I read that you should do 10-15%
I am currently doing 8% but will increase it once DD starts K in the fall
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We don't do a set percentage, just dump tax refunds, gifts, and random cash in. It probably works out to about 5%. We have other savings and investments that get our focus.
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I do bare minimum currently b/c of daycare bills, anticipating adding another LO next year, going from 2-1 income.. I will for sure bump it back up full force in maybe 5-6 years! I was very aggressive with 401k with my old job so I feel ok pulling back a little now, plus this is not the only $ I'm counting on for retirement.
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About to be 15% (we wanted to pay off all our debt and save an emergency fund first, per Dave Ramsey's plan). We've been saving about 6% (his company also matches 6% of his salary, which we don't count in our figure) up until this point, as we didn't want to turn off all retirement contributions while working his plan, even though that's what he recommends.
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Right now while we have daycare expenses just 5%. My company matches that 5% and puts another 5% of my salary into a separate defined contribution retirement fund for me, so all in all, 15% of my salary goes to retirement vehicles. additionally, I have other retirement plans outside of 401(k).
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My husband maxes his out and I just put into an IRA any leftover money we have.
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I contribute 10%
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6% and my company matches 4% so 10% total. DH does 10% as well.
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@yoursilverlining: nice! My company only matches the first 4% but I guess its better than nothing!
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We contribute the max ($18,000 for 2016). Not sure what that works out to, percentage-wise.
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3% and my company puts in 9% for a total of 12%. According to our retirement guy at work, you should be saving between 12-15% to be on track.
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Currently 5% to get full 4% match. I used to put 10% in, but dropped it to pay off debts
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We are required to each do 3% and then we do 10-12% as available. We aren't offered any employer match, so for us paying down debt and such is more important.
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I stay at home so 0 % lol, but I set DH up to pull 12%. I also read somewhere that you should increase it by 1 to 2% every decade. So when we reach our 30's I'll increase it to 13%
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We each contribute 10% and may increase that to reduce our tax liability. I didn't even count the employer matching contribution. I think mine is 3% or maybe 6%. Not sure what DH's match is.
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I do 8% and DH does something like 15% but he maxes out partway through the year. I don't know if I max out or not but I need to look into that!
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10% plus my company matches 6%. My husband does 8% which maxes his out at some point during the year.
We currently don't contribute to personal IRAs because we are ineligible for roths or deductible contributions to a traditional, but we do save/invest outside of retirement plans.
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I am currently doing 18%. I got a late start with retirement stuff so I feel like I need to contribute more than most recommendations.
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@Modern Daisy: max for 2016 is $18k so if you are doing 8% you max out above $225k gross total comp
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9% plus company match of 4%
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My husband maxes his out. I have a pension instead of a 401k, but I'm thinking of opening a 403b for myself. If I do, I'll probably only be able to do 5% or so until the girls are in school.
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@catlady: That's our game plan too, we want to get up to contributing more and more as time goes on, if possible! 15% let's you retire on time. I want to retire early
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10% + company match 6%
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I have a govt job and we have mandatory 8% contribution, but the county matches that, so 16% total. My DH's company is set up the same.
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DH puts in 10% plus his company matches 6% on top of that.
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@Modern Daisy: Do you know if your husband's company matches at all? If they do any matching, he should change his percentage so he doesn't max out until the end of the year so he gets all the matching from his company that he can get.
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8% with a 2% auto increase every year
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I put in 18%. My company matches 4% on top of that. I also have other retirement savings accounts.
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wow so impressed with so many of you and your contribution rates.... I had to reduce mine for now to 4% (2 in daycare has been a bit of a shock to my wallet), but I'd like to get back up to 6% to meet my match (I know, I know) and my husband does 8%.
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@DillonLion: @catlady: I got started a little late, as well but as my pay has gone up, it has been a lot of fun seeing how much goes into the retirement savings each month! I'm really hoping to retire before 65 but then the worry of how the hell we would pay for health insurance rears its ugly head again.
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I have a pension and I max out my 403B (like 40% of my pay?) My husband was contributing 10% to his 401(k) but we had to stop his 401(k) now for little while while we have two in daycare.
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We maxed mine out every year I worked until I had LO (now I'm per diem so no 401). DH maxes his out every year he has worked.
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Whatever it takes to max it out. We max out Roth IRAs too.
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14% now. I think 2 years ago I was at 4%, but someone here suggested enrolling in an automatic and gradual bump up. I think it was like 1% every other month or something.
I do want to add more to my retirement fund but I think I need to set up a roth IRA or something.
Oh, my company matches up to a certain point.
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DH puts in 4% and company matches half that, so 6%...we are a one income family so that's the most we can do right now.
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@Modern Daisy: @Adira: some companies (like mine) will give you the matching contribution even if you have maxed out before your last December paycheck. You just need to check with HR on what the requirements are.
I contribute 15%.
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I do 10%, DH maxes his out. I just got a raise so I probably need to up it, but we'll also have a 2nd kid in daycare this fall.
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@sunny: @Modern Daisy: Definitely important to check! My company matches only when I contribute, so if I stopped contributing in May because I hit the max, I'd miss out on a good chuck of employee contributions.
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I think we each do 6%. I know we should do more. My husband has a couple of other sources of retirement savings. I really admire everyone who saves as much as they can during these crazy years with young kids, it can be hard to focus on the distant future.
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15% my contribution. and My employer currently contributes 7.5% but that may soon change due to a corporate merger.
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68 comments