GARYC24 3 #1 January 21, 2004 Just got eligible to enroll in 401k program at work. Started off with just 3% deduction (weekly). So, if all goes well I will have $33,645 in 20 years. $92,224 in 30 years! I'll be 64 in 20yrs! Maybe then I can afford a girlfriend!hahaha Quote Share this post Link to post Share on other sites
kelel01 1 #2 January 21, 2004 Might want to increase that when you can . . . unless you plan on dropping dead about 6 months after you retire. I started out with 1%, and have since increased it. I'll be 64 in 40 years . . . Kelly Quote Share this post Link to post Share on other sites
jfields 0 #3 January 21, 2004 Is your employer matching anything? If not, do the Roth IRA first, then crank up the 401k. Contribute until it hurts, then contribute some more. I think the current limit is $3k for the Roth, and $13k for the 401k. Quote Share this post Link to post Share on other sites
Darius11 12 #4 January 21, 2004 I would defiantly put in as much as you can afford. I think if i remember correctly i was putting the maximum amount of 10 or 20% can't really remember. I had to cash mine in 4 years ago when i lost my job but it still was a great help i had the whole summer off felt like a kid again. I'd rather be hated for who I am, than loved for who I am not." - Kurt Cobain Quote Share this post Link to post Share on other sites
DShiznit 0 #5 January 21, 2004 I have always contributed 15% (the max) to my 401K. Think of it as a tax free savings account. I lost my job this time last year and was unemployed for 8 months. I'm glad I had it because I wound up having to cash it in just to stay above water. Had I only contributed 3%, I probably would have lost my house. What you don't see you can't spend. Quote Share this post Link to post Share on other sites
skymama 37 #6 January 21, 2004 Right now I don't have any kind of retirement plan. I'm thinking Wal-Mart greeter is in my future when I get to be an old woman.She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
GARYC24 3 #7 January 21, 2004 Yeah, they match.works like this: yr1- 0% yr2-20% then 40,60, 80..after 6years 100%. I have a small amount in BofA IRA. I will also increase as pay rate increases. I am trying to find local places to invest in "penny stock" I am wondering if I can turn some $50-$100 into $500-$1000 in a very short time..This will be a fun thing to do to keep pocket money for skydives and gear! But since I work all the time..I don't have time to search much for a local penny stock guy. I live in California. Quote Share this post Link to post Share on other sites
meltdown 0 #8 January 21, 2004 I'd HIGHLY recommend contributing at least what your employer will match. My boss (who RULES by the way), matches 50% all the way up to 15% of my income, so naturally I contribute the full 15%. Quote Share this post Link to post Share on other sites
sunshine 2 #9 January 21, 2004 QuoteRight now I don't have any kind of retirement plan. I'm thinking Wal-Mart greeter is in my future when I get to be an old woman. Same here. We can have one of those senior citizen apartments and work alternate days. ___________________________________________ meow I get a Mike hug! I get a Mike hug! Quote Share this post Link to post Share on other sites
jfields 0 #10 January 21, 2004 QuoteI am wondering if I can turn some $50-$100 into $500-$1000 in a very short time..This will be a fun thing to do to keep pocket money for skydives and gear! But since I work all the time..I don't have time to search much for a local penny stock guy. I live in California. It is called the lottery, and statistically, it is a sucker's game. If a "penny stock guy" could do it reliably, he would be retired and sipping umbrella drinks at noon, instead of working for you. Quote Share this post Link to post Share on other sites
GARYC24 3 #11 January 21, 2004 Well, I just started a retirement plan with this company. And I still cannot imagine actually retiring! I look at it like this to do 100 skydives a year cost $2000 (20per jump). I am glad I putting something away. This book says:$20 every 2 weeks based on a 9% average annual return rate will be $5200 (my contribution) $8440(account value) Also, in regards to retirement: " experts say you need 70%-85% of your final annual salary to maintain a similar lifestyle. That means if you earning $50,000 at time of retire, you should expect to live on, lets say, 80% of that - or $40,000 (.80x$50,000) each year you're in retirement. And in not unheard of to spend a quater of your lifetime in retirement. Kinda depressing, eh? I think so, somewhat! Quote Share this post Link to post Share on other sites
PhillyKev 0 #12 January 21, 2004 QuoteYeah, they match.works like this: yr1- 0% yr2-20% then 40,60, 80..after 6years 100%. Are you sure that's not the vesting schedule? How much you get to keep of their match if you pull out. How much of what you put in do they match dollar for dollar. In other they will match your first 3% of income that you contribute dollar for dollar, and then the next 3% of your income they match 50 cent on the dollar, for example. Whatever the max amount of your income that they will match at all, make sure you're putting at least that much in, otherwise you're throwing away free money. Quote Share this post Link to post Share on other sites
