Friday, April 10, 2015

Increased Retirement Contributions

I want to max our my 401k this year.  I was contributing 13% and I just increased it to 16%.  I'm having a better than expected year so far.  Compared to last year at this time, I've doubled my income.  I need to watch this carefully but I want to put $18,000 in my 401k this year.  I also get a 5% match from my company but I must be contributing at least 5% to get that so I can't max it out early.  It won't hurt to bump down my contributions to 5% later if I'm close to the limit.

I don't want to work forever and I'm thankful that I can do this now because my circumstances might change later.  You just never know.

4 comments:

  1. I don't think more retirement savings ever hurts. Congrats on your good year!

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  2. I think this is wonderful! We keep increasing Den's contributions. Last time he got a raise, by the time we were done increasing tax with-holdings and 401k contributions, he came home with an extra $7. We got a good chuckle out of it.

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  3. That's fantastic! I try to increase my husband's retirement contributions bit, by bit each year because he won't have a pension.

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  4. Saving that much money is awesome! You won't regret it, especially when you near retirement!

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