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How to Choose the Right Contribution Percentage to Your 401k Retirement Plan

Written by Guest Blogger · 26 February 2011

By David Bakke

David Bakke writes about money topics like saving money, planning for retirement, smart shopping, and building wealth on the Money Crashers personal finance blog.

If your employer offers an individual 401k retirement plan, you should be contributing to it unless you fall into a very small exception category. The only time I would advise against participating in a company-sponsored 401k plan is if these contributions would interfere with your ability to pay monthly bills or get out of debt. Don’t invest in your future at the expense of your current situation. But if you can afford to make even a small contribution to the plan, go for it. Now that you're considering your personal retirement planning, let's address a crucial question: How much should you contribute to your 401k fund? Is 1% enough? Should it be 5%? Or 10%? Should the amount of your contribution depend on your age? Consider these five key factors.

How to Save at Tax Time – with Savings Bonds

Written by Super User · 25 February 2011

ALL taxpayers receiving refunds can make an impulsive decision to save by splitting their refund in U.S. Savings Bonds using their tax form. With as little as $50, tax filers can save for themselves or in the name of a loved one in a safe, guaranteed, accessible, and competitive savings instrument.

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Tip of the Day

  • Written by Katie Bryan | November 25, 2013

    Tip to #save when shopping: You can #save more than 10% by comparing prices at different stores.

Saver Tips and Stories View all »

Put 20 Percent Away

Written by Lindsay Ferguson | July 8, 2019

“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my daughter for a college fund. So I started saving 20 percent of my paycheck every month to put it away in a savings account with a high Annual Percentage Yield (APY). By the time my daughter is 18, I will have saved nearly $90,000.”

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Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

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Saving With My Boys

Written by | September 2, 2019

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

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