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401k question

Discussion in 'Anything goes' started by Inky_Wretch, Feb 5, 2009.

  1. Inky_Wretch

    Inky_Wretch Well-Known Member

    If the company stops doing matching contributions to your account, is it still worth it to plug more money in?

    Yes, yes, I know all about the pre-tax advantages. But watching the account shrink combined with not getting the company's contribution is making me rethink it.

    Somebody hold my hand and say everything will be OK.
  2. cranberry

    cranberry Well-Known Member

    How old are you?

    Generally speaking, you should continue contributing at the maximum allowed. Think of it as buying low.

    Just make sure it's diversified sufficiently and you're not dumping your dollars in company stock.
  3. Grimace

    Grimace Guest

    A mild thread jack: My company matches 50 cents a dollar up to 6 percent. Is that good, average, below average?
  4. Captain_Kirk

    Captain_Kirk Well-Known Member

    That's generally about average--at least it was a year ago.

    A year from now, that might be the best thing out there.
  5. mustangj17

    mustangj17 Active Member

    Yes. Compound interest is the 8th wonder of the world.
  6. trifectarich

    trifectarich Well-Known Member

    Unless you fall into that rare one-quarter of one percent of Americans, you can never save enough.
  7. spnited

    spnited Active Member

    Or you could roll it over into an IRA on your own and contributing to your retirement fund that way
  8. mustangj17

    mustangj17 Active Member

    So basically they match up to 3 percent.
  9. PeteyPirate

    PeteyPirate Guest

    No, because you have to contribute 6% in order to get the 3%.
  10. imjustagirl

    imjustagirl Active Member

    I worked one place that matched 1-1 up to 3 percent.

    Another place was 50 cents a dollar up to 4 percent.
  11. Captain_Kirk

    Captain_Kirk Well-Known Member

    Unfortunately very, very, very few of us have the discipline to make those contributions with the same steady regularity as when the funds are taken from our pay before we ever see them.
  12. cranberry

    cranberry Well-Known Member

    My employer contributes 7.5 percent of your salary (up to $17,500) even if you don't contribute a dime. I max out.
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