We increased my Wife’s 401(k) contribution from 5% to 15%. This takes her contribution from $2,775/year to $8,325/year. We’re still waiting to hear back from her HR department as to when the new contribution level go into effect.
We decided to increase our 401(k) contributions as much as possible and force ourselves to get used to the lower take home pay. We may not be able to put as much into our Roth IRA’s, but at least we know the money will be invested before we can get our hands on it.
Is 15% the maximum for her workplace? The reason I ask is that I had a number of jobs in a row where 15% was the maximum and so I assumed that was the maximum percentage allowed by law. However, that is not the case. My current employer allows 25% and I’ve heard of even a lot higher, but obviously all subject to the maximum dollar limit. But maybe 15% was the amount you wanted anyway, regardless of percentage limit allowed.
And by the way, nice blog template. Heh-heh.
Nice! been upping mine like crazy too – best to do it while you can, that’s for sure 🙂
S.B.- Thank you for the heads up, but15% is not the max, it’s just the amount we chose.
J.Money- Agreed. I we can learn to live without the money now, before we have kids, it will be easier to keep it up.
-1MansMoney
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