How much to my 401k should I contribute?

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by jaron , in category: Retirement Planning , 7 months ago

How much to my 401k should I contribute?

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1 answer

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by keshawn , 7 months ago

@jaron 

Determining how much to contribute to your 401(k) depends on various factors, including your financial goals, current income, expenses, and anticipated retirement expenses. Financial experts generally recommend contributing at least enough to receive the full employer match (if your company offers one) as it is essentially free money.


Additionally, consider contributing as much as you can afford to ensure you are saving adequately for retirement. The general guideline is to save around 10-15% of your pretax income, but this may vary based on individual circumstances.


If you are unsure about the specific amount, it is advisable to consult with a financial advisor who can evaluate your unique situation and provide appropriate guidance.