How Much Should We Contribute to Our 401(k)

Want to maximize your 401(k) this year? The first step to doing that is figuring out how much to contribute. Today we discuss how much you need to put in to retire! 

Getting the Most Out of Your 401(k)

We’re wrapping our open enrollment series. The past couple of episodes we’ve discussed what you need to know with your benefits so you can make the right choices for you and your family. 

Health insurance is a huge one, but the other big one is your 401(k). Last week Matt Miner, a certified financial planner talked a bit about how to walk through and review your benefits including your 401(k)s so if you haven’t already, please listen to that. 

You can check -in with your 401(k) throughout the year, but for many, this is a popular time to check and review their portfolio. 

Since it’s an important part of your finances, today we’re answering the biggest questions couples and families have with their 401(k), specifically how much should we contribute? 

In this episode we’re discussing:

• How 401(k)s work and benefits of having one
• Whether or not you should contribute when you’re in debt
• Figuring out how much you need to contribute

Let’s get started! 

Resources to Stay on Top of Your 401(k)

Here are some resources to make managing your money much easier!

 

• Best Budget and Money Apps: Personal Capital, Tiller, Mint
• Free 401(k) Analysis: blooom
• Grow Your Stash Faster: High Yield Savings with CiT Bank
• Jumpstart Your Marriage and Your Money
• A Smarter Way to Think About Financial Decisions

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

If you want to be better prepared financially for retirement, please check out Coastal’s 401(k) Planning Calculator.

Support the Podcast!

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Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.