Some money questions

KateJ10 · July 2012

What % of your paycheck do you put into your retirement fund? Do you get an employer match?

What % of money do you put into savings?

Have you ever met with a financial advisor/planner? If so, do you recommend?

Thanks!

AdeleDazeem · July 2012

What % of your paycheck do you put into your retirement fund? n/a at the moment. Do you get your employer to match? Again, science screws you in this.

What % of money do you put into savings? About 15% of my paycheck goes in the bank. I have a healthy savings account.

Have you ever met with a financial advisor/planner? If so, do you recommend? I have not, but I've read financial planning books. I understand what I'm supposed to be doing with my money, but my jobs so far have just not allowed that. I would imagine that my retirements account will be starting soon (my husband already has a very healthy one) and investments are right on its heels. We are in a good financial position now to move up.

achiduck · July 2012

We save about 5% right now with plans to increase that to about 10% within the next 5 years. We're still fairly young (27 and 28) so we have a long time to save.

We have a financial advisor that handles our RRSPs and life insurance plans. I would definitely recommend meeting with one. He was able to put my mind at ease about how much we're contributing as well as the market volatility, etc.

Ours is paid through the companies that cover our RRSPs/LI plans so we don't pay him directly and he will never get a "cut" when we retire and start withdrawing money or god forbid one of us passes away and the LI policy is paid out. I would just make sure that you know how anyone you meet with is paid before you sign any papers.

Edit - neither or our employers match our RRSP savings (or I guess it's a 401K in the USA). The 5% is for retirement, but we also have a savings fund for the house/cars, for travel and for emergencies. So in total proabably about 15% of our income is split between multiple savings accounts.

kd.joseph · July 2012

What % of your paycheck do you put into your retirement fund? I believe it's 3% Do you get an employer match? No, they used to, but no longer do.

What % of money do you put into savings? None.

Have you ever met with a financial advisor/planner? Just my Husband. If so, do you recommend? I think I would recommend one, but I would research big time before I went with anyone.

Keep in mind we are weird. I make no money and I brought a lot of debt into our marriage from my divorce. SO, my wonderful husband pays all the regular bills. I only pay my truck payment,my phone, and my 2 CC bills I have left. My H out me on a budget and I have in 2 years paid off about 5 CC bills, I only have 2 left and one will be paid off next year and the biggest one by 2015 on his budget plan.
Then all my money goes to my car payment and he can do whatever else with the rest. He is very particular about his finances and he has us pretty set for retirement.

Wiscisbliss · July 2012

What % of your paycheck do you put into your retirement fund? 8-10%.

Do you get an employer match? Yes. I forget what, maybe 3-5%.

What % of money do you put into savings? Depends. I get paid a low salary and high end of year bonus, so on a monthly basis we do not put much into savings, maybe 10%. At the end of the year most of my bonus goes into savings. So all in total, we try to put 30% into savings.

Have you ever met with a financial advisor/planner? Nope.

cheeseandrice · July 2012

2% of my paycheck is automatically deposited into a retirement account; my employer matches that to 13% of my salary (yup.)

That's all I contribute for now. I'm more concerned with paying off debt, and I feel like 15% is a fairly safe amount for now, especially considering my age.

We put another 10% or so into a savings account. That will probably go down a little when we start paying for daycare.

Nebb · July 2012

In Response to Re:Some money questions:[QUOTE]We save about 5 right now with plans to increase that to about 10 within the next 5 years. We're still fairly young 27 and 28 so we have a long time to save. We have a financial advisor that handles our RRSPs and life insurance plans. I would definitely recommend meeting with one. He was able to put my mind at ease about how much we're contributing as well as the market volatility, etc.Ours is paid through the companies that cover our RRSPs/LI plans so we don't pay him directly and he will never get a "cut" when we retire and start withdrawing money or god forbid one of us passes away and the LI policy is paid out. I would just make sure that you know how anyone you meet with is paid before you sign any papers.Edit neither or our employers match our RRSP savings or I guess it's a 401K in the USA. The 5 is for retirement, but we also have a savings fund for the house/cars, for travel and for emergencies. So in total proabably about 15 of our income is split between multiple savings accounts. Posted by achiduck[/QUOTE]
Can I ask who your financial advisor is through? We've talked about speaking to someone but aren't sure where is best to look.

