How much do you contribute to your 401k/403b?

[spidey07]

Originally posted by: tec699
What do you guys suggest? I'll be 35 years old when I graduate from college this fall. I'm a special education major who will be teaching disadvantaged children. My starting salary will hopefully be $40,000 a year and I'll max out at $60,000 plus within 15 years. I may teach for those 15 years of I was thinking about becoming a school principal or school supervisor. If I go this route I can expect to make anywhere from $80,000-110,000 I haven't decided if I want to go this route though.

Also, please consider my student loans, car payment, rent, etc... My student loans when I graduate this fall will total around $40,000 Some of those loans are from a college that I attended in the early 90's and the rest are current.

I just wanted to let people know that I was stuck at a job I hated so that's why I went to college much later then most here. I feel that it was the right thing for me to do even though the financial burden can be stressful. So please don't make any rude comments about me graduating in my 30's.

Thanks all. 😀

depends. check into the school system as "I believe" the public sector is very different retirement wise in that employees pay into a private (state) retirement.

 

[ggavinmoss]

10%.

-geoff

 

[Michael]

I contribute the max allowed.

Michael

 

[isasir]

Does anyone know how forfeitures in profit-sharing works? Is that extra money my company gives to those that are fully vested when non-vested people leave, or is it just money that is used from elsewhere to pay off what I was to have received anyways?

 

[Kelemvor]

Short answer for contributing is to contribute AT LEAST as much as your company will match. It's basically free money. Anything over that that you can comfortably do will help even more.

 

[Drekce]

I put in 14% and get a match of 5% = 19%. Next year I can go up to 15% which will mean I effectively save 20%.

 

[BlueWeasel]

I contribute 5%, and my employer matches up to a maximum of 3%.

 

[KK]

Alittle over $1000 a month including the company's match.

KK

 

[sciencewhiz]

I plan (1 quarter of college left, and a job already lined up) to contribute the maximum that my employer will match while I'm paying off my student loans and buying a car that isn't as old as I am. After that (about 2 years), I'll be contributing the max I can.