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boshie | Is it good to put in 401k if they don't match.. What are the other options? |
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MedGeek
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There are other options; talk to the company that manages your 401k or to your bank.
It's still a good idea to do the 401k even if the company doesn't match. It's pre-tax money and automagically taken from your paycheck, so you barely even notice. |
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Random Market Investor
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Yes it is still good to contribute, because of the tax-defferred benefit, to a 401K even if the company doesn't match.
But you do have other options, such as an IRA. IRAs do have lower contribution limits than 401Ks and there is a maximum income restriction on Roth IRA. But IRA have an advantage over 401K in that that offer greater flexibility of investment choices. With a 401K plan you are limited to the funds within the plan and many 401K plans do not offer their best funds within the 401K.
IRAs come in 2 varieties, Roth and Traditional. With a Roth you invest taxible inclome but the account grows tax-free and you pay no taxes when withdrawl. It also is more flexible on withdrawl restrictions. But there are maximum income restrictions on Roth IRAs (see sources below - By the way the $40K quoted by another person is wrong). There is no income limit on a Traditional IRA. Anyone can contribute to a Traditional IRA as long as they had income at least equal the the contribution level.
Most Financial Advisors would say you should invest your money in the following priority for most individual investors:
1) Contribute to a 401(K) up to the match (if no match skip to step 2)
2) If maxed out to the match in your 401K and have additional money to invest, contribute additional money to a Roth IRA if eligible, or not eligible contribute to a Traditional IRA
3) If you max out your contributions to an IRA and have additional money to invest, contribute to your 401(K) up to the maximum limit. |
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Ms. Dorsey
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Yes, because its still money you can save without Uncle Sam touching it. Its unfortunate they dont match, but if you leave the company dont touch it and roll it into your new employers 401K OR get a IRA. You have to start saving somewhere, why not now and enjoy the tax free part of it too. |
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A.Mercer
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The main thing with 401k is the tax deferred growth. The profits that it makes will not be taxed until you start to withdraw from it. That makes it a pretty nice investing tool. Of course, there are drawbacks to it, such as limits on how much you can put in per year and when you can get the money out.
Even if your employer does not contribute, I would recommend you start using the 401k as soon as possible. Stay conservative with your investing in it and when you retire it should have a nice little sum in it for you.
Start now. You are wasting growth time with each day you go without starting it. |
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zyberianwarrior
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if the company DOES NOT match it really hurts but you can still benefit because yoru 401k is taken out BEFORE taxes and thus lowers your taxable income.
Shame they don't. |
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digdowndeepnseattle
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Totally depends....If your 401k offers quality funds at institutional pricing then it might make sense to invest over any other vehicle. Example: American Funds - American Mutual Fund. If you invest in that with an IRA you will likely receive A class shares. The expense ratio on that is .56% with a 5.75% front end load. If you invest in that same fund using institutional pricing you will receive that same fund at a cost of .36% with no loads. That difference ends up being 8k in a 100k account. Ultimately in 40 years of investing that number ends up being very substantial.
Additionally, the 401k shares the expenses of recordkeeping. Smaller IRA's might get hit with account service fees ranging from $10 -$25 per year. Seems small enough but add that to the list of fees.
There are those that argue that a Roth contribution is a necessity....but in reality it's only a good idea if your tax rate now is lower than your tax rate when you retire. It's not a guarantee that tax rates are going to go up. In fact, it wasn't that long ago that the top tax bracket was 39%...now it's 35%. And if your tax rates stay the same...investing in a Roth versus a tax deferred option is a wash.
Options for you are:
401k
Traditional IRa
Roth IRA
Taxable Brokerage Account
I list the taxable brokerage account option because that's where you would invest in tax free municipal bonds. It should be part of every large portfolio.
btw...it might be possible to force your company into offering a match. One reason that many don't is that there is no need. The staff contributes large amounts even if there is no match and the owner of the company is able to defer his maximum without having to offer the incentive. But, if everyone that would otherwise defer less than the IRA limit ($4,000 in 2007) would put their money into an IRA instead of the 401k that might cause the plan to fail discrimination testing and the owner be forced to take most of his contributions back. Of course this could backfire and he might terminate the plan....but that would cause those people still deferring into the plan to go ballistic so he'd be caught between a rock and a hard place. |
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vegas_iwish
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may be better to go straight to doing an Ira yourself. if the investment options for the 401k are poor pre-tax dollars mean nothing. |
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keepsondancing
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You can start an annuity with as little as $2000. It grows much faster than a CD, and once it begins to pay out, it will pay you monthly for life - you will never outlive your mooney. Most banks and credit unions have a financial advisor available at no charge; ask for an appointment to explore your options further. |
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Quixotic
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Yes. Very few other options. If your income is over about $40,000 you can't get a IRA. And even if you can, the contribution limit is significantly lower for an IRA.
I had a crappy 401k in the 1991-92 time frame. No match, high fees, poor return. But it was still worth it to defer the taxes. I left the company, rolled the money over to an IRA. The $8500 I put in during those 2 years is worth $50,000 now (90+% of the gain after I rolled it over).
So my advice is to take the tax deduction now. |
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Frank Castle
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No.
ETFs and Mutual Funds. |
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