Wiscisbliss · July 2012

Holy matching, Steph! I would capitalize more on that - it's free money!

cheeseandrice · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:6bbab772-1a77-4ca1-a3b7-2b67955a13e8">Re: Some money questions</a>:
[QUOTE]Holy matching, Steph! I would capitalize more on that - it's free money!
Posted by Wiscisbliss[/QUOTE]

ha. I should have clarified- they automatically contribute 13% of my salary, regardless of how much I contribute. That's why I'm not worried about putting more of my money in right now ;)

LesPaul · July 2012

What % of your paycheck do you put into your retirement fund? Do you get an employer match? I currently put 6% in my 401K; employer matches 5%. My former employer would match 4.5%, but double it if certain financial targets were met. 3 of the past 5 years were favorable, so I was fortunate enough to get 9% in those years.

What % of money do you put into savings? It isn't a set percentage - depends on what is happening life-wise. I realize it is better to do this the other way around and pay myself first. DH has a much more substantial savings and a better retirement plan than I do.

Have you ever met with a financial advisor/planner? If so, do you recommend? I have not, although I do appreciate that a good advisor can be very helpful.

ETA: I also have a cash-balance pension plan that my employer funds that is independent of my 401K

achiduck · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:21782ab9-b3ca-4da2-b8e1-4c74bc231557">Re:Some money questions</a>:
[QUOTE]In Response to Re:Some money questions: Can I ask who your financial advisor is through? We've talked about speaking to someone but aren't sure where is best to look.
Posted by Nebb[/QUOTE]

We use a guy through Sunlife Financial. I don't know where you are, but I'm in Ontario, about 40 minutes SW of Toronto. If you want his name feel free to PM me.

msuprincess04 · July 2012

In Response to Some money questions:
What % of your paycheck do you put into your retirement fund? 5%
Do you get an employer match? yes, up to 5%
What % of money do you put into savings? about 15%, but it's all recently been spent on the new house, guess I need to beef that up a bit.
Have you ever met with a financial advisor/planner? Nope, thus far it has not seemed necessary.

Nebb · July 2012

I contribute 10percent in my RRSPs, adam does 6percent and his employer matches. I try to increase the dollar amount by 20 percent every year. Our savings is wonky, we don't have a savings account that doesn't get touched, money accumulates and then shite comes up so it gets emptied out again, but usually we chuck in 15 to 30 percent a pay depending on how bills fall that pay period.

Nebb · July 2012

In Response to Re:Some money questions:[QUOTE]In Response to Re:Some money questions:In Response to Re:Some money questions: Can I ask who your financial advisor is through? We've talked about speaking to someone but aren't sure where is best to look.Posted by NebbWe use a guy through Sunlife Financial. I don't know where you are, but I'm in Ontario, about 40 minutes SW of Toronto. If you want his name feel free to PM me. Posted by achiduck[/QUOTE]
I will tonight, can't on my phone but I don't think you're all that far from me.

achiduck · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:39371e73-bf7d-4467-860d-7923c7dc3d19">Re:Some money questions</a>:
[QUOTE]In Response to Re:Some money questions: I will tonight, can't on my phone but I don't think you're all that far from me.
Posted by Nebb[/QUOTE]

YGPM with his info :)

[Deleted User] · July 2012

What % of your paycheck do you put into your retirement fund? 5% Do you get an employer match? Yes. Dollar for dollar up to 5%.

What % of money do you put into savings? 52%

Have you ever met with a financial advisor/planner? No, but we need to. We are saving a ton of money, but we aren't really investing it. It's just sitting in savings. I'd like to do more with it. If so, do you recommend?

shaydenise · July 2012

What % of your paycheck do you put into your retirement fund? minimum of 2% required by by employer, I contribute 3.8% Do you get an employer match? My employer contributes 8.14% regardless of what I contribute.

