Do you have employer match or anything that helps motivate you to contribute?
I’ve had several jobs with 401k’s, and I have one personal account that I roll 401k’s from old jobs into, in addition to whatever 401k account I have for my current job. It works pretty well. I keep contributing because Dollar cost averaging is basically always what you should do, even in the midst of financial crashes. It’s hard to not worry about hyperinflation and wonder if it’s worth it, though.
Yeah but if hyperinflation occurs, and the dollar crashes, your investments in things other than USD or whatever currency will rise alongside prices.
Yes. Employer match motivated me to start a while ago. That’s free money.
It’s not free, it’s just money that you’ve already earned.
But it is money they’re perfectly happy not to give you if you can’t or won’t set an equal amount aside.
They match 3% on 6% which on its own is not very competitive. However, you get 4% no matter what, so it ends up being 7% on your 6% which is damn good IMO.
I started saving at 28, and I can’t decide how I feel about the missed decade. I’m going to be okay when I retire, so I don’t really regret all the fun I had. I also acknowledge could probably retire 5 years sooner but youth is wasted on the young.
I am and always have been a 1099, excluding part-time jobs I had until I was 19-20. I opened my RothIRA maybe 12 to 14 years ago, I don’t specifically recall. I opened my SEP IRA around 2016. It’s nothing but me, unfortunately. My motivation to contribute is my quality of life after retirement, as well as being able to take care of my kids.
My wife has had 401k/403b accounts that she contributes to with employer matching.
We also have an HSA.
The kids (via us parents) have 529s.
Just trying to diversify the options.
I was 19-20
12 to 14 years ago
around 2016
The mixing of units hurts my head
Yup.
Employer match: check. (I think they match 50% of my contributions if I contribute 5% of my income.)
And I also have retirement accounts with EdwardJones.
I’m flush with retirement accounts.
I need to get the rest of my affairs in order. Will, trust, advance directive, that sort of thing.
Yeah 50% match, but no I don’t use it and I don’t ever want to again.
I contribute to acquiring stock at my transfer agent primarily for retirement, and I rarely use stock brokers.
In this way, I know my money isn’t being used to fund for-profit prisons and oil companies, etc.
Yep! And every employer that has offered has had some kind of match.
I’ve rolled all my 401ks over with each new job.
I also have an IRA from money I saved towards retirement while working in Canada for 18 months. I took the tax penalty up front since I’ll probably be US based for majority of my life. But I did earn a match while working in Canada.
Current employer gives 4% fully vested.
Contributing 20% of income at the moment (30 to) and hoping to retire before 60.
Yes, though I’ve never had employer matching.
