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jmari | I started a new job recently and my company automaticly enrolled me in their 401k program should i opt out? |
I recently started a new job and the company im working for enrolled me automaticly in their 401k program that they have with wells fargo bank..should i be worried with the way the economy is? should i opt out?help!!! |
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pokeskickazzzz
 |
No way should you opt out!.... this is like the bargain of all bargains for buying into the market.... put your 401k percent as high as you are able to spare... you won't regret it later! |
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onandonandonanon
|
Nope! Nows the time to buy! |
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AgsFan
 |
Unless you plan on having a job your whole life, you need to keep it! You will need money to live on when you retire and it has to come from somewhere! |
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Beau.Gus
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Of course not!
Unless you think the economy will never, ever recover...and if you think that, why waste your time working a job? |
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growing inside
|
Does your company match contributions? If they do, that is free money you should not walk away from.
Within your 401(k) you can choose the option of investing in treasury bonds if you want to keep away from stocks |
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Doctor Deth
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if you can afford it, why opt out? If they match your contributions, that's free money for you - everyone has to start saving for retirement and the sooner you do, the more money you will have and you might actually BE ABLE to RETIRE and not have to work until you die |
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Larry D
 |
Now is a great time to pur all you can afford into it (in my opinion). And if you are young, even better. Starting to save now will be the difference in your lifestyle when you retire.
Here is a free 401K calculator. Play with the numbers and see the magic that time will provide. One scenario I ran was a 21 year old making $40K and contributing 10% with an employer match of 50%...if you retire at 65 : $4,263,527
http://www.dinkytown.net/java/Retire401k.html
Larry
http://www.damnIneedAjob.com |
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just me
|
No you should not opt out,you can of course limit your contribution to a minimum.It is a good time now to get into it though as prices are low. |
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Kay
|
Usually, employer contributes to the 401k plan. If it contributes 50% or whatever the percentage, you are getting mutual funds at half the price or at least with discount for your retirement and will continue as long as you are with the company. If you resign from your company or laid off, you have 60 days to transfer the 401k plan value to a qualified retirement plan tax free, like traditional IRA or another qualified plan with your new employer.
So, stay enrolled and don't opt out. You didn't state your age but it would be prudent to get your retirement funds started at early age. |
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the goosie
|
definitely not...a 401k is like free money, assuming your company is matching a % of what you contribute. like someone else said, now is the time to buy. the stocks you will be buying with your contribution are low right now, but in a few years they will bounce back up. Just keep contributing and hang in there, by the time you're 60 you will be glad you did. |
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I Buy And Sell Houses
|
Quick answer: No, don't opt out.
Different 401ks have somewhat different provisions, but most/nearly all work in your favor.
For example, many companies have matching programs. For instance, for every 1% of your salary that you divert to the IRA, up to a limit like 3%, the company matches. In those cases, if you contribute 3% to your IRA, your company contributes another 3%. It's like a 3% free contribution.
Some companies don't even require a matching contribution in order for them to contribute. That's even better.
However--and check with your 401k administrator--there are also tax benefits if you contribute. Generally, your contribution will reduce your taxable income. So, for instance, if your salary is $35,000 but you have $5,000 taken out for your 401k, then you're only taxed on $30,000. That'll save you--depending on your income tax bracket--about $1,000-$1,500 in taxes.
The potential drawbacks are: Some large companies funnel the 401k contributions into purchases of their own stock. That's fine if you work for Apple or Microsoft. It's not so great if you work for GM or Circuit City.
Also, many 401ks allow you to designate certain mutual funds to invest in. And they can lose money. Eventually, over the long term, they'll go up, but it's worrisome to see $10,000 you've contributed to your 401k now only worth $6,000, for example.
So: Get more information (and a better understanding) about your company's 401k. But it's very likely that you should remain in it, rather than opting out.
Hope that helps. |
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src50
 |
No, you should participate. |
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Christa S
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Whats the %? I am young but started mine a couple years ago, since I am still young I only do %5 so it doesn't take a whole lot but it saves. This way I feel safe with the way the economy is going. If you want to start this then I would suggest starting at a low rate. |
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