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cinbonz

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do i need to put more away in my 401k? i already put 4% in . not sure if i want to put more in cuz o
need to see if I need to put more away
do I add to my 401k? am I on the right track?

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Aloha cinbonz, that is a great question

Aloha cinbonz, yours is a great question.

I would like to expand a little on jwsister's answer. Are you getting any kind of EMPLOYER MATCH in your 401k? If you are, for example let's say your employer matches your first 5% of contributions dollar for dollar, then bump up your own contributions to 5% to make sure you capture the FULL employer match. That is -FREE- money on the table and you can never get a better deal than free. Always get the match! After you accomplish that, you need to take a more wholistic approach to your retirement that takes into account your own financial situation. Do you have debt? Student Loans? Car Loans? etc etc. you may want to redirect your available dollars to put down your debt for good.

I highly recommend something called the debt snowball method of paying down your bills. Look up Dave Ramsey in your local library and bsorrow some of his books. I highly recommend them.

Good luck and best wishes cinbonz!

Very Respectfully,

Spartan Hiker

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That is a question for a retirement planner.

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