668
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 13 Dec 2023
668 points (97.6% liked)
News
23014 readers
3253 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
What's your employer match for you 401k? that 15% saving should be the savings after your employer match. So if you have that, you might be able actually sacrificing less than 15% of take home pay to save fore retirement.
I'd have to look it up. My company actually just changed the entire system to help out younger employees - but with the effect of hurting employees who have worked here longer. So it actually ends up being harder for me to save up. They acknowledged this, but argued it off as not affecting that many people. (Not many people - just the folks who stuck around the longest!)
The explanation we were given, though, was that 15% came before the matching. So I should take every $100 I earn and stick $15 into my retirement fund. Then, of course, I'd need to put some into healthcare, some into taxes, and some into basic costs of living. Then, when I'm done, I might be lucky enough to have a shiny penny left over. Unless I have any unforeseen expenses in which case I'd go deep into debt.
I think that advice makes sense. Ideally put away more than 15% of your gross income if possible, but I think the general advice is that you should be saving 15% of your gross income every year. Whether part of that 15% of gross comes from employer match or directly from you doesn't matter.
I think my employer did have a grant or something for new hires as well. The other thing I think they have is automatic increases annually of 401k contribution. So just in case you are an employee that doesn't manually go in to modify contributions, those employees will automatically have an increase of 1% contribution to 401k every where up to a certain upper limit, iirc.
Good luck on the retirement. Hope it works out. Also, when you look at the calculators to project future retirement, they tend to assume the market will greatly underperform historical market performance. For me it looks bad on that default. When I flip the project to match historical performance, or out perform historical performance, my retirement looks excessive. So save as much as you can and follow the guidelines, but there is some luck of market factors involved as to how you will end up.
I work in a municipality in Texas, and despite our state government being crazy the benefits at most cities are fantastic.
We have the Texas Municipal Retirement System in most places. At the last several cities I've worked at there's a mandatory 7% employee contribution, but then the city double-matches the contribution, so I'm paying 7% in while putting 21% away.
The catch is you have to work in TMRS city for a minimum of 5 years before you vest. If you don't put in your 5 years you only get the 7%.
And the really big cities don't participate. So I ain't gonna go work for Austin or Houston.