If you're fairly young, I think 5% sounds great. I've gotten into my head that I want to try for 10%, but whether it happens anytime soon or not is up in the air.
Most teachers, librarians, and municipal workers have a 403b. Most generally, pay into the system because sometimes we will not work past fifty-nine/59 years of age. It's like having a three legged stool. There's your pension, 403b, and your anticipated social security. However, I argue that retirement has become a four legged stool. Quite a few begin another career upon retiring. You just never want to outlive your money; so, why not make more of it.
Putting a certain percentage on what you spend to your savings is kinda new to me? How do you really do it religously? Is it really effective than the usual 'take-it-off my salary" strategy? I just find it unorthodox and too much work. I'm really curious about it Silver.
I don't have a fixed percentage, but I would say somewhere around 7-10% each month. That may depend, though. I prefer this rather than having a certain amount of money taken out from my monthly income.
I don't really have to worry about money, but I do put roughly 90% away in retirement funds/education funds for the children I work with. I mean, I've got enough money to live out the rest of my days already, and that 10% is more than enough for me to live a very comfortable life, including what I spend on running my charity, so the rest goes into helping them when they grow up, with a tiny bit tucked aside for me and the husband.
I contribute 18 percent of my gross income to my retirement fund yearly. It truly is the best move that I have ever made. It will allow for me to live very comfortably when I retire. So long as my investment profile keeps going the way it is. And, I am pretty sure that I have gotten the right advice. So, it will continue to make me even more money on my returns.
Try and do 25% so that i can try and get past 1mil for my retirement plan! Hopefully i can reach this amount due to savings investment!
I've used this same thought process as well, but our match stops at 4%. I know this is nothing compared to what others are doing, and isn't going to max out my contributions, but I am looking at getting more aggressive outside of this singular investment.
5-10% and my employer matches 100%. I do become torn, at times, between enjoying the benefits now and holding back a moderate amount in order to enjoy the benefits 'later'. My day to day goal is to find that happy medium and not struggle either way.
I am secretly hoping to win a jackpot before I retire, but if that does not happen, I have a little tucked away. Right now I put about 5 percent of my salary in my plan, but I know that is not enough. Right now we are trying to get some things squared away so saving is on the back burner.
