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To: Sicon
Yes, nice catch. The 401k contributions is vitally important for all workers (or the equivalent thereof).

I would say the minimum should be 10% including the company match. So if your company matches the first 4% (as my company does), you should invest 6% of your own salary to get to the 10%. Even if you think you are already set for retirement, you still want to contribute enough to get that company match as it is free money you don't want sitting on the table.

That said, nobody ever complained about having TOO MUCH money for retirement, so save as much as you comfortably can. Even if Social Security is still around, it's a buffer, not a means of retirement.

65 posted on 10/25/2022 8:56:25 AM PDT by SamAdams76 (4,353,227 active user on Truth Social)
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To: SamAdams76
"you still want to contribute enough to get that company match as it is free money you don't want sitting on the table"

Absolutely. It would be crazy not to get all you can out of a company match, if it is available to you.

"Even if Social Security is still around, it's a buffer, not a means of retirement."

Yes, it should be a supplement, not your entire retirement plan (if it is, you're in trouble!). But I think for a lot of people, Social Security does represent a significant portion of their planned retirement income. So, not having that, or having it being greatly devalued by inflation, just adds to the challenges many people will face.

71 posted on 10/25/2022 10:36:35 AM PDT by Sicon ("All animals are equal, but some animals are more equal than others." - G. Orwell)
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