What % of money do you put into savings? Technically it's about 15% monthly, but anytime H gets a bonus we put that in there too so it probably averages out to about 20-25% annually.

Have you ever met with a financial advisor/planner? yes If so, do you recommend? Yes. Our financial planner handles my retirement and both of our life insurance plans as well. He has really helped us see what we're doing right and what we can do to reach our goals sooner/improve.

gurrlballa10 · July 2012

What % of your paycheck do you put into your retirement fund? Currently, I am putting in 4% Do you get an employer match? 100% up to 4%

What % of money do you put into savings? We have capped our savings account and are focusing solely on debt right now, so we put approx. 43% to debt right now. We should be debt free this year, then we will up our savings to 6-8 months and then put 15% into 401(k) and IRA's after that.

Have you ever met with a financial advisor/planner? If so, do you recommend? Not a financial planner, but we do follow Dave Ramsey's plan. I 100% highly recommend his program. FPU probably saved our relationship early on when my H (then BF) lost his job.

ZombieNates · July 2012

IWhat % of your paycheck do you put into your retirement fund?
About 3% total. I'm planning on increasing that once I get back to work.

Do you get an employer match?
My situation is a little different, since I'm a state employee. My pension is my employer match, if that makes sense.

What % of money do you put into savings?
I put about 3% of my salary into my personal savings, but I keep a lot of money in my checking account and our joint accounts. So that 3% is my personal savings, but I'd say I bank about 15% of my monthly income overall.

We jointly put about 2% of our total income into a joint account, but that doesn't take into account the money we put into our emergency account and bill account. Altogether, we have a decent amount in total.

I also have two IRAs for retirement.

Have you ever met with a financial advisor/planner? We're planning on doing so in the next month because we're planning on buying a house/TTC as soon as we can do so financially. We need some guidance on how to maximize our salaries.

pirategal03 · July 2012

What % of your paycheck do you put into your retirement fund? Not enough. Do you get an employer match? Not so much a match, as a required contribution. They take some of my $$ before I ever see it, I don't have a choice.

What % of money do you put into savings? Again, not enough. We're in an interesting situation with guaranteed income though, so it's weird.

Have you ever met with a financial advisor/planner? No, but I have a Finance degree. So I should know better.

Wiscisbliss · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:1b3e246f-6e95-4f3f-b80d-64a5aea05d4e">Re: Some money questions</a>:
[QUOTE]What % of your paycheck do you put into your retirement fund? Not enough. Do you get an employer match? Not so much a match, as a required contribution. They take some of my $$ before I ever see it, I don't have a choice. What % of money do you put into savings? Again, not enough. We're in an interesting situation with guaranteed income though, so it's weird. Have you ever met with a financial advisor/planner? No, but I have a Finance degree. So I should know better.
Posted by pirategal03[/QUOTE]

I had never heard of this before, but based on these posts it sounds fairly common.

cheeseandrice · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:ff4467fc-a1c6-4356-ba0d-bee12b77c9e5">Re: Some money questions</a>:
[QUOTE]What % of your paycheck do you put into your retirement fund? minimum of 2% required by by employer, I contribute 3.8% Do you get an employer match? My employer contributes 8.14% regardless of what I contribute.
Posted by shaydenise[/QUOTE]

*high five* for employers ;)

pirategal03 · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:06de52b0-e9e5-4a3d-af23-2ebaee025b76">Re: Some money questions</a>:
[QUOTE]In Response to Re: Some money questions : I had never heard of this before, but based on these posts it sounds fairly common.
Posted by Wiscisbliss[/QUOTE]

It's basically a defined contribution plan that you can't opt out of.

