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Do I?

nangiggles

nangiggles

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Im not qute sure, I ggogled it and still dont understand it much... 401k, do I want this, do you have it?

Seems I just get a % of my salary put away and my employer matches it, however I cant touch it until Im like 60...., please shed light :confused:
 
nangiggles said:
Im not qute sure, I ggogled it and still dont understand it much... 401k, do I want this, do you have it?

Seems I just get a % of my salary put away and my employer matches it, however I cant touch it until Im like 60...., please shed light :confused:
Click to expand...

do it. do not delay. One of the best wealth builders available to you.
 
they are paying you to save money to retire basically.. see what the max a year they will match. i heard from someone that being a store manager at mcdonalds is the way to go because they have one of the best 401k's right now.
 
nangiggles said:
But did I understand that right, I cant touch the money until Im sixty something? they can also "invest" my money, is this safe?



Uhmmmm I dont know what that means....
Click to expand...

You can not touch it without being penalized. It is also pre-tax earnings. I can go into great detail on why you should do this. You can read any financial advice magazine or newsletter on the top investment mistakes people make and the #1 item is always not participating in a 401k.

Yes the money is relatively safe and if you leave the company you can roll it over into a private account where you control the investments.

The most important thing is to get the company to match your investment. That is where you build your wealth.

Look - I worked for two corporation over a 14 yr period. I maxed out my 401k contribution every year I was there. Recently when my company got bought out, I took over the account myself. I checked the balance this morning and it was $403,000 and that is after the market meltdown we had over the last 2 yrs.

I never saw the money so I never missed it but I will certainly enjoy it when I am in my 60's drinking Gin and Tonics on a beach in Thailand.
 
A Roth account is an individual retirement account (IRA), instead of an employee-sponsored retirement plan. As of now, you can put up to 5,000 per year (if you're under 50 yrs old) and 6,000 per year over 50. The advantage of a Roth IRA is you can spend it tax-free in retirement, unlike a tradiational IRA. The catch is you have to pay taxes up-front, and it is not tax-deductible, but overall you'll save a lot of money over a tradiational IRA once you retire.

Now, I'm not saying don't do your 401k. It's almost always recommended to go into your company's 401k. I just think it's always a good idea to have an IRA plan in case you want to take your 401k (if you switch companies) and then roll it into a new company's 401k in the future. Roth 401k plans are not offered at a lot of employers yet, so you may not have this option.

Roth IRAs are good for young people with enough cash up front to pay the taxes.
 
401k = free money.


especially when you consider that you should be saving money out of each check anyways, and with this you are getting free money to set up yourself for retirement.
 
do it, and the minimum you should put in is up to the max they will match. Put in more if you can and max it out if possible ($15,000/yr I believe). Do the 401k first, then think about the Roth IRA and all that other shit if you can afford it. Take advantage of the employer match.

Bill touched on the other stuff. You can access the money before age 59.5, but there will be penalties. This isn't a savings account, it is a retirement plan. You don't want to take the money out early, because you will lose the advantage of the effects of compounding interest. You can control where the money goes also. You can invest it aggressively or conservatively...whatever you'd like. Some asset allocation factors are, your age, your target retirement age, and your tolerance for risk. Being young and not able to take this money out before age 59.5 without penalty, you have a while (hopefully) before you will need it. Risk tolerance is an individual thing. With more risk generally comes more (chance for) reward. You should probably be at least 80% into equities (stocks) or more. Do they have anyone at the company that can help you understand this?
 
redshirt27se said:
401k = free money.


especially when you consider that you should be saving money out of each check anyways, and with this you are getting free money to set up yourself for retirement.
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^^^This^^^

Its free money, pre-tax, etc. I setup 401k and ESPP (Employee Stock Purchase Plan). My ESPP is at 4% and 401k 8%. My company match is is 50% of the first 4% or something like that. After 2 years in the ESPP its already over 10k. ESPP you can touch at any time, 401k you have to wait or take heavy penalties.

Why wouldn't you want to do this? You want to keep working forever?
 
Yes, do the 401K at least up to the max the company will match. As stated, it's free money from your company and you will not pay income tax on your contributions (at least not until you start drawing the money out after retirement.

If you want additional retirment savings beyond the maximum company match in your 401K, most financial experts now prefer the Roth IRA. However, simply putting more into the 401K has the benefit of keeping it all in one place and is still a good option.
 
Be careful and keep an eye on it on a monthly basis at least.
The last corp I worked for before becoming self employed matched my 401K contribution dollar for dollar. They were aquired by a bigger corp and proceeded to stop matching the 401K at all. What a clusterfuck that was. So just be careful you dont get screwed.

this is one of the many reasons I learned to manage my own money in the markets
 
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nan,

Ask your HR department if your 401k has a Roth provision. If they do, then elect to do that. What the roth provision allows you to do is to invest your money after tax, but take it out tax free at retirement. Seeing as how we currently have the lowest tax brackets since the 1920s (and given the economic climate) its safe to say that taxes will be HIGHER in the future, which you can avoid by utilizing the roth option.

Any questions let me know as I do this kind of stuff for a living.
 
Yes, invest into the 401K right now!!! The financial sector needs more of your money to gamble with and pay out bonuses. They can magically make $9 out of every $1 you deposit in the bank, that is cool!


Seriously... While I hate what they have done to us and wish I could stop supporting them with my money, a 100% match by your employer is just too good to resist.


!
 
Jon79 said:
fuck ur bitch skinny fucking looser fuckin car salesman ass u pussy....

open your mouth when you know what the fuck you are talking about. (psst so that means never!)

thanks
Click to expand...

If you're gonna call me a loser atleast spell it right.
 
chris302001 said:
The personalities are always fucking with him pulling the bait and switch hence he's not getting laid.
Click to expand...

This was reinforced by the haterade comment in the Racehl...lol thread.... he's probably sex starved give the man a break.... however if my BF peed the bed I wouldnt have sex with him either.... just sayin'
 
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