Question

I have been saving for retirement via my 403b account at my job for many, many years; I have NEVER known how much I was saving so I enrolled in ThanksA website today to view my account to find that my job matches up to 4% and I was saving 3. 5% so today I upped it to the 4%. I am 50, single with four adult children, living with family while paying of 30k in credit cards (will be debt free this year) QUESTION: Does it make sense to add more than the matched amount? ‍♀️

Answer 1

I just saw our company financial counselor yesterday (you might check with your company rep as well) and he said put in what the company will match. Then put money into a Roth IRA until you reach the max allowed. After that you can put more into your 401k up to the maximum. Of course, investing is also possible. I’m no expert! First time I met with a financial advisor.  

Answer 2

I think you need ri look at the whole number how much do you need or what when you retire? We are fortunate my husband's company matches 8% but we're py in 10% of his paycheck. We are in our thirties and neither had a 401k until he started this job 4 years ago and we just hit $75, 000 on his 401k. It has been such a huge relief to be able to build that much in 4 years