Asked by Barney  |  Submitted August 04, 2018

How much should I put in a 401(k) account?

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  Answers  |  1

August 06, 2018

The answer depends on several factors, including your current age, chosen retirement age, existing savings, and expected expenses in retirement. If you have an employer-sponsored 401(k), you should contribute at least enough to get your employer's full matching contribution, as that is essentially free money.
For more detailed advice tailored to your situation, consult a financial professional or let the free Retirement Planner by MoneyTips help you calculate when you can retire without jeopardizing your lifestyle. You can adjust the planner according to your current personal information and retirement goals. Then, it will calculate how much savings you will have at various ages from 65 to 78 and recommend the optimal retirement age for you. You can change variables, such as your expected Social Security allocation and what percentage of your current income you would like to receive in retirement, to run different scenarios.

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