It is an age old question that has existed for as long as a 401K has: How much should I contribute to my 401k? Hosts Bill Bush and Andy Bush, Financial Advisors with the Horizon Financial Group, cut to the chase and give us the information we need to plan for a successful retirement. They give us tools to plan and learn about our personal 401K.     Show Notes:   1:00--- The age old question: How much should you put into your 401K account? It is a different answer for each person depending on their life, budget, and many other variables. 3:20--- The assumptions you make today will affect how much money you will have in retirement. 4:00--- Some key factors to look at: your planned retirement age, bills, replacement income (social security) and current income. 7:24--- A Case Study: If you start saving at 35 yo without any money set aside for retirement and you have a $100,000 income, you will need to set aside 20% of your income each year. 9:22--- How to check-in along the way: At age 35, you need to have two times your yearly income set aside in savings. 10:45--- Many banks or companies have tools available to help you calculate how much you should set aside for your family.   3 Key Points: The age old question when it comes to 401K and retirement is ¨how much do I need to put in it to be ok in retirement? The answer to this question varies depending on your current income, planned retirement age, and present and future bills. In general, many companies offer tools to enable you to calculate the percentage that fits your life.   Tweetable Quotes: -       "We direct people to 401k calculators to help people know what they need to contribute." –Bill. -       "How much of your income are you trying to replace." –Bill. -       "Social security represents a greater piece of  replacement income for lower income families." –Bill.     Resources Mentioned:   Inside the Plan- Discover more about the Podcast Horizon Financial Group     Contact Information: [email protected] [email protected]  

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