and I started dating. I have over seven figures in my account and she has a substantial amount in her account. It's a number on a screen at this point to my best calculations we will never fully use unless something bad medical goes wrong. I will always invest in my 401K up to company match, but I wish instead of maxing out to the IRS limits I had taken that delta and invested it myself to buy a ranch/land which I just recently started doing. I would rather be able to enjoy life now with my kids than retire with a huge lump sum and be too old to enjoy it. Yes, I beetch like most of my friends on the amount of money we spend on vacations, but I can tell you I've never once regretted the time I've spent with me kids and won't. None of us are promised tomorrow. Biggest conundrum in life..........plan for tomorrow or live for today. There is no right or wrong answer. Do what you feel is right for you and your family. Im exact mind set, saving in my 20’s is what allows me to do the great vacations, hunts etc now I partied and hunt and fished in my 20's and chased tail and traveled. You can always find a way to make money, this is America. You can have what you want, you just have to put in the effort.
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