Hi guys! I need a little guidance on how much money I should be putting in my 401k. A little bit about me: I just turned 22, I am working as a nurse making approximately 35 dollars an hour, I live with my mom and I am not paying any bills, I started a 401k in February and I am contributing 5 percent of my paycheck every 2 weeks (which is roughly 140-150 dollars), and so far I have 1,300 dollars saved. The rest of my money is in a savings account at the bank.
More information about my 401k: I am putting my money in a ROTH IRA, and my employer matches on contributions up to 4 % (Can someone explain what this means?) I saw this on my companies website- Your employer matches up to 4% of your eligible compensation that you elect as Pre-tax or Roth contributions. When you contribute to your plan, your employer matches 75% of the first 4% of your pay (Still confused on what this means. Can someone give me an example?)
My question- Should I be putting more money into my 401k, considering how I have no bills to pay and my money is just sitting in a savings account? My only concern is that in a couple years from now when I want to buy a house, I will have to take out a huge loan from the bank in order to afford it. I was planning on using my money from my savings account to put down a nice down payment on my house in the future. Thoughts?
Submitted May 07, 2019 at 11:00PM by PartyTheNightAway http://bit.ly/2VQeV4Q
