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short | Important 401k question.....looking 4 good advice? |
looking to contribute to my 401k plan. company will match $.50 for every dollar I invest, and up to 5% of my annual income, how much would be a good amount to contribute (not too much, single mom of 3, gross income a little less than $400wk) |
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muncie birder
 |
As much as you can reasonably afford up to 5% of your income. However, if you are a single mom of 3, 5% might be stretching your resources just a tad. Quite frankly if I were in your position, I might be tempted to forgo the 401k altogether. I can certainly see in this case that a buck in the hand is worth 2 in the bush so to speak. |
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Lovely78
|
since your company matches, you should contribute up to 5%. |
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Stephen L
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Your company is offering you free money. You should try to at least contribute the minimum amount that gets you the maximum matching from your company. It sounds like that amount is 10% for you. Contribute more if you can because its a great way to save money, and it lowers your taxes. It may hurt a bit, but you'll love this sacrifice in the long run. |
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Overtaxed
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put in 5% of your income to get the maximum "free" money from your employer. find a way to stretch your budget to do this. divesify your investments in the account. don't leave too much in stock of your own company. you will thank me for this advice every time you see your statement. |
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Mysterious
 |
you want to put as much as you can into your 401K it'll help u in the long run. |
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Frank Castle
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5% of your annual income.
It's FREE MONEY.
It's like getting a 2.5% raise.
You will need a lot of money in the future to send your children to Harvard. I suggest you to accept any FREE MONEY you get from anybody. |
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titleist484
 |
Matching is the same as them giving you money for nothing. Invest as much as they will match... no questions asked. You won't miss the money if it is deducted automatically every pay cycle. |
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korax777
|
Good question. 4 thoughts for you:
1. Free money- The 401K is a good idea. The benefits you describe are there (a free 50 cents on every dollar you invest up to 5%.)
2. H and R Block party - It would also lower your taxable income as whatever you put in is "deferred" from taxes until you take it out in retirement. I always ask the local HR Block guy how much I saved in taxes each year in taxes by participating in my 401K.
3. Low cost investment- Since 99% of us are not millionaires 401k's are a way to have investment for retirement without paying some broker 1500 dollars a year to do exactly what a 401k does for much less.
4. Time in the market- Remember a little saved is ok. I worked at McDonalds (not the highest paying job in the world) and saved over 3 years about 2000 dollars. Over two decades it has grown to 14000 dollars. I'll need that cash one day I cannot work anymore...so little can become alot.
I'd say to invest 75 bucks a month the first year. Tell the HR person to put it 75% SP500 index and 25% Bond Index fund...they can help you avoid just pitiful money market investment. See how it goes. You can always put more in next year if you find your budget allows. Lastly, make your kids the beneficiary so in the horrible situation of your death they get the money.
I hope this helps.... |
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hockey2525
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I would try to invest enough to get the maximum company match. If you don't you are leaving money on the table that your company wants to give to you. That being said, you have to be able to live today as you plan for retirement. If it is too hard for you to invest enough to get the full company match. Work you way into it by starting with something and make a plan to slowly increase your contribution.
Good Luck |
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