401(k)s

[Kajikit 65]

DH's employer offers an optional 401(k) plan and he's thinking of starting it next year... he's never had one before and I have the vaguest of vague ideas of how they work.

[Kez/JWolf 6]

Start one as soon as you can and pay as much into it as you can afford... this is what you will have to live on in your old age.... so the more you can pay in now the more you will have when you retire....

Kezzie

[babybunny 2]

start the 401k soon as possible, is FREE money. its the next best thing toi winning the lottery.

if you dont start it right away think of this..

all your co workers I promose are saying thank you for YOUR money.

some companys match your contribution. your husband needs to find out the specifics.

[Jasman0717 9]

I've had one for about 20 years or so. Best thing I ever got into for savings.

[LaL 418]

start the 401k soon as possible, is FREE money. its the next best thing toi winning the lottery.

if you dont start it right away think of this..

all your co workers I promose are saying thank you for YOUR money.

some companys match your contribution. your husband needs to find out the specifics.

I am pretty sure that

1. this is not *free* money - it is a regular part of your paycheck, just deducted pretax or post tax

2. other employees are not benefitting from your money - this is as in #1, part of your paycheck.

Should you choose to take the option of 401(k) find out if its pre-tax or post tax. Deductions for tax filing can be made on this account depending on how it is taken out of your check. Also find a percentage you are comfortable with. Remember if you are doing alot of overtime, etc. the percent applies also.

Edited February 5, 2006 by lal_brandow

[w¡n9Nµ7 §£@¥€r 123]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

[Jasman0717 9]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

ditto - When I first started my company was matching dollar for dollar up to 3% of my annual salary. That was a very good chunk of 'free' money

[w¡n9Nµ7 §£@¥€r 123]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

ditto - When I first started my company was matching dollar for dollar up to 3% of my annual salary. That was a very good chunk of 'free' money

That's sweet. My current employers match kinda sucks. But I have friends who get no match at all so it's not all that bad!

[LaL 418]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

Yeah I guess your right. I just read it as stating free money n' all... then bottom sentance almost like an afterthought states "some companys match your contribution".

[w¡n9Nµ7 §£@¥€r 123]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

Yeah I guess your right. I just read it as stating free money n' all... then bottom sentance almost like an afterthought states "some companys match your contribution".

Just giving her the benefit of the doubt

[babybunny 2]

AJ is right in what I was saying.

example my moms 401 k the company dont match her full contribution.

my company does. you put in 100.00 they put in 100.00.

my company offers profit sharing.

[kc456 0]

Most workers are not unionized and have no pensions coming. So you kind of have to do it. Forced savings for retirement. Definitely get one.

[Marilyn. 340]

hubby has one with work and the company contributes dollar for dollar up to 4% ... we just recently set this up and it already has a nice chunk of change in there

[neiks 19]

Don't plan on getting one. Still work in Canada and contribute to pension plan here.

[Jasman0717 9]

Laura,

I think shon is referring to the employer match (for those who get that). THAT'S free money.

ditto - When I first started my company was matching dollar for dollar up to 3% of my annual salary. That was a very good chunk of 'free' money

That's sweet. My current employers match kinda sucks. But I have friends who get no match at all so it's not all that bad!

that company has since changed but still puts in a nice amount of matching funds. Where I am now we do a 457 plan and that is all my money, no matching, but the agency pays part of my retirement so I certainly can't complain