What % to retirement? POLL

[aurielle]

Re: What % to retirement? POLL

Right now 9% of my gross is going into my pension. Soon as I get my EF fully funded I'll be putting 10 - 11% extra into my Roth since I have no options for adding to my pension.

[nanamom]

Re: What % to retirement? POLL

We had very little due to some major debt DH was in so we lost most of what he had. We are adding as fast as we can but it's hard with a little one around too. We raise our 401K contribution by 2.5 % every 6 months. We plan on stopping eventually but not this year!! Right now we are at 12.5% as of January. July goes up to hopefully 15%.

[PRICEPLUS]

Re: What % to retirement? POLL

Usually 15 to 20 percent but sometimes more and sometimes less. It all depends on how much is comig in and what bills there are!

[myself]

Re: What % to retirement? POLL

MonkeyMama,
We too have a short term mortgage (13.5 years left on a 15 year), which puts me at about 56 when the mortgage is paid off. Coincidentally, our oldest 2 will be Juniors in college we hope.
I have this question in the back of my mind if we should simply refinance to a 20 year, simply so that if or when our children have to try for scholarships, we can show a need for them to receive a scholarship, as opposed to paying entirely out of pocket for their education (although we'll only do this if we feel our retirement is funded properly).
And FWIW, I'd love to save everything aside from what we pay in taxes, but we're already past the point where that is a possibility.

[Elgin526]

Re: What % to retirement? POLL

If you count my employers contribution, 17% of my gross income, but only 6% of our combined (DH and I) gross income. DH has a pension plan at his company, but that's due to go bankrupt around the same time he retires, so we plan on starting a Roth for him, hopefully this year. I hope to get us up to 10% of combined gross income by the end of 2007.

I think 10% is the minimum we need to save. I'd like it to be more eventually, but 10% is the least we can get away with. I'm 30 and DH is almost 35, so we do have time on our side.

[cashqueen]

Re: What % to retirement? POLL

I contribute 12% of my income and DH contributes 10%. I do get a match of 3% but you have to be here 6 years to be fully vested and I don't see that happening (I've been here less than a year.) Dh has great matching and he is fully vested. However, he makes half my salary so it's great, but still not as much as I'm putting in.

[Joan.of.the.Arch]

Re: What % to retirement? POLL

Well, I voted the other day, thinking we saved 19%. However, I've just had out the paperwork and found we are saving 28.48%. This does NOT include the employer contribution. I expect we will need every bit of it to live humbly, too. Humble is fine with me; just let me not be miserable in my old age!

[TBH]

Re: What % to retirement? POLL

I put 11% in workplace plans. Employer matches 6%.

My spouse puts 15% in workplace plans. I think his employer matches 5% but I'm not sure.

We manage to put another 5% or so in Roths usually, depending on various things.

This year, the goal is to hold steady with his workplace contributions even tho I'm prolly going to be bringing in less $$, AND we'd like to add a regular monthly Roth contribution of $100 for him and $50 for me. (He's older and has a smaller balance, so we funnel more to his accounts.)

[my journal]

Re: What % to retirement? POLL

We're putting away 15% of my gross into a 401k (company matches to 2% and give a 3% bonus at the end of the year so, by year end it is 20%). Also going to start a roth this year and try to put at least 5,000 (between DH and myself) into it. I keep kicking myself for not doing it sooner

[myself]

Re: What % to retirement? POLL

We're putting away 15% of my gross into a 401k (company matches to 2% and give a 3% bonus at the end of the year so, by year end it is 20%). Also going to start a roth this year and try to put at least 5,000 (between DH and myself) into it. I keep kicking myself for not doing it sooner

Personally, I think that's great (the amount you are putting away).
Things I keep stressing to my older (i.e. 14 y.o.) nephew, are:

1. he shouldn't get a car until he absolutely has to.
2. as soon as he starts working, he should contribute the maximum amount to a Roth IRA ... at least for the first 4 years of his work life, which will set up his retirement before he turns 21
3. don't buy things, just to buy them and say "I have the latest greatest doo-hickey"

I too wish I started earlier than I did, but I refuse to beat myself up over the bad choice I made in my past that cannot be changed now.