GARYC24 3 #13 January 21, 2004 That was the vesting Plan Company matches 30% of what I contribute, before taxes, up to 10% of my pay. Profit-sharing: they may make a profit-sharing contribution to account, This may vary depending on profits. Withdrawals- ? i'm not sure, basic in-service, hardship,etc, stuff apply. From what I hear of other employees, this place does do that much and it's not the best plan. I'm just putting in what I do, forgetting about it. And keep on struggling and having fun spending $2000 a year skydiving..and that's not that much. 6-10 jumps per month! Quote Share this post Link to post Share on other sites
EricaH 0 #14 January 21, 2004 QuoteQuote***Right now I don't have any kind of retirement plan. I'm thinking Wal-Mart greeter is in my future when I get to be an old woman. Same here. We can have one of those senior citizen apartments and work alternate days. Can I join you ladies? It'll be fun I swear & I'd even move back to FL!! I'd love to contribute, but right now just under 20% of my income goes to pay debt... old debt like closed credit cards & student loans . Once I'm like 40 & done paying those off... THEN i could open an IRA. But hopefully I'll have a job I LIKE & then that job will prob pay just enough on which to live & eat. There is no can't. Only lack of knowledge or fear. Only you can fix your fear. PMS #227 (just like the TV show) Quote Share this post Link to post Share on other sites
turtlespeed 221 #15 January 21, 2004 Contribute 12.5 % I'm 100% Vested Matched 100% up to 6% I can't complain.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
dustin19d 0 #16 January 21, 2004 I have 2 different retierment accounts. started one of them at age 18. Put away about 9% with the both of em. Quote Share this post Link to post Share on other sites
Slappie 9 #17 January 21, 2004 I shove aside 6% a pay check into our 401k 100% vested company matches 100% of up to 4% contributed.. So I'm pretty much 10% a paycheck. Got it set to Mid Level agressive (I'm 36) so I have awhile.. My other option for retitrement is the Texas Lottery.. bout all I gots.. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
GARYC24 3 #18 January 21, 2004 My investment funds are in: AMERICAN FUNDS ® Growth investments- AMCAP Fund (amcpx) SMALLCAP World Fund (smcwx) Growth-and-income investment- Washington Mutual Investors fund (awshx) Equity-income investments- Capitol Income Builder ( caicx) Now, the Washington Mutual Investor Fund is what is referred to as a "nun-fund" their portfolio may not hold securities of companies whose earnings come mostly from alcohol or tobacco sales: The man speaking at company meeting suggested no more than 25% in this one..I decided %50 and spreded the others out. Also learned a little about one that higher highs and lower lows, non-US equities & US equities.aggressive, and the 'sleep at night" less aggressive ones.. Sheesh! I almost seem like I know what I'm talking about! hahahah NOT ! Quote Share this post Link to post Share on other sites
PhillyKev 0 #19 January 21, 2004 Dude, bite the bullet and put in the full 10% that they will match. After taxes it's only like 6% anyway, but that's a bonus of 3% of your income just in their matching contribution. It's free money!! Quote Share this post Link to post Share on other sites
meltdown 0 #20 January 21, 2004 I totally agree. After a paycheck or two, you'll never miss the extra few bucks, but you'll sure notice it down the road. Quote Share this post Link to post Share on other sites
jfields 0 #21 January 21, 2004 QuoteDude, bite the bullet and put in the full 10% that they will match. After taxes it's only like 6% anyway, but that's a bonus of 3% of your income just in their matching contribution. It's free money!! Since this isn't a gun control thread, I completely agree with PhillyKev. He is right on! Quote Share this post Link to post Share on other sites
usedtajump 1 #22 January 21, 2004 QuoteI totally agree. After a paycheck or two, you'll never miss the extra few bucks, but you'll sure notice it down the road. I totally agree with the above. You really need to put away the maximum allowed for as long as you work!!!! When the next 25 years goes by in a flash, and it will, you'll be EXTREMELY thankfull that you did it. Take it from one who knows first hand.The older I get the less I care who I piss off. Quote Share this post Link to post Share on other sites
turtlespeed 221 #23 January 21, 2004 Quote Since this isn't a gun control thread, I completely agree with PhillyKev. He is right on! lmao - that was funny.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
GARYC24 3 #24 January 21, 2004 I agree, too! But a present hourly rate I will stick to 3% (weekly) I am not ready to give up a little over $100 a month My next raise I will increase it.Until then I have to pay off some other bills, CCards, etc. It'll all be okay.. Quote Share this post Link to post Share on other sites
jfields 0 #25 January 21, 2004 Just so you know what your theoretical target should be: The maximum allowed contribution for a 401k currently* works out to $1083.33 per month. The maximum allowed contribution for a Roth IRA currently* comes to $250.00 per month. So, you could put away up to $1333.33 per month towards retirement in individual tax-advantaged accounts. Of course, you can put away more than that in regular accounts, or other vehicles like college funds for children, education IRAs, etc. * The limits change over time, but these are correct as of 1/2004. Quote Share this post Link to post Share on other sites
