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retirement how much should I be putting in

Discussion in 'BBS Hangout' started by body slam, Mar 17, 2012.

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  1. body slam

    body slam Member

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    I'm 37 making $44,000 a year. I'm currently putting $200 a month in to retirment plans. $100 into work sep plan which my boss also adds a % and another $100 in to a ira. Right now this is what I can afford to put in. Hoping to be debt free at 40 years old. I know it all depends on the type of life style I'll want to have so lets say comfortable. Where I could get by with my retirment ,a part time job, and ss (if its still around). How much should I be putting in?
     
    #1 body slam, Mar 17, 2012
  2. Sajan

    Sajan Member

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    i seen recommendations of 15% monthly..i guess more is better when you're closer to retirement.
     
    #2 Sajan, Mar 17, 2012
  3. white lightning

    white lightning Member

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    Just be sure that you are making the maximum contribution that your boss will match. That's free money.
     
    #3 white lightning, Mar 17, 2012
  4. Dairy Ashford

    Dairy Ashford Member

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    Depending upon your monthly cash flow, I might only contribute to the 401k up to the amount the company matches, then take the difference between that and the 15% number and put it in a regular, personal brokerage account that invests in the same stocks. You lose out on taxes and itemizing a 1099 every year; but if you need the cash right away, it's yours: no (non-tax) strings attached.
     
    #4 Dairy Ashford, Mar 17, 2012
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