Retirement

As much as you are legally allowed to. Max it out.

It depends on your age and how much the match is. I'm 35 and my employer matches 6%, so that's how much I contribute. By age 40 (or sooner if possible) I'll increase it. It's very important since we all know that SS will be broke by the time most of us retire! Even if you're in your 20s, it's a smart thing to do.

I have put 15% of every check in a 401K or 403 b for the past 10 years. I also invest in mutual funds and a Roth IRA. Also have 3 months of bill money in savings(emergency fund).

Hope to retire at 60

There are still places that have pensions. I worked at a hospital for 10 1/2 years before I moved-they had a 403 b AND a pension plan-I will get this small amount of money when I retire someday.

Oh, and there is a max amount you can put into a 403b (401k) pre-tax. (with hubby and I both working it helps us stay out of that too high tax bracket-reduces taxable income ) I believe it is something like $15,000 per year depending on your age.

Can you clarify, "nurses have no retirement" ?

Like a teacher, they are guaranteed a nice retirement.... nurses are not, you have to handle your money in a 401k or ROTH Ira, etc.

I can contribute 6% and they will match it 3%. I make $2,025 a month after taxes... so what exactly can I contribute each month (how do you figure that out)? I'm guessing $121.50? So with the match it would be like putting in $182.25 a month (thats not good is it?)

Like a teacher, they are guaranteed a nice retirement.... nurses are not, you have to handle your money in a 401k or ROTH Ira, etc.

The not-for-profit hospital I worked at for the past 22 years has a retirement for nurses. Also 403 which they do not match since it is a not for profit. The sooner you start using the 403 (and NEVER) take out of it ,the better prepared for retirement. And it is pre tax so that also helps a lot.

as far as I know, you can also contribute to an IRA, I would max that out also

I'm thinking that "nurses have no retirement" could also be phrased as "most people today have no defined benefit retirement plan." Examples of those people who most likely do have defined benefit plans include government workers (think VA hospitals for nurses) and military (nurses). Other groups who probably do are teachers and I think police and firefighters. For many people today, if you don't fund your retirement yourself (examples being a 401(k), 403(b), IRA), you won't have anything but Social Security and maybe a lucky lottery ticket to live on

I can contribute 6% and they will match it 3%. I make $2,025 a month after taxes... so what exactly can I contribute each month (how do you figure that out)? I'm guessing $121.50? So with the match it would be like putting in $182.25 a month (thats not good is it?)

Read your plan summary -- you can probably contribute up to 6% of your gross pay.

This will reduce your taxable pay by 6% too.

As far as $182.25/month being "not good" I have two thoughts:

1. It is $182.25 more than many, many employed adults are currently saving for retirement.

2. There is no downside to free money in the form of an employer match.

If you change jobs you can always take your contributions with you to invest in a new plan. You'll probably have to stay with this employer 5 years to be vested in their matching contributions.

BTW -- both hospitals where I have worked have had traditional cash accumulation plans (what you're calling "retirement") in addition to offering 403(b)s. They are becoming more rare in all industries, not just health care, but they are out there.