December 15, 2009

Increased my 401(k) Contribution

We've wanted to contribute at least 10% to each of our 401(k)'s for a while now. My wife just increased her 401(k) contribution to 15% in August, but mine was only at 8%. I'm happy to say that I've now increased my 401(k) contribution to 15%, effective my 1st paycheck in January.

If we're both able to keep our jobs throughout 2010, we’ll contribute a total of $18,366 to our 401(k) accounts from our regular paychecks. My wife also has 15% contributed from her quarterly bonus checks. God willing, we may be able to break $20K in total contributions to our 401(k)'s in 2010.

10 comments:

MoneyReasons said...

That's awesome! I increased my 401(k) contribution to the full 15% at the beginning of 2009, and was glad that I did!

For me, it's nice to know that I maxed out what my company allows me to, even though I'm not maxing out the Fed. limit.

Congratulations!

1MansMoney said...

MoneyReasons - Thanks and congrats on increasing your contribution to 15% too. I wish I would have increased mine at the beginning of 2009, but at least I finally got around to it.

-1MansMoney

J. Money said...

The 401(k) is my all-time FAVORITE tool. Freakin' love that thing, good job!

1MansMoney said...

J. Money - I'm lovin' it too!

-1MansMoney

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