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genarodj | How much should I contribute to my 401K? |
I'm 24 years old.
My company matches 6%.
I currently am investing 7%.
I only make $24000 per year.
I think my taxable income is $15500.
Currently, I put in around $35 and my check is only reduced by $5.00 per week. If I went to 15%, my contribution would be $63.00 and my check would be reduced by $15.00 per week.
Would it make sense to invest 15%-20% before I get into a higher tax bracket and then lower the percentage in the future? |
 |
 
James N
 |
No. Put as much as you can in now and in the future.
For you specifically I would recommend maxing out a ROTH IRA, because of your age and the fact the money can be withdrawn in the future tax free. You're in such a low tax bracket now investing in a traditional retirement account won't help you much. |
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belmeen
 |
Seriously, as much as you can afford. Need to invest in solid company with solid earning and with dividends at this bad time. So that, you won't loss. When the economy is getting better, then you can think about diversify. |
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Your Friendly Jewish Accountant
 |
You should be contributing 6% to the IRA and use the rest to pay down debts. If you have no debts, put more in the IRA. |
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Kevin R
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If I was 24, single, rent was cheap, I'd invest the maximum matched by employer. 6% of $24K is $1,440, so in effect employer automatically doubles your money. With your maximun contribution $4K, I'd invest the difference in a self directed IRA. That $2,540 will decline as you get raises and your 6% approaches, even exceeding $4K. If you invest wisely in 10 years you'll be fine. |
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family 1st
 |
The more you can put in the better off your going to be. So if you can afford it. Then put in as much as you can afford. |
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Thor
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"Would it make sense to invest 15%-20% before I get into a higher tax bracket and then lower the percentage in the future?"
----------------
NO, the opposite is true. The higher your tax bracket the more benefit it is to invest in a pretax vehicle like a 401(k). So you are better off putting in the amount to get the maximum match then invest in a taxable account that pays you a dividend and cap gains until you income is in a higher bracket.
My advice is a little different than many that say put as much as possible away for retirement as early as possible. True over the next 41 years that will make you rich when you are 65.
BUT, you have live those years too. You can't live a whole life of denying yourself as much as you can.
I say it more about taxes. You will be richer the more you save and invest. Simply money makes money and the more money the more you make.
What I did was strip by expenses to the bone. Then I would put $500 a month in a fund and have the interest and gains go to my checking. Each $500 paid me another $3 a month. Then I used the money that to buy back all the things I was giving up. I called that "free" money.
That way every month I had a little more money to spend. On average I was richer every day of my life after that.
That first $500? It is still there and paying me and I have received that $500 back several times over, but at $3 a month.
But few people can see it and are not willing to give up the $500 in spending now to get $3 a month forever.
Good Luck. |
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The High Arch Analyst
|
If you can afford it make them maximum contribution up to maximum that your firm will match you -- in your case $1440.00. The match is basically free money, so you need to take full advantage of it.
Beyond the match maximum you'd be better off using a tax advantaged vehicle such as a Roth IRA that is more flexible. For example, with the Roth you can make a one time withdrawal to purchase a house. You would not have this option with a 401k. |
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