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jim t · 11-30-2007, 12:45 PM

It's $15,500 in 2007 and 2008. That's in EACH account. If your 50 years old or olderyou can add an additional $5000 into the the 50 year old's account.

Do you and your wife work for the same company? IfNOT and you cannot afford to max out both, contribute as much $$ into each account as you can afford per month. Oncethe plan with the lower match has maxed out the company match, put all further contributions into the other account.

You really, really need to try to take advantage of the company matching funds!!! It's a PAY RAISE!!!

Do you use Quicken? If not, get a copy and spend some time inputing your last couple months bank statements...(some banks allow you to download a statement to Quicken). Then closely monitor where EVERY dollar goes.

It's any easy way to track that old "budget" your grandmother used to talk about You'll be able to tell in a couple months what you can truly afford to save... and where you can cut corners to save a little more.

Jim

11-30-2007, 12:45 PM	#5
jim t Neptune calls me "Daddy" Blue Marlin Join Date: Sep 2007 Posts: 5,629	RE: 401K Question It's $15,500 in 2007 and 2008. That's in EACH account. If your 50 years old or olderyou can add an additional $5000 into the the 50 year old's account. Do you and your wife work for the same company? IfNOT and you cannot afford to max out both, contribute as much $$ into each account as you can afford per month. Oncethe plan with the lower match has maxed out the company match, put all further contributions into the other account. You really, really need to try to take advantage of the company matching funds!!! It's a PAY RAISE!!! Do you use Quicken? If not, get a copy and spend some time inputing your last couple months bank statements...(some banks allow you to download a statement to Quicken). Then closely monitor where EVERY dollar goes. It's any easy way to track that old "budget" your grandmother used to talk about You'll be able to tell in a couple months what you can truly afford to save... and where you can cut corners to save a little more. Jim __________________ GO GATORS!!!