I’m Having Trouble Contributing 15% to Retirement

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 22 August 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:13.3	Evans and Pittsburgh, hi Evan, welcome to the Ramsey shop.
0:17.1	Hey, Debra.
0:18.1	How are you?
0:19.1	Great.
0:20.1	How can we help?
0:21.1	So I have a retirement question.
0:22.8	My company's structure has certain employees falling into the highly compensated employee
0:28.8	category where we're limited on our 401k.
0:31.6	Yeah, because the other folks are not contributing at a high enough rate.
0:36.3	Exactly.
0:37.3	Yeah.
0:38.3	So we're trying to figure out the best way to get to that 15% mark.
0:43.8	What I'm able to contribute really only gets us to an a half percent of the 15.
0:49.0	My wife uses her company's match that gets us another five or six percent total.
0:56.0	And so we're stuck on the remaining 10 or so percent if we should be over contributing
1:01.6	into her 401k for like tax incentive now or if we should just go over contributing.
1:08.1	It's just contributing more than the match.
1:10.1	Well, yeah, more than the match, but I wasn't sure if it made more sense to have the money
1:15.8	in her company's 401k versus an individual retirement account because our total income
1:22.2	bars us from the traditional rough option as well.
	...

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