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bitterswt02 | I don't really understand this 401K thing. What are the benefits to a 401k as oppose to doing your own saving |
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gsschulte
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company match. thats the only reason to do it and you should contribute the max that you can and get matched. its free money to you so might as well take it. |
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AmusedOne
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There are 3 major benefits:
1. The money you put in is Pre Tax: this means that if you make 40,000 per year, and you contribute 10k that year, you are only taxed on 30k in income.
2. The money invested in your 401k is tax deferred. It will grow tax free until you take it out after age 59 1/2.
3. Most companies match a small portion of your contribution as a bonus. This in effect is free money to you.
*The benefits of a 401k is even greater if you own your own business. |
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sllyjo
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401k contributions are made before tax, so they are tax deferred. your savings are after taxes have been withheld. savings accounts have a fixed rate of return, as opposed to you choosing different funds with a chance of a higher return. If your employer matches any part of your contribution you effectively get a raise. |
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Nicole P
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FREE MONEY! What happens is your employer contributes matches the money you put in. They match it based upon predefined terms up to a certain determined percentage. In addition, the money you put into your 401k is deducted from your taxable income at the end of the year. Don't worry, if you switch jobs you can either roll your money over to the new employers plan or you can put it into another investment vehicle. Don't put it off any longer, enroll now! FREE MONEY!!! |
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hoggendog
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Many advantages!!!! Depending on your company's plan, you will get contributions from your employer, ie. you deposit $1500 and they will match up to $1000. Or however they have it set up, it may be a percentage based on a max.
Keep in mind, this is NOT a savings account, as in "i'm short on cash this week, i'm going to take $100 out" This is intended for retirement.
One advantage is that it's 'pre-tax' money, meaning there is no tax deducted from your deposits into a 401k, when you take the money out at retirement, it will then be taxed at your current tax rate. If you take the money out prior to retirement, you will pay income taxes on it AND a 10% penalty. (this can be waived if it's qualified, first time home purchase, education expenses, medical expenses-there are limits on each of these, other exceptions too, can't recall them all)
Another thing, this may be getting in depth, but most company's don't just hand you the money-there's vesting rights. I.e. if there's a 2 -year vesting period.... the money the company has put in there will show in your total value, however if you quit your job, any 'company matched' funds that havn't reached the 2 year period will be forfeited. Also on a side note, if you quit the job, don't leave the funds there-roll them over into an IRA |
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yankeecowboy10
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401 k's are a good way to make money for your future employer usally matchs a percentage of what you put in it.then the money is invested in stocks. the more risky stocks pay more but you can lose more also. less risk less pay but money is usally secure. stocks pay a better return than savings. |
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Freddie
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If you are savvy, you may very well benefit from investing your own funds. 401k and 403b, among other plans, permit employees to save for retirement in place of a pension plan which is long gone from most business places. Both of the aforementioned plans have tax benefits, and often employers contribute a percentage of matching funds, free money in other words. For example, when I contribute to my 401k plan, I receive a match on 3% of my wages, plus reduce my taxable income. When I had a 403b at another employer, I contributed after taxes, but my employer had a much better match, and I walked away with money for my personal use as well as for my retirement savings when I left that job. |
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crude_oil
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The amount your employer matches is free money. But your income is reduced by the amount you put away so you give uncle sam less right now. |
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shereesmith16
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when you open a savings account your self you can take the money out when you want to, but with a 401k you cant touch it until you retire, and if you take it out before retirement then you will get penalized. and it depends on the company that you work for if you put 3% in your 401k some companies will match that, so it is there money going in there also. |
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fcas80
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Also, the amount you deposit is subtracted from your gross income for tax purposes. |
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chance
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The greatest advantage to participating in a 401K is that the money is taken from your paycheck before it is taxed by the govt. It means that your annual gross income will appear lower and that you will be taxed at a lower rate. Also, your 401K savings will only be taxed once by the govt when you withdraw funds at retirement.
If you open an IRA, you will be writing a check for money that the govt ALREADY taxed once. When you withdraw it at retirement, the govt will tax it a second time. How unfair is that!
Also, if your company matches your contribution, it's another bonus. Many mutual funds in your 401K plan charge HIGH fees to regular customers; but in a corporate 401K plan, the fees are waived. It's definitely a win-win for a comfortable, financially-secure retirement. |
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pandabunny
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401k is investing, usually in the company that you work for.
Usually the company you work for will offer something called "vested" which means that they will match a certain percentage of the amount of money that you put in.
For example, after working with a company for 1 year, you invest in the 401k $50 per month, the company puts in nothing. After working for the company for 10 years, your company starts matching your $50/month that you put in so that you are now investing $100/month.
It's kinda risky, depending on what type of investment risks you take because you are playing the market, but if you just invest your "extra" money, you might have a nice pillow to fall back on if you get laid off or something and need an extra couple grand to get you going again. |
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Hoa N
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401k is terrific for tax saving and get the free money from your company match
for example, from the tax stand point, if your tax bracket is 25%, so every 100 you put in 401k, you saved 25. in addition, you get the matching from your company, your benefit that do not delay to get it. for example, your salary is 50000, if your company matching is 5%, your company give you 2500$ every year, do not pass up the free money. in 401k, you learn how to invest on your own any way. With extra money left, you could open the Roth IRA. In the meantime, learn how to invest properly
Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.
http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
>...http://www.streettalklive.com>... university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:
fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy
technical analysis==(chart+indicator)>> when to buy
Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live
At the age of 32. my 401k is amassed 74,000.00 and 30000.00 in taxble account. by follow simple rule |
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Clyde S
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Most companies provide matching funds for 401(k)s. Its free money for you. |
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