401 - $520,000 - Max out your contribution
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It's hard to tell people to pay yourself first. No matter how much you make, you're usually living paycheck to paycheck. So, if you get a raise, it won't help you as much now as it will later.
Wife and I retired in May. For the last year I would adjust my contribution until I was up to 25%.
When your goal is to not have to work everyday, every weekend, ever holiday except Christmas and Thanksgiving, you realize you can't without saving. So, we did.
Social Security is not enough for many, unless you're debt free.
While you're young, and you can, save your money. Take the Dave Ramsey Financial Peace course. Build your emergency fund.
I'm lucky to have a wife that is as smart as she is beautiful. But she planned well for us.
We aren't able to really travel as we want do to the China virus, but we have been to Florida twice this year to see my parents. We're going again next month, the again in December. This week, my wife is at the beach staying.
We haven't touched our 401K, or cashed out any stocks yet.
Listen people.... just plain ahead!
We were going to work untill this fall, but we both got tired of retail and dealing with stupid people during a pandemic. So we quit. No regrets.
Pay yourself first! If you get a 3% raise, you'll never live better with it, just add the 3% to your withholdings. When we got the $2/hour stimulus this past spring, I added to my 401K. $80 a week is nice, but temporary. Then you went back to nit having it again.
I'm glad to see other people have also planned ahead on here.
Good luck, everyone...
It’s so nice to have something positive on this sight - HoseB I wish you & your family only the best in the coming years
@MFSG Thank you, very proud of the way she took up the reins of her own destiny again and overcame the ill effects.
after retiring a few years ago with enough money to live comfortably for the rest of my life, I came back to work because I was bored as hell. If you stop working IMHO you are just getting ready to die. Do something constructive your entire existance.
I will say this and I share this with all younger employees. Take 10 percent of your income and put that away in 401k. If you dont do this and if you dont start young you will work to the grave. Its really a shame that they are now limiting the lowes stock contribution to 25 percent. They will tell you its best to diversify. Let me give you the real reason its because they didnt want employees piling up shares and getting some control of the company. Our stock will be 200 bucks within 24 months been pounding since 2001 and will retire comfortably in short order. I wish all luck out there stay focused.
So glad to hear she’s better - keep up the good work
Wish I could have, but during my 1st decade with the company spouse was out of work dealing with service connected disabilities. Bumped it up after she got better and into a new career.
Nice numbers. Make it educational.
Present age.
Planned retirement age.
Retirement income goal.
Retirement income at present savings.
Maybe it will wake up some of the younger staff that are not yet really saving.
That’s outstanding 😀
I maxed mine out too—for over 15 years. Got $452,000.00 in mine. And I was never higher up than a dept mgr in a store. Dollar cost averaging and compounding interest can make you a lot of money.