retirement savings in OC

H

hello

New member
anyone know what the average person in Orange County puts away into their retirement account every year?  Id love to see some stats showing actual numbers and percentage of income that goes to retirement accounts. 

 
hello said:
anyone know what the average person in Orange County puts away into their retirement account every year?  Id love to see some stats showing actual numbers and percentage of income that goes to retirement accounts.
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4%.  $5K.  Doubles to $10K total with employer match
 
Irvine Dream said:
hello said:
anyone know what the average person in Orange County puts away into their retirement account every year?  Id love to see some stats showing actual numbers and percentage of income that goes to retirement accounts.
Click to expand...
4%.  $5K.  Doubles to $10K total with employer match
Click to expand...
Is that you or the average?  Or are your the average orange countian. 
 
Bullsback said:
Irvine Dream said:
4%.  $5K.  Doubles to $10K total with employer match
Click to expand...
Is that you or the average?  Or are your the average orange countian. 
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He's telling us that he makes $125k. So, he's not speaking to the median income.
 
I understand about someone just starting out but with all the high income earners here, why wouldn't you contribute the maximum every year?  And also to a IRA?

Is there such a thing as being 401K poor due to contributing too much?  :)
 
We put in 17,500 each. Or 35k. Plus employer matches of about another 15k for about 50k per year into 401k.
 
Actually the max varies in your company 401k depending on how much everyone else puts into it.

There is some testing done to make sure the highly compensated don't have an advantage over everyone else.

At least that's what I remember.
 
I feel like I'm 401k poor at the beginning of the year. My wife doesn't have a company match since she has a pension plan so we contribute 70% (max alllowed) of salary until she hits $18k.  I max out mine and get a 4% match.
 
scubasteve said:
I feel like I'm 401k poor at the beginning of the year. My wife doesn't have a company match since she has a pension plan so we contribute 70% (max alllowed) of salary until she hits $18k.  I max out mine and get a 4% match.
Click to expand...

The 401k is just one vehicle to save for retirement.
 
eyephone said:
scubasteve said:
I feel like I'm 401k poor at the beginning of the year. My wife doesn't have a company match since she has a pension plan so we contribute 70% (max alllowed) of salary until she hits $18k.  I max out mine and get a 4% match.
Click to expand...

The 401k is just one vehicle to save for retirement.
Click to expand...

yea but its the easiest way to save on taxes
 
scubasteve said:
eyephone said:
scubasteve said:
I feel like I'm 401k poor at the beginning of the year. My wife doesn't have a company match since she has a pension plan so we contribute 70% (max alllowed) of salary until she hits $18k.  I max out mine and get a 4% match.
Click to expand...

The 401k is just one vehicle to save for retirement.
Click to expand...

yea but its the easiest way to save on taxes
Click to expand...

Save now, pay later.  You can never avoid the tax.  Uncle Sam always gets his due.
 
DJW1705 said:
scubasteve said:
eyephone said:
scubasteve said:
I feel like I'm 401k poor at the beginning of the year. My wife doesn't have a company match since she has a pension plan so we contribute 70% (max alllowed) of salary until she hits $18k.  I max out mine and get a 4% match.
Click to expand...

The 401k is just one vehicle to save for retirement.
Click to expand...

yea but its the easiest way to save on taxes
Click to expand...

Save now, pay later.  You can never avoid the tax.  Uncle Sam always gets his due.
Click to expand...

According to panda if u set an SCorp you don't have to worry about taxes :)
 
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