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CLM | 401k Question - Age 26? |
Luckily I was able to get in to good company stock and should have as of 1 January approx 120k in my 401k I will be 27 at that point. Should I stick with 401k plan or should I take some of that money and place it somewhere else? If I do stick with the 401k what could my outcome be at age 65? |
 |
 
great_and_mighty_adam_levine
|
Contribute money in this order:
1) Contribute to a Roth 401(k) if available. Contribute as much as is required to get the maximum matching funds from your employer, but no more.
2) If the Roth 401(k) isn't availble, use a traditional 401(k) instead.
If you still have more money to put to retirement:
3) Contribute the maximum legal amount to a Roth IRA. For you, that is probably $5000/year in 2007.
If you still have more money to put to retirement:
4) Contribute the maximum legal amount back to your 401(k) or Roth 401(k).
If you still have more money to put to retirement (unlikely):
5) Spend it. You're investing more than enough.
---
As for your question as to how much you will have at age 65, that's impossible to guess without knowing how much you are putting in per year, your investment mix, etc...
However, there are many websites out there that can help you. Google "retirement calculator".
-->Adam |
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derobake
 |
I hope that you do not have any of your 401(k) money concentrated in one stock, particularly your own company's stock. That is a very risky endeavor.
Case in point. Enron employees who had large amounts of money in their company's stock not only lost their job but their life savings when the company filed for bankruptcy. Just this last month, American Home Mortgage (AHM stock ticker) just filed for bankruptcy and fired 7,000 employees. The company's stock lost 99.9% of it's value in about a month. I hope none of those employees had any company stock in their 401(k).
IMO, you should stick with mutual funds only for your retirement accounts. The goal of retirement is too important to go "swinging for the fences" by overconcentrating your life savings into one or two stocks. You can buy individual stocks for non-retirement purposes. However, it is better to be diversified and play it more safe for retirement. The greatest financial risk is running out of money before you die, and so you cannot afford to have that much risk for retirement investing.
Feel free to read my free downloadable book at http://www.invest-for-retirement . In particular, chapters 19 and 23 are the most important. |
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Automation Wizard
|
The best investments pay now, not when you reach 72 years old. The big deal about 401K is matching programs. If the company has good matching then take advantage of it. If they don't you should look around and weigh your options. |
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Dave
|
All the financial programs pretty much say do the 401k up to the maximum match, then put the rest into a Roth IRA (if you qualify) for the maxium returns. Reasoning being Roth you may withdraw tax free, and you're still relatively young so there's alot of compounding in your long term investments. |
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Green is my Favorite Color
 |
I would recommend that you find a professional financial advisor. He/she can help you chart your contributions and what it will mean later in life.
Good luck |
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snwbm
 |
Keep your money in your 401k. The roth has NO ADVANTAGES over your 401k. That guys a MORON.
We dont know what you will have at age 65 because we don't know how much you are putting in and we have no way of knowing what your rate of return on your investments will be over the next 38 years. You are doing great. Don't fix what isn't broken. |
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Riven Liether
|
Stick with the 401k. The younger you start investing and the more you put in it, the more money you will have later on. You can always invest additional money in something else, but don't dump what you've already got. The people who are best off as senior citizens right now are the ones who are pulling from Social Security and their 401k. |
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John S
 |
if you are still employed with the company that sponsors the 401(k) you will not be able to take an inservice withdrawal. if you are no longer employed with the company (for one reason or another) you will be able to roll it over to an IRA or into another Qualified plan of your new employer. if you leave the company and elct to cash in some or all of your balance and then invest it on your own you will be subjected to a 20% tax withholding as well as a 10% penalty (10% add'l penalty of you withdrawal before the age of 59 1/2).
as far as how much it will be worth when you are 65, using an estimated annual return rate of 6%, 8% and 10% you could have $1,100,000.00, $2,235,000.00, $4,488,000.00 respectively assuming we are talking about the 120k and no further contributions from yourself.
PS: the average rate of return in the stock market over the past 20 years has been just under 11%. |
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2cute4you
|
Listen up this is important.
It's really good you are starting young and planning for your financial future.
STOP with the 401K....well depends on the benefit but otherwise stop reason is "do you want to be taxed on the seed or taxed on the harvest"...either way you get taxed and it's better to pay now then later
I would suggest that you somehow (figure your own way, becareful of penalties) transfer excess funds from your 401K into an investment grade life insurance. It works basically the same way as a 401K but without so many restrictions attached, a Roth 401K is better than 401K but again lots of restrictions.
I can't tell you what your 401K outcome will be at 65 (not enough info given) but here's another way...
you are 27 now and if you do things right you could have a million dollars or more when you retire
Read the book called Missed Fortune 101 chapter 4 I think
Read up on Rule of 72, and OPM...good stuff
Very important for people our age
seriously read it if you want to know what to do about your 401K
E-mail me if you want to know more, I might be able to hook you up with people who know more and can walk you through it. |
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thebirddr
 |
Start putting 4 grand a year in an Roth IRA. Roths are good if your young. More aggressive |
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