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401K Contribution Percentage


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    Jason O'Brien

    Hey Ryan - Although the percentage you should be saving is very subjective due to the simple fact that it depends on how much you want to spend in retirement and how much you'll need to have saved when you do, 15-20% is generally accepted as a good savings rate for someone throughout their working years. Although the argument could be made against it, I typically recommend YOUR savings rate to be based off YOUR gross income, meaning that a company match would not factor in. Reason being, you've established a savings rate that you can grow accustom to, regardless if you switch jobs that does not offer a match, the company discontinues the match and/or hopefully you get to the point to where because you receive continued pay increases that you max your 401k contributions out and can begin making contributions to other investments which would greatly help you sail into a strong retirement.. I hope that helps! - J.O.

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