Jul
3
Is 75/week a little much for 401k?
Filed Under Personal Finance
JAMES asked:
Able to pay my bills and still contribute roughly $ 75/week possibly in 401k after taxes, which come from a Roth IRA. I 'm 23 years old now, but I calculated from 24-65 whether to introduce 75 weeks in a historically modest return of 8%, I would have $ 1.243.557.56. Continuing the winning 8% after 65, assuming the money bag for 30 years, I could get $ 9.124.78 per month tax-free. Assuming that at this point that my home and everything will be paid for, that is a bit too so I can foresee. My plan was to help now and after 15 or maybe 20% more as my income grows, but it looks a little like that may not be necessary. I watched a video on my personal kind of financial planning of the university who said that people really need to contribute 18% of their income to their 401k. I thought about possibly going to 20%, but since even 15% seems excessive, I 'll probably stick with 15%. Is that a mai?? No movement? Could now live a little better with the extra few dollars. I used a financial calculator to crunch the numbers. I 'm looking for answers from people with a financial background as well. 2132 = number of periods (41years * 52 weeks per year) Interest rate: 8% Present Value = 0 Pmt = $ 75 per week Future Value = $ 1,243,557.56 (41 years) Considering I 'll pull the likely out for 30 years and the money is still correct in the interest of profit before they take. Earns $ 1.2 million to nearly $ 100,000 in interest the final year before it starts to take. N = 360 (30 years * 12 months per year) Interest Yield = 8% Present Value = $ 1,243,557.56 Future Value = 0 Payment = $ 9124.78 / month I 'm not trying to argue, I' m just trying to prove my position and how I came to my conclusions. I know I need to save, but I just don 't want to save more than I' ll need from now when I can never pass it and be happier while I 'm young I was unable to quickly identify a calculator to measure the result of inflation and that is a critical factor overlooked. Thanks!
Able to pay my bills and still contribute roughly $ 75/week possibly in 401k after taxes, which come from a Roth IRA. I 'm 23 years old now, but I calculated from 24-65 whether to introduce 75 weeks in a historically modest return of 8%, I would have $ 1.243.557.56. Continuing the winning 8% after 65, assuming the money bag for 30 years, I could get $ 9.124.78 per month tax-free. Assuming that at this point that my home and everything will be paid for, that is a bit too so I can foresee. My plan was to help now and after 15 or maybe 20% more as my income grows, but it looks a little like that may not be necessary. I watched a video on my personal kind of financial planning of the university who said that people really need to contribute 18% of their income to their 401k. I thought about possibly going to 20%, but since even 15% seems excessive, I 'll probably stick with 15%. Is that a mai?? No movement? Could now live a little better with the extra few dollars. I used a financial calculator to crunch the numbers. I 'm looking for answers from people with a financial background as well. 2132 = number of periods (41years * 52 weeks per year) Interest rate: 8% Present Value = 0 Pmt = $ 75 per week Future Value = $ 1,243,557.56 (41 years) Considering I 'll pull the likely out for 30 years and the money is still correct in the interest of profit before they take. Earns $ 1.2 million to nearly $ 100,000 in interest the final year before it starts to take. N = 360 (30 years * 12 months per year) Interest Yield = 8% Present Value = $ 1,243,557.56 Future Value = 0 Payment = $ 9124.78 / month I 'm not trying to argue, I' m just trying to prove my position and how I came to my conclusions. I know I need to save, but I just don 't want to save more than I' ll need from now when I can never pass it and be happier while I 'm young I was unable to quickly identify a calculator to measure the result of inflation and that is a critical factor overlooked. Thanks!
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