ETA: You could look at it as extra pay that you're funneling into retirement. Or as if the base pay would be the same and the retirement is a benefit. But basically they're earmarking part of your compensation.

shaydenise · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:7a0985cc-d693-4141-ab49-eda0dd2f7e42">Re: Some money questions</a>:
[QUOTE]In Response to Re: Some money questions : *high five* for employers ;)
Posted by Steph+J[/QUOTE]

<div>Gotta love those state jobs! ha ha</div>

cheeseandrice · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:20fd45d2-1473-4b41-ab14-a032330777b1">Re: Some money questions</a>:
[QUOTE]In Response to Re: Some money questions : It's basically a defined contribution plan that you can't opt out of. ETA: You could look at it as extra pay that you're funneling into retirement. Or as if the base pay would be the same and the retirement is a benefit. But basically they're earmarking part of your compensation.
Posted by pirategal03[/QUOTE]

oh yeah. That's what my 2% contribution is. It's mandated by my employer (public university) that I contribute 2% pre-tax. If I want to contribute more, I can, but it actually goes into a different 'pot'. Super confusing.

I could get into more detail too... ha Long story short, I'm a salary employee now, so I'm on the same retirement plan as the professors and directors/deans, etc. Prior to this, I worked in an hourly position where we followed more of the state retirement system. i.e. a pension. Then I was required to contribute 5%, and the university 'matched' the 5%, but that went to the cost of running th eprogram. not my actual 'pot'. Like Nates said- the 'match' really would've been the actual pension. in 40 years.

pirategal03 · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:f7d843f3-5209-470b-b498-74f3e107924f">Re: Some money questions</a>:
[QUOTE]In Response to Re: Some money questions : oh yeah. That's what my 2% contribution is. It's mandated by my employer (public university) that I contribute 2% pre-tax. If I want to contribute more, I can, but it actually goes into a different 'pot'. Super confusing. I could get into more detail too... ha Long story short, I'm a salary employee now, so I'm on the same retirement plan as the professors and directors/deans, etc. Prior to this, I worked in an hourly position where we followed more of the state retirement system. i.e. a pension. Then I was required to contribute 5%, and the university 'matched' the 5%, but that went to the cost of running th eprogram. not my actual 'pot'. Like Nates said- the 'match' really would've been the actual pension. in 40 years.
Posted by Steph+J[/QUOTE]

That's basically how ours works too. You explained it better than me.

ZombieNates · July 2012

Exactly what Steph explained. I forgot to add that in---I have a mandatory pension contribution that goes to the state, then I contribute on top of that to my 403b account.

cheeseandrice · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:63540578-02c5-4d7b-af8c-59bd5bd111b4">Re: Some money questions</a>:
[QUOTE]Exactly what Steph explained. I forgot to add that in---I have a mandatory pension contribution that goes to the state, then I contribute on top of that to my 403b account.
Posted by ZombieNates[/QUOTE]

That's how it was for me too. We actually paid into the same system as teachers, cops, etc. (Only the employees here that were part of the union or other non-management positions.)

It's kind of insane, actually, how different the benefits are dependent on your job classification... within the same employer.

Anysunrise · July 2012

What % of your paycheck do you put into your retirement fund? None.

Do you get an employer match? Uhm, I think they match 100% up to 3% of your paycheck, then they match a lower percentage up to like, 6 or something.

What % of money do you put into savings? 1/2 of my paychecks a month goes into savings, occasionally more.

Have you ever met with a financial advisor/planner? Nope.

If so, do you recommend? Thanks!

ghowlett · July 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_some-money-questions?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:c06aeed9-e599-478d-98da-5e97b4042219Post:0a8d1b90-7257-47e6-8baf-b1f2c052c1e6">Some money questions</a>:
[QUOTE]What % of your paycheck do you put into your retirement fund? 6% 
Do you get an employer match? Yes, they match 4% 
What % of money do you put into savings? It's about 10% & since we're both paid weekly, we put those "bonus" checks during 5 week months into savings, too.
Have you ever met with a financial advisor/planner? No.
If so, do you recommend? Thanks!
Posted by KateJ10[/QUOTE]

Some money questions

Re: Some money questions

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