We share the average retirement accounts by age and the key benefits and how we are tracking to our age group with all real numbers like always! Thank you so much for watching!
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The one big thing that you have to watch out for with the 401k. Are the fees. I moved myself from the target date, to the vanguard index fund options that I have in my 401k I thank god I have that option. not all 401k offer it, but if yours does. I say research it!!!!! I do need to make sure I stay on top of it, as it need to rebalance the account myself after so long as it grows. The Vanguard large cap blend had been amazing. If the SP 500 drops I won't be looking at my 401k balance LOL.
I was getting 6% match monthly at my last job as long as I put in at least 3%. My new job gives 3% if I put in 6%. They also have a match depending on how the company did each year.
Don't worry too much about those hypothetical numbers. Just save save save.
Thank you for the insights! I was very lucky to have gotten an employer that matches 50% of every dollar I contribute into my 401(k) up to the $19,500 max. I’m on track to maxing my 401(k), Roth IRA, and HSA because of videos like this. Keep up the great work!
Thank you so much for this awesome content! My husband just signed on permanently here in Hawaii and there's no employer match. Definitely fighting some buyer's remorse rn. Big increase in pay but we can't stop thinking about the lack of match. He can always move on to another position and we increased his investments to offset some of it but ughhhh…..decisions, decisions.
For every dollar I contribute they contribute $1.25. Works out to be about 15% of salary total.
My employer matches 6% (up to 7500) I contribute 6k to Roth IRA, 31k to after-tax 401k(roll it into Roth IRA each pay period), 19500 to 401k contributions, max out HSA and add what I can to after tax brokerage.
Most employers that I have had do 6% match, I had one previous employer that had a 4% match.
401k employer match for me is 18% of total contribution
Nice insight!
Great job and glad we found your channel. We retired in great shape at age 55. Our main advice to those in their 30’s is don’t let “lifestyle creep” sneak up on you in your 30’s and 40’s. (I.e. bigger house, newer cars, vacation home, etc). Keep up the great work and good luck on your journey. John and Bev
I work for Nike and they match up to 5 percent!
Our company matches 4% when employees put in 5%, but they used to offer a petition if you were hired before Jan. 2021. So both my husband and I will have them. I like the rules you need so much by age, because it helps me think more about retirement! We are low income earners, but we're a head of the game!
I started late saving for retirement at the age of 40. Now a little over 10 years later, I have saved almost $70,000 in both my Roth and traditional 401(k) plans combined. I also contribute a portion of my paycheck into a state pension plan as a state employee. However, I don't get the match for the 401(k) because the employer is already contributing a percentage into the defined benefit plan along with my contributions into the plan through deductions from my paycheck.
♥️ your intro..
My company offer 3.5% match. I recently amped it up from min amount to get the match to now maxing it out over the course of a year. I'm 26 and on the road to Fire and I'd say one of the biggest mental hurdles matching it out was the fear of not being able to access it before I reach age that would omit any penalties.
I work for an independent school in nyc and they put in 10% after the 3rd year. No requirement to contribute.
Many independent schools do almost that.
You said 1 to 1.5x your annual salary is about 450k??
My employer does a match and contribution and people still don't invest smh
If your 401k is your priority and you want to retire hypothetically in 8 years and your in your 30's, how do you access funds if 59 yrs old i believe is the minimum for to start withdrawals other then extreme hardships or to buy real estate?
Very good video as usual; my company pays 6% of gross salary @100% match. Since you will retire early, hopefully, you will save greatly in non retirement accounts as well, due to the penalties if you take out monies before 59 1/2. Roth conversions have pluses and misses, please consider all options. A balanced approach for folks retiring early is important, also remember health care costs if staying in the US and if going to outside the US==then health care costs are much more reasonable (Ghana, Portugal, Spain, Panama, South Africa)
My employer matches $ for $ up to 4% per paycheck with immediate vestment. 🙂
I only put in my pre tax 401(k) enough to get the match and then the rest is into my Roth 401(k) as I would rather have more assets in a Roth than a traditional IRA or 401(k). I don't want high RMDs resulting in higher taxes when I get older. I also don't see taxes getting any lower than they are now so I would rather pay the tax now. And then after that I put my assets in a taxable brokerage because it makes legacy planning easier (kids won't have to worry about withdrawing it within 10 years) and I can make withdraws when I want to in retirement rather than being forced to take my RMDs every year.
My company 401k match is up to 6%. I have my Roth IRA and IRA at fidelity. My company 401k is at John Hancock (the worst!!!). I'll be definitely rolling over my 401k to my IRA when I leave the company. Happy to see Im above the average for fidelity for my age range still need some work for vanguards since I'm 27 close to 28 in a few weeks.
My employer offers 6% automatically. We don't have to match but we do need to wait 1 year in order to start receiving the 6% contribution.
Always good content. Thank you and blessings to your family.
If you’re growing your income quickly the rules of thumb don’t work out well. You may have saved that number with your old income and then gotten a big pay increase.
4% at our employers
My company matches 4%. Highest I’ve ever had was 6%. I just upped my personal contribution % and am really happy I did so!
For the algorithm
Great video! I think we are technically behind as well but pretty close to those average/medians for fidelity and vanguard. My company matches 7% on 5 and my husbands matches 4% on 5.
We're very lucky in Australia that our retirement (Superannuation) is compulsory for our employer to pay on our behalf. Its currently at 10% and will go up to 12% in the next few years.
Great update. My company does 6 percent. I was doing 20 percent and was getting burnt out so went down to 10% I think it’s important to modify as you go. Now I have changed to save and invest 5O% versus 75% to travel more.
My employer only matches up to $2,500. I still save an additional 18% on top of that into retirement accounts plus another 5%-10% into brokerage accounts and maxed out HSA. Keep it in post tax (pay the taxes when you are working). 35 years old.
I'm surprised that 401ks contributions are this low. My employer matches 50% of employees contributions up to the annual IRS limit of $19500. So when we contribute $19500, my employer contributes $9750. They also give $2000 per year if you opt for a HSA plan. So technically you can end up with $19500 (employee IRS max) + $9750 (employer match) + $29250 (After-Tax 401k) + $7300 (HSA max) = $65800 annually. I have seen some aggressive colleagues max out IRAs as well but I prefer to contribute to regular brokerage accounts since IRA contributions are not tax deductible after a certain income limit.
The adult thing to do is to just commit your annual bonus to 401(k)s that way you're not dealing with psychologically painful monthly deductions.
My company has a great match 6% and then 1/2% after that but if you do 10% then they match you the 10%
So keep in mind that your income is very high so that X% of your income rule might not work for you. In time when your accounts build, this rule will work unless you see your income exponentially growing into the future. And I would look at 401(k) + Roth + IRA as a combined total. You are way ahead of most people your age. The fact that you are paying attention puts you way ahead!! 🙂
Federal Gov matches 5% in our TSP. Plus pension and SSI. Very grateful for my job.
6% of gross salary