Hello,
I am new to the WCI website/forum and its been an eye opener of how ignorant I am with financials. I am starting to read more and trying to get financially literate for my husband and 2 children.
As I was learning, we should be saving 20% of each paycheck for retirement, I recently increased my contributions from 6% to 20%. Apparently my employer will match up to 6% of my salary (224K). Per my paycheck I am YTD 7700 in 401K. I was told by a friend that I should not increase it 20% as if I max out the total of 401K which is 19K for 2019 then I will not get the employer match ...is that true? what I was explained is once i hit $9500 YTD of 401K I no longer will have to continue to contribute as my employer would match the 9500
If so, can I continue to separate the 20% and what other retirement accounts should I be contributing to it ? or should I use the 20% of the rest of the year to be attributed to by student loan (360K for which I am currently paying about 4300 with goal of paying it 10 years)
I appreciate any guidance.
I am new to the WCI website/forum and its been an eye opener of how ignorant I am with financials. I am starting to read more and trying to get financially literate for my husband and 2 children.
As I was learning, we should be saving 20% of each paycheck for retirement, I recently increased my contributions from 6% to 20%. Apparently my employer will match up to 6% of my salary (224K). Per my paycheck I am YTD 7700 in 401K. I was told by a friend that I should not increase it 20% as if I max out the total of 401K which is 19K for 2019 then I will not get the employer match ...is that true? what I was explained is once i hit $9500 YTD of 401K I no longer will have to continue to contribute as my employer would match the 9500
If so, can I continue to separate the 20% and what other retirement accounts should I be contributing to it ? or should I use the 20% of the rest of the year to be attributed to by student loan (360K for which I am currently paying about 4300 with goal of paying it 10 years)
I appreciate any guidance.
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