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How much do you contribute to your 401(K) and how much are you earning?
- Thread starter RottenWillow
- Start date
SC4EVA said:
Just a guess. What are you paing on the cc? 10%? Either way, bring the total down before you get 10k of cash. just my opinion. I guess you've heard other wise. ...
The worst that could happenis you'd have to pay something off with another cc if you were tight on money before you got the 3-6 months (10k) cushion again.
Pay off the debt whether it's 10 or 20%. CC debt is the devil.
bran987
New member
I had a brain fart. I must be getting old already! I'm glad GL is still here.
Pay CC Debt before saving an emergency fund as long as you have a couple thousand in the bank.
But contribute to your IRA if your company matches it BEFORE paying down credit card debt. An instant 50 or 100% return is a superior use of money, even if you're paying 25%/year on your credit card debt.
Pay CC Debt before saving an emergency fund as long as you have a couple thousand in the bank.
But contribute to your IRA if your company matches it BEFORE paying down credit card debt. An instant 50 or 100% return is a superior use of money, even if you're paying 25%/year on your credit card debt.
J
jenscats5
Guest
Not contributing towards a 401k @ work right now, cuz I'm not yet eligible for it.....got to be an employee for 2 years 1st.....
Looks like none of the 401(k) investors who responded are contributing the minimum 15% of annual income suggested by the analysts.
Due to a series of rather significant health problems this year I've run my CC debt up from 0 to $2500, so according to bran's sound advice I'll want to pay that back off before I up my contributions to the 15% level.
Someone on the first page of the thread asked if the analysts were factoring in other investment methods for retirement income when they calulated the 15% minimum contribution, and the answer is no. That minimum level of contribution is for people who have no other retirement income plans apart from SS benefits.
Due to a series of rather significant health problems this year I've run my CC debt up from 0 to $2500, so according to bran's sound advice I'll want to pay that back off before I up my contributions to the 15% level.
Someone on the first page of the thread asked if the analysts were factoring in other investment methods for retirement income when they calulated the 15% minimum contribution, and the answer is no. That minimum level of contribution is for people who have no other retirement income plans apart from SS benefits.
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