How much do you save? - Credit Forums

mel · #1 (**permalink**) 03-12-2007, 08:14 PM

I just became eligible for the 401k at my work and am trying to decide how much to save of my income. Anybody have any suggestions?

Erik · #2 (**permalink**) 03-12-2007, 08:27 PM

Well, general rule of thumb (or maybe it's just common sense), is to save at least enough to take full advantage of any matching by your employer. So if your company matches the first 6% then you may as well do at least 6%, otherwise you're leaving free money on the table.

Suze · #3 (**permalink**) 03-16-2007, 04:24 PM

If you don't have a pension then save, otherwise I don't think it's a big deal because you will have your pension and social security.

idayoung · #4 (**permalink**) 03-31-2007, 03:25 PM

Um..... I wish I could save but right now it's all I can do just to get all the bills paid.

inverito · #5 (**permalink**) 05-28-2007, 02:59 PM

I participate in the 401k at work and contribute 10% plus get 3% matching from my employer. After reading this article, however, I think I may drop that down and shift my strategy a bit.

fred333 · #6 (**permalink**) 01-29-2008, 03:00 PM

I try to save ten percent of my paycheck.