How much do you put in your 401K and other questions

[JessicaSN]

Hey everyone,

I'm at the beginning of my RN career and this will be the first time I'll be putting any money away for retirement.

I want to know what everyone does with their 401K. Here are my questions:

1. What percentage of your pay do you contribute?

2. How much does your employer contribute?

3. Is your 401K your only source for retirement, or are you doing something else?

4. Can you pick which stocks you invest in?

5. When would be your ideal age for retirement (assuming you are healthy enough to work and could quit at any time)?

I plan on contributing 6% of my pay and the hospital will match it 25 cents for each dollar (so if I put in $100 they will put in $25). Is that the norm? I thought it sounded kind of low because I thought a lot of businesses would match you dollar for dollar.

I'm just worried about having enough money for when I'm old and can't/don't want to work. I watched a program on PBS recently that talked about families not having any savings and how hard it is for them being older and having no security. It scared the crap out of me and I'm only 25! lol

Thanks to anyone who answers my little survey!

[november17, ASN, RN]

Hey everyone,

I'm at the beginning of my RN career and this will be the first time I'll be putting any money away for retirement.

I put in 10% of my money - I've actually considering contributing more but I've still got student loans I'm paying off.

My employer contributes 4% of what I make, up to $3,500 a year or something like that.

Social security will be contributing a bit to my retirement $$$ too.

Yes I get to pick the stocks.

I'm planning on retiring at 60 (at least from being an RN).

I'm 28 right now, as long as I keep getting raises I should be on track to where I want to be by the time I hit retirement age.

Also, the 10% of your paycheck thing might seem steep but I'm married and my wife makes good money. It's just a way of trying to earn less money come tax time...plus there's just something comforting about having lots of money in the bank. I also have other non-retirement stock investments and a savings account but that money is meant to be available on an as needed basis.