Archives for July 17, 2017

Who Maxes Out Their 401k, And Where Do They Make Sacrifices?

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

piggybank_plainThe Principal Financial Group surveyed “younger” retirement plan participants ages 23-51 who contributed at least 90% of the annual 401(k) maximum limit. That means they put away at least $16,200 each (limit was $18,000 for 2016/2017). These “young super savers” made savings a high priority, so they were asked about the areas in which they made sacrifices. Here are some of the top answers:

  • Cars. 47% of “super savers” drive older vehicles in order to help maximize retirement savings.
  • Housing. 45% of “super savers” choose to live in modest homes to boost savings. 18% of millennial supersavers are renting.
  • Vacations. 42% are opting to travel less than they would prefer.
  • Work. 40% say they put up with work-related stress. 27% put in extra hours instead of spending time with friends and family.

In a separate survey, Vanguard found that overall 10% of plan participants contributed the full maximum to their 401ks. (Note that “plan participants” means people offered a Vanguard 401k option that then also chose to participate.) Here’s how these 401k “super savers” broke down by income and age:

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If you make a modest income and max out your 401(k), you are definitely doing something differently. Roughly 95% of people who make less than $100k aren’t maxing out their 401(k).

JetBlue Free Mosaic Status Match + Challenge

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

mosaicJetBlue Airlines has a free status match program where they will upgrade you to JetBlue Mosaic status if you have elite status with another airline loyalty program. Here are the qualifying levels at other airlines:

  • Virgin America: Elevate Silver, Gold
  • Alaska Airlines: Mileage Plan MVP Gold or MVP Gold 75k
  • American Airlines: AAdvantage Platinum, Platinum Pro, Executive Platinum®
  • Delta: SkyMiles Medallion Silver, Gold, Platinum or Diamond
  • Southwest Airlines: Rapid Rewards® A-List Preferred or Companion Pass
  • United: MileagePlus Premier Silver, Gold, Platinum or Premier1K

If you become/are a TrueBlue member and submit proof of your qualifying status, you will get Mosaic status free through the rest of 2017. You can then enjoy the perks listed below.

In addition, anyone (even without elite status) can take on the Mosaic Challenge. If you earn 3,750 base flight TrueBlue points in 90 days, you will get Mosaic through through December 31, 2018. This basically means you must spend $1,250 on JetBlue-operated flights for yourself within those 90 days. (Points earned via credit cards or other people’s flights don’t count.)

Mosaic benefits include:

  • Waived change and cancellation fees. Waived for Mosaic members and others on their itinerary.
  • Two free checked bags. Mosaic members and companions on the same itinerary can check both the first and second bag for free.
  • Priority security line access.
  • Early boarding access.
  • Bonus points. Earn an additional 3 TrueBlue points per dollar on your JetBlue flight, for at least 9 points per dollar if you book on jetblue.com.
  • Dedicated phone number. Get access to a dedicated Customer Service Line available 24/7.
  • Free drinks. Enjoy complimentary alcoholic beverages onboard.

Also see: JetBlue Credit Card from Barclaycard Review

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