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There are only two hard things in computer science: cache invalidation, naming things, and off-by-one errors
Originally posted by Paul Wheaton:
... Is 401k something I can set up on my own if I want? Or do I need an employer to do it?
"We're kind of on the level of crossword puzzle writers... And no one ever goes to them and gives them an award." ~Joe Strummer
sscce.org
Originally posted by Ulf Dittmer:
Just make sure you're not inadvertently agreeing to invest the money in company stock...
Kishore
SCJP, blog
There are only two hard things in computer science: cache invalidation, naming things, and off-by-one errors
Originally posted by Vladan Radovanovic:
I really see no point of having 401k if they are not going to match certain percentage. The goal of having 401k is not just investing for your retirement but getting some extra $$$ from your company when they match.
If you are looking to invest for your retirement, you are much better of with IRA then. You'll have a much wider choice of investment vehicles than going with 401k. We have 401k through fidelity and there is only about 15 funds available. Horrible. If it wasn't for the company's match, I'd be long gone.
Kishore
SCJP, blog
If some one is making lots of money, 401k contribution is suggested...
A good workman is known by his tools.
in IT we change jobs at least every 5 years.
There are only two hard things in computer science: cache invalidation, naming things, and off-by-one errors
Originally posted by Vladan Radovanovic:
Kishore, to each his own.
Anybody with decent investing/trading knowledge wants complete control over his/her money and 401k can not give you such.
Kishore
SCJP, blog
Pounding at a thick stone wall won't move it, sometimes, you need to step back to see the way around.
Originally posted by Kishore Dandu:
Full control!!!
Tell this to friends of mine who lost tons of money in 2000-2001 because they got full control & thought(they still think) they are geniuses. They probably lost about 70% of market value in 1 year.
Originally posted by Kishore Dandu:
Full control!!!
Tell this to friends of mine who lost tons of money in 2000-2001 because they got full control & thought(they still think) they are geniuses. They probably lost about 70% of market value in 1 year.
There are only two hard things in computer science: cache invalidation, naming things, and off-by-one errors
Originally posted by Mark Spritzler:
Well, I am on your side about putting money in your 401K. But in that time period, I'd say that actually the mutual funds performed worse. Many people lost more than that. Some Mutual Funds really underperformed. Those people would have still lost a lot of money, and some of those people might have been smarter and lost less money.
Mark
Originally posted by Ken Januski:
P.S. I've never seen any financial advisor say to take a Roth IRA, normal IRA, or anything else before a 401k, whether or not the funds are matched.
bargaining.com article Conventional wisdom, for young employees, is to contribute the minimum to earn the company match into your 401(k), then contribute up to the maximum of your Roth IRA, and then push the remainder of your retirement savings into the 401(k).
A good workman is known by his tools.
Originally posted by fred rosenberger:
Angela, here's my (limited) understanding of a 401k...
Pounding at a thick stone wall won't move it, sometimes, you need to step back to see the way around.
Originally posted by Angela Poynton:
Thanks Fred, as I suspected it sounds pretty much like Company Pension schemes over here.
XXX SAVINGS & INVESTMENT PLAN (401k): You will be able to participate as a member of the Plan on xxx 1, 2006. You may contribute up to 50% of your compensation on a before-tax basis. xxx will match 33 1/3% of your contribution up to a maximum of 6% of compensation, capped at $1,200 per year. You will be fully vested in the Company�s matching portion and in your own contributions upon the date of your first contribution.
Retirement Feature the savings Plan also provides a retirement feature. You will be a participant in this feature on xxx 1, 2006. This is a defined contribution plan, which provides a Company contribution based on your age and years of service. You are fully vested in the Retirement Feature after five (5) years of service. You do not have to participate in the regular 401k program to participate in the feature and you will not be required to make any contributions.
The Company, however, reserves the right to modify, eliminate, or discontinue any of all of the benefits described herein.
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