Every year, we make tons of resolutions. We sign up for a gym membership and vow to get healthy, we swear to ourselves we’ll start going to bed on time, and we make promises to become healthier, happier people. But this year, the best resolutions you can make are the ones that affect your finances. Help nurse your credit score back to health, make your checking account happier, or invest in your future and start down the path of a healthier, happy financial year.
How much should I contribute to my 401(k)? How much should I have invested for retirement at 30, 40, 50, etc? These are good questions. Here, I try to answer them, but I should warn you:
Personal finance is PERSONAL!
The more you can contribute to your 401(k) and the sooner you can start, the better. But everybody’s situation is different. Don’t beat yourself up if you feel “behind” in the retirement game…remember, you can’t change yesterday but you can TAKE ACTION today and change tomorrow.
So while we’ll get to how much you should have in your 401(k) at 30, 40, 50, etc…let’s start with the more important question:
How much should I contribute to MY 401(k)?
The answer? As much as you comfortably (and legally) can!