What % of household income do you save for retirement?

[EJB]

Not a scientific poll, but I'm curious whether we save better or worse than the rest of the population. Select the closest percentage. Do not include funds that you don't contribute.

[myb821]

Not a scientific poll, but I'm curious whether we save better or worse than the rest of the population. Select the closest percentage.

which is?

[EJB]

which is?

Less than it should be 

[Redbull3]

For now, enough to get my match which is 100% up to 6% (+2% fixed... so I save 6% which effectively becomes 14%). DW not working at the moment.

[EJB]

Less than it should be 

Depends heavily on age (and income), but overall, roughly 5-10%.

[skyguy918]

6% to get a 4% match with company 401k. My company kicks another ~5% into a cash balance pension. Wife works for NY DOE, which has the built in retirement savings of a pension. I also try to max out Roth IRA contributions for myself and my wife each year. That way it's extra savings for retirement, but with the ability to access the basis/principal if necessary.

[EJB]

Wife and I are apprx 8% income in 401k. Company match is terrible (1.5% income), but we have a DB pension at least.  I reset the poll to re-center the options, btw. I also max Roth IRA.

[ADG]

Our retirement fund is also known as the sheitel fund:)

[Redbull3]

6% to get a 4% match with company 401k. My company kicks another ~5% into a cash balance pension. Wife works for NY DOE, which has the built in retirement savings of a pension. I also try to max out Roth IRA contributions for myself and my wife each year. That way it's extra savings for retirement, but with the ability to access the basis/principal if necessary.

If necessary you can access Roth IRA?

[myb821]

If necessary you can access Roth IRA?

from Wikipedia(i know not usually a good source, but sufficient for this.

In contrast to a traditional IRA, contributions to a Roth IRA are not tax-deductible. Withdrawals are tax-free under certain conditions (for example, if the withdrawal is only on the principal portion of the account, or if the owner is at least 59½ years old). A Roth IRA has fewer withdrawal restrictions than traditional IRAs. Transactions inside a Roth IRA (including capital gains, dividends, and interest) do not incur a current tax liability.

[henche]

I max out the 401k.  I figure any money I put in is protected from the tuition boards down the road.  It's a tuition shelter.

[henche]

That way it's extra savings for retirement, but with the ability to access the basis/principal if necessary.

I hope tuition committee members aren't reading this. 

Is that amount protected in bankruptcy?

[myb821]

Is that amount protected in bankruptcy?

and a quick google implies yes up to a certain amount
source:http://www1.tiaa-cref.org/public/advice-planning/education/saving-for-retirement/family-matters/bankruptcy_iras/index.html

[henche]

and a quick google implies yes up to a certain amount
source:http://www1.tiaa-cref.org/public/advice-planning/education/saving-for-retirement/family-matters/bankruptcy_iras/index.html

I see link talking about IRAs. are 401ks the same?

[Redbull3]

from Wikipedia(i know not usually a good source, but sufficient for this.

Thank you! Good stuff to know. I thought you needed a reason like first time home purchase. Didn't realize the principal for anything thing.

[myb821]

I see link talking about IRAs. are 401ks the same?

you asked about IRAs didnt you?

[skyguy918]

you asked about IRAs didnt you?

+1, my comment was specifically about a Roth IRA.

[ya]

when talking % is  this pre tax or after tax of income?

[MarkS]

I believe withdrawing the principal with no penalty fee free is only for a Roth IRA, not a Roth 401K. However, you should be able to roll a Roth 401K into a Roth IRA and then you can withdraw the principal.

[skyguy918]

I believe withdrawing the principal with no penalty fee free is only for a Roth IRA, not a Roth 401K. However, you should be able to roll a Roth 401K into a Roth IRA and then you can withdraw the principal.

Sure you can, but you'll have to pay taxes on the basis that you're rolling over.