Comments on: Contributing 90% Of My November Salary to 401(k) http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html personal finance blog with anecdotes, advice and commentary. Sun, 08 Nov 2009 13:56:55 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Lazy Man and Money http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-47622 Lazy Man and Money Mon, 04 Dec 2006 18:31:34 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-47622 I did this as well when I was moving from my job. As soon as I knew I might not have a 401k at the new job, I started putting 75% in for a month and half. It was tough, but I got by. I did this as well when I was moving from my job. As soon as I knew I might not have a 401k at the new job, I started putting 75% in for a month and half. It was tough, but I got by.

]]> By: Otis http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46960 Otis Sat, 02 Dec 2006 03:21:32 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46960 Great move, but ideally you want to do this at the beginning of the year. That way, you capture your employer's match for the entire year. Two benefits to this. One, you have more time to earn interest off of the match. Two, if you unexpectedly lose your job mid-year, at least you have maxed out on the matching funds. Great move, but ideally you want to do this at the beginning of the year. That way, you capture your employer’s match for the entire year. Two benefits to this. One, you have more time to earn interest off of the match. Two, if you unexpectedly lose your job mid-year, at least you have maxed out on the matching funds.

]]> By: John http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46482 John Wed, 29 Nov 2006 18:22:08 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46482 I thought a co-working of mine contributing 20% was a big deal. Wow 90%, you're my hero. I thought a co-working of mine contributing 20% was a big deal. Wow 90%, you’re my hero.

]]> By: Jessie http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46474 Jessie Wed, 29 Nov 2006 17:57:07 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46474 Kudos to you on the 90% contribution. My employer does not currently do any matching, so I am putting most of my retirement/investment income into a solid IRA. I miss the days of dollar for dollar or 50/50 matching. To the commentor above, congrats retiring at 51! Kudos to you on the 90% contribution. My employer does not currently do any matching, so I am putting most of my retirement/investment income into a solid IRA. I miss the days of dollar for dollar or 50/50 matching.

To the commentor above, congrats retiring at 51!

]]> By: jim http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46481 jim Wed, 29 Nov 2006 17:40:46 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46481 I don't contribute to a traditional IRA because then I wouldn't be able to contribute to my Roth IRA since they share the same limits. If they were separate, I'd just straight up contribute to the Traditional instead of doing it, somewhat by proxy, via my 401k. I don’t contribute to a traditional IRA because then I wouldn’t be able to contribute to my Roth IRA since they share the same limits. If they were separate, I’d just straight up contribute to the Traditional instead of doing it, somewhat by proxy, via my 401k.

]]> By: The Sarcasticynic http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46324 The Sarcasticynic Wed, 29 Nov 2006 00:24:05 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46324 No suggestions to live your life (instead) here. That's great to sock away large sums of money right from the start. The smaller your net income after 401(k) contributions, the more you'll become accustomed to living well below your means. Then when you do retire, you won't need as much because you're already used to living on very little. That's how I retired at 51. No suggestions to live your life (instead) here. That’s great to sock away large sums of money right from the start. The smaller your net income after 401(k) contributions, the more you’ll become accustomed to living well below your means. Then when you do retire, you won’t need as much because you’re already used to living on very little. That’s how I retired at 51.

]]> By: eROCK http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46297 eROCK Tue, 28 Nov 2006 21:40:11 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46297 Hey! Great job man! Once my loans are gone (reduced), I hope to do the same. I'd be interested what kind of tax benefits you'll receive as a result of this move? Perhaps this could be a future post? Keep up the good work! -Erich Hey! Great job man! Once my loans are gone (reduced), I hope to do the same. I’d be interested what kind of tax benefits you’ll receive as a result of this move? Perhaps this could be a future post?

Keep up the good work!

-Erich

]]> By: Bryan Fleming http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46269 Bryan Fleming Tue, 28 Nov 2006 20:16:24 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46269 Great News...... looks like next year you'll be able to put more away throughout the year and not need to do this. Seems like you're making enough 'on the side' to cover it, so you're not really trying to live off the 10%. Congrats! BTW - Isn't it funny that the more money you make, the more you have to shelter it from the IRS. Sounds like your next step is to buy a big house.... - Bryan http://www.BryanCFleming.com Great News……

looks like next year you’ll be able to put more away throughout the year and not need to do this. Seems like you’re making enough ‘on the side’ to cover it, so you’re not really trying to live off the 10%.

Congrats!

BTW – Isn’t it funny that the more money you make, the more you have to shelter it from the IRS. Sounds like your next step is to buy a big house….

- Bryan
http://www.BryanCFleming.com

]]> By: moneysmartlife http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46261 moneysmartlife Tue, 28 Nov 2006 19:38:32 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46261 I upped my contribution to my employer's max (25%) earlier this year and it caused me to miss out on $hundreds. See http://moneysmartlife.com/2006/11/01/financial-procrastination to read about how to avoid making the same mistake I did. Good luck living on 10%! I upped my contribution to my employer’s max (25%) earlier this year and it caused me to miss out on $hundreds. See http://moneysmartlife.com/2006/11/01/financial-procrastination to read about how to avoid making the same mistake I did.

Good luck living on 10%!

]]> By: TBH http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46256 TBH Tue, 28 Nov 2006 18:55:20 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46256 This is a good idea, except that your HR department must be much easier to deal with than mine! There is no way they'd process the paperwork fast enough to increase my allocations for a one-month period and then decrease them again right afterwards. This is a good idea, except that your HR department must be much easier to deal with than mine! There is no way they’d process the paperwork fast enough to increase my allocations for a one-month period and then decrease them again right afterwards.

]]> By: Binary Dollar http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46243 Binary Dollar Tue, 28 Nov 2006 17:29:20 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46243 Good luck man. I hope bargaineering will generate enough income to live off of. Good luck man. I hope bargaineering will generate enough income to live off of.

]]> By: Matt http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46234 Matt Tue, 28 Nov 2006 16:23:58 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46234 Smart move from a financial point of view and the best part is you still have a backup in the case of a serious emergency. I would never advocate relying on your investments for money but if push comes to shove then you can always do that. but if you don't then you're that much further ahead of the game. Good for you! Smart move from a financial point of view and the best part is you still have a backup in the case of a serious emergency. I would never advocate relying on your investments for money but if push comes to shove then you can always do that.

but if you don’t then you’re that much further ahead of the game. Good for you!

]]> By: Jeremy http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html/comment-page-1#comment-46221 Jeremy Tue, 28 Nov 2006 14:54:22 +0000 http://www.bargaineering.com/articles/contributing-90-of-my-november-salary-to-401k.html#comment-46221 That's a great year-end move if you're able to afford to do so. I've been meeting with a lot of employees the last few weeks who are doing the same thing in our plan, although our max is 75%. But it is good to see so many people taking advantage of the instant tax benefits as well as adding a large chunk of money to the plan that will have more time to continue to compound and grow. That’s a great year-end move if you’re able to afford to do so. I’ve been meeting with a lot of employees the last few weeks who are doing the same thing in our plan, although our max is 75%. But it is good to see so many people taking advantage of the instant tax benefits as well as adding a large chunk of money to the plan that will have more time to continue to compound and grow.

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