401(k)s

[sereia 0]

my last few jobs matched $1 for $1 in my 401k.

[mawilson 2,133]

we have had ours for about 2 years or so and we have a pretty good sum in there right now.. well minus what we took out for the loan

hubby's company gives 100 % up to 4 percent of what we put in...

That's really good, Marilyn.

My company used to match 50% up to 7% of what we put in (we're allowed

to contribute up to 10%) but recently reduced it to 25% (of 7%).

25% of 7% is still *almost* 50% of 4% but still only half as good as yours.

[reach449 2]

401k's are free cash to you if your employer matches any at all. Take advantage of them. The company I work for also has pension, but who knows will it be there when I retire? So the 401k is a good option.

reach449

[pj1959us 0]

we have one but we were bad and took out a loan on it because we needed to pay off our credit cards

the interest on the loan is much lower then the credit cards plus it will be all in one payment....

And, at least the money is going back into your 401(k)! The amount you borrowed isn't necessarily "making" money with the rest of the 401(k) funds, but with the lower interest rate and paying yourself back for the loan it's about the best way you could have done it!

[keltic 1]

so, if anyone is thinking of starting a 401K, just make sure to find out if your company matches your donations and max out what you put in... if they will match 3%, then make sure you put in 3%... it is free money... take what you can get!!!!

the company that i work for matches $ for $ up to a certain percentage based on how long you work there... so, after you work there for 5 yrs, they will match more, etc... also, i was able to roll in my mandatory retirement fund from north carolina when i moved here (yep, i was forced to have a certain retirement fund while working in nc)... so, now its a nice nest egg... now, the matching is not secured until i have worked for the company for 5 yrs (vested), but after that its just my money no matter whether i stay or quit...

the company i work for gives yearly evaluations that basically winds up giving an average of 3% pay raise... its done on the month of your hire date... so, i have already set my 401K to increase by 1% each year on that same month... so, i see an increase in my savings as well as my take home pay... its a very nice thing

Edited July 14, 2007 by keltic

[Marilyn. 340]

we have one but we were bad and took out a loan on it because we needed to pay off our credit cards

the interest on the loan is much lower then the credit cards plus it will be all in one payment....

And, at least the money is going back into your 401(k)! The amount you borrowed isn't necessarily "making" money with the rest of the 401(k) funds, but with the lower interest rate and paying yourself back for the loan it's about the best way you could have done it!

yeah that is what hubby keeps saying.... I just find it strange that we are borrowing our own money ...