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justellemJimsaidhell... | How do I calculate a 401k plan? |
I just started about three weeks ago at my new job. I earn 30,000 and was told by the controller that a 401k will be offered to me in detail after three months from when I started. So, I'd like to figure out on my own (if possible) how the defferals work. In addition, if I leave after, say, a year or two, what happens to my plan? Will it be frozen until I cash it in and unable to receive further payments or can I continue with it as is?
Additional Details
Oh yeah, I'm 25 yrs. old. Maybe this will help in figuring out the plan through the long run. |
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muncie birder
|
Any money you place into the 401k can be rolled over into an IRA account without penalty, but you have to do a direct transfer into the IRA account. The money that the company contributes may be subject to vesting, I am not sure. Your contribution to the 401k is not taxed untill you withdraw the money. The amount and the money that it earns is all tax deferred until withdrawal. Unfortunately, the amount of money can add up greatly over a period of time. It is not uncommon to have $500,000 to $1,000,000 at retirement. When you go to make the minimum required withdrawals, you may find yourself in a very high tax bracket.
Of course you do wish to get the company matching amount, but putting more than that in the account can be detrimental.
Think about a Ross IRA account for the excess contributions. All income earned by a Ross IRA account is tax free. The contributions are taxed but the income is tax free for ever. |
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Bob
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Put as much money as legally possible. Your money is your money - any company money may have a vesting period....
The plan can stay with your employer if there is $5,000 or more.
You can roll over 401k to another employer's 401k plan.
You can even roll over 401k to a rollover IRA.
You can do a lot of things depending on the plan's rules. |
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♦cat
 |
tell them that u can contribute the maximum contribution.....in my case i was allowed only 8% if u can afford to contribute....up to ur max go ahead |
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Screaming Eagle
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401Ks are pre-tax, so when you put money, in, it is not taxed.
Some companies will do a company match, make sure you put in the maximum that they will match. More if you can afford it.
A 401K should be saved until you retire. It is protected from bankruptcies and most lawsuits (except divorce usually).
If you leave the company, you should roll it over to an IRA, or you will take a huge tax hit and penalty on distributions. |
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jmich18
 |
First of all let me state that you are a very smart person, by starting your 401k now, at your age you will accumulate a vast amount of money for retirement .
If possible contribute the maximum amount your employer allows because they will usually match a percentage of your contribution and that's found money.
401k plans usually have a plan administrator, and that is generally outside of the company.
Each plan has rules particular to your company but in most cases, at least the ones I'm familiar with, if you leave the company after a period of time you may have the option to keep your money where it is (with out matching contributions of course), a lump sum payout (never ever do this unless you are prepared to pay penalties and income tax on the proceeds), roll it over into another qualified plan (an IRA. directly, not a check to you and you send the new plan a check, No! No!) or if your new company will allow you to put the money into their 401k plan that's the best solution.
Just about every 401k plan I've been familiar has a "vesting" period, that is a period of time within which you must be employed by the company to share in the company's contribution to your account. In other words if you leave the company before a set period of time, 5 years, 10 years, you will not receive the money contributed by your company!
So if you are planning on leaving within a short period of time make sure you know the rules of your 401k plan.
The company and/or administrator will provide enough information for you or answer all your questions for you to make appropriate decisions.
Once again I must suggest that if you can live with (or get in the habit of) maximum contributions, do it! Your retirement will be that much more richer for it.
Oh yes, there is also the ability to borrow from your 401k, usually up to half the amount in your account. You should be required to repay the loan, with interest, by payroll deductions.
Just think of this: You borrow money for something important, a new car, a down payment on a house, etc and you pay it back to yourself with interest! It's like a triple savings plan; 1) Your tax deferred contributions, 2) Your company matching dollars and 3) The loan interest you pay goes back to you!
Can't beat that... |
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vegas_iwish
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should not really worry about this. Will be able to roll it over to another company's plan or an IRA if you leave. Just get started & get your $$ working. |
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accesscard
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Read the plan they are different lengths of employment by company. Once vested and you leave you will be able to roll it over. |
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TomTom
 |
You've got some great answers above, but I hope that I can simply answer your exact questions.
Your first question was concerning figuring out "how the defferals work."
What happens first is the employer will start out by providing you with a packet of information about the plan. It should include information about any limitations on the % of your salary that you can put into the plan, any matching contributions that they may make for you (and if they do match- how long it will take until that money will actually belong to you, which is known as a vesting schedule), information on the available investments for you to use, etc, etc... It will also include an enrollment form that you will need to fill out showing how much $ you'd like taken out of each paycheck and what investments you'd like them to go into. Most likely you will be allowed to put as much $ you want in the plan as long as you don't exceed $15,000 for the entire year (2006). As far as which investments to choose, you should ask the controller if they have a financial advisor to help you with guidance on this.
Your other question was, "if I leave after, say, a year or two, what happens to my plan? Will it be frozen until I cash it in and unable to receive further payments or can I continue with it as is?"
Once you leave the company, you will no longer be able to contribute to the plan. This is because the plan can only accept $ from your paycheck, which of course will cease when you leave. You still own the money that you put into the plan- that will never change. The money will also stay in the investments that you've chose unless you specifically go in and change them. Theoretically, if that company stays in business and keeps running the 401(k) plan until you turn age 59 1/2, you will be able to take penalty-free withdrawals directly from the plan. More realistically however, if you leave you may be better off rolling the $ into an IRA or to a new employer's 401(k) plan in order to keep better track of it.
I hope that helps... It is a very wise idea to put in as much as you can now at age 25 - you will let "time" actually work for you in saving more $ toward your retirement! |
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words_smith_4u
 |
The money you put into a 401k is YOURS. The matching money from the company is NOT YOURS until you are vested. (check out how long that takes).
If you leave the company, the account is in YOUR name, so it's your money. If you are NOT vested, you lose the portion not vested (there are two basic types of vesting, graduated where you vest 20% a year for example and cliff vesting where you are not vested at all or 100% vested)
If you leave, you can rollover your 401k into the next employer or open an individual IRA. |
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