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Access the page below. This page is a take home pay calculator based on your contributions to 401(k). It will show you how much your take home pay wil reduce based on your contributions.

Basically it's wise to have a 401(k), savings and one or more investment account.

401(k) = your savings for retirement.

Savings (Money Market, Credit Union etc) = Can be an emergency fund, unexpected expense, Downpayment for a home, Car, Marriage, Kids, etc).

Investment account (Roth IRA, IRA, Bonds, Brokerage Account, College Savings etc) = Extra savings. some of these accounts allows you to borrow without penalty for First time home Purchase etc.

Like you were already suggested. If you company matches your contriutions to your 401(k), You should very seriously consider starting to contribute to 401(k) at least upto the percent your company matches your contributions.

The above is just a basic view on savings. Do consider using services of a good financial planner. It would certainly be worth your time and money.

Hope it helps.

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