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francoj8 | How do I start a 401K plan? |
I work for a major bank and though I don't plan on staying with them for years, I would like to start my 401K. I am 21 years old, full-time student, part-time employee, and I live at home. I take full financial responsibility for myself and don't pay rent as long as I attend school. I have looked up different plans but am so lost on where to start.
Someone told me it wasn't a good time to start one but I'm taking any recommendations and advice.
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I guess I got the term incorrect but yes, what I meant is I wanted to have one through my employer.
I wouldn't want to buy my bank's stock, not now at least. As far as the bank, I prefer not to disclose but it's in the top 3 so it'll narrow it down for you. |
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HillBilly YeeHaw
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Only if your company offers a 401k & you qualify, then you can invest in it. Ask your human resources
At these lows, and assuming that you're a long-term investor, you have one of these historic moments in time that few of us ever get to see. Invest now! and poor as much as money as you can into it.
http://finance.yahoo.com/focus-retirement/article/106462/New-Deals-for-New-Dollars?mod=retirement-401k
I'm contributing almost 90% of my paycheck into my 401k plus I'm putting the max $5,000 into an ira, because like I said, you may not have the opportunity to buy at such lows again during your lifetime
If you can't invest in a 401k, then you should try an IRA. Do not buy this through your bank or a broker, because as you know from working at your bank, these people charge fees that are 100% avoidable. Avoid the middle man & go straight to the mutual fund company. As a matter of fact, the link below will suggest exactly which fund you should be looking at for an IRA.
Hint based on your age it will be the Vanguard Target Retirement 2050 Fund
https://personal.vanguard.com/us/funds/vanguard/TargetRetirementList
To go into further detail
Traditional IRA or Roth? This depends on your tax bracket.
If you think you will be in a lower tax bracket when you retire, then choose the Traditional IRA (pay your taxes when you retire in the lower tax bracket), but if you think you will be in a higher tax bracket when you retire, choose the Roth (pay your taxes now).
Example:
If you choose the Roth now because you don't expect to earn much this year, & then next year you start earning a lot then you can open a Traditional IRA for that year (you can have both) |
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zeuz
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A 401K Plan is a type of employer-sponsored retirement plan. If your employer does not have a 401K plan, you cannot "start" one as an employee. If your employer has a 401K plan, your Human Resources contact person will have all of the information you need. |
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Net Advisor
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You mean you want to "PARTICIPATE" in an existing employer sponsored 401(k) plan?
To start one means something else.
I'm prob short your bank (betting on their failure), so they may not be around much longer. What bank?
Whatever you do, I would prob not be buying bank stock that may be offered at a discount by the bank (called ESOP).
http://www.nceo.org/library/esops.html
What I might do is max out the 401(k) pre tax contributions via your payroll check and have the funds sit in cash or since you're 21, start Dollar Cost Averaging each pay period in the S&P 500 Index. Every employer with a 401(k) with have this option. They may call it something else, but ask around.
Try not to fret when the market tanks after you invest. Keep investing. You're 21, and the market should rebound over the next 50 years. :)
Dollar Cost Averaging
http://en.wikipedia.org/wiki/Dollar_cost_averaging
S&P 500 Index
http://en.wikipedia.org/wiki/S&P_500
http://en.wikipedia.org/wiki/List_of_S%26P_500_companies |
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jeff410
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You start 401k through your employer. Talk to the Human Resources department. They may have some other type of plan too. They might have an age restriction also. You can also start an IRA. You can do that through a bank or a broker. Look up IRS publication 590 for information on IRAs. |
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digdowndeepnseattle
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talk to your HR dept but I'm betting that you aren't eligible to participate in their 401k. Generally they require that you have worked over 1000 hours (half time) during your first year and if not then 1000 hours during the subsequent plan years (1/1-12/31) to be eligible to pariticpate. Most part time employees don't reach that mark. If you do then your HR will get you going. It's a good time - prices are low but as one other poster mentioned...might not be a good time to buy the bank's stock.
If not eligible to participate, an IRA would do you just fine unless you were wanting to put in more than 5k. |
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src50
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Talk to your H.R. dept. |
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oh, i see....
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you work has to offer a 401k plan. you pick a fund and tell them how much you want taken out of your paycheck. i think any time is a good time to start investing. the younger the better. you can also start a roth ira, which you can start at any broker. you don't get that through work. if your company matches your contribution, contribute until they match and then invest the rest in an roth ira. good luck.
p.s. you might want to try dave ramsey's website. he has a section for endorsed local providers under investing section (top right corner). you enter your zip code and he finds a financial adviser in your area that can help you set up all this stuff. the first meeting is free and then they charge a small percentage of your investments. |
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Michael T
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A 401K plan is a company sponsored plan. If the you want something similar and your company does not provide a 401K plan, either open a traditional IRA or Roth IRA. |
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