1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Retirement Savings Plan Question

Discussion in 'Anything goes' started by Pete Incaviglia, Jan 21, 2009.

  1. Pete Incaviglia

    Pete Incaviglia Active Member

    So, work will match any contribution I make to our new "group retirement savings plan."

    However, the most I can contribute and have matched is 2%.

    I will contribute the 2% max and put it in a "safe" and "moderate" plan.

    However, I can choose where I want my company's contribution invested. I'm thinking that since it's not my money, I should invest it in a "higher risk" fund.

    Does this make sense? Do I make sense?
  2. imjustagirl

    imjustagirl Active Member

    I'd put in WELL over 2 percent if you can afford it. They usually recommend 10 percent. I'm only doing the 4 percent my company matches right now, but as soon as I get my credit cards paid down, I'm upping that a lot.

    Oh, and the risk level has more to do with your age than it does whose money it is. Is your plan with Fidelity by any chance?
  3. slappy4428

    slappy4428 Active Member

    Isn't everything right now a "higher risk fund?"

    Be safe now, when the market gets better risk a little more... atthe rate the economy is going, Savings Bonds are looking pretty good.
  4. Pete Incaviglia

    Pete Incaviglia Active Member

    I already contribute 7% on my own, through my financial adviser.

    I'm just seeing this as hedging my bets. It's a little extra cash for retirement and it's their money after mine.

    Thing is, my company will only match 2% for me because I'm a relatively new hire. Less than two years from now I can jack it up to 5%

    Not Fidelity though!
  5. Freelance Hack

    Freelance Hack Active Member

    The rule of thumb is to max out your company's match -- otherwise you're leaving money on the table.

    Where to invest it really depends on two things: 1) your age and 2) your investment comfort level. Younger investors can look to higher risk funds in an attempt to garner a higher reward.
  6. imjustagirl

    imjustagirl Active Member

    The reason I asked about Fidelity is they have a quiz you can take online to figure out what group you fall into on the risk scale. I'm actually apparently not as willing or needed to put my money in the riskiest as I thought. I don't have any other savings, so they suggested I go with the aggressive growth group, not the high-risk aggressive. Still higher risk than most, but not the highest.
  7. ArnoldBabar

    ArnoldBabar Active Member

    Life insurance? Retirement savings? What's with this sudden streak of responsibility, Pete? Next thing you know you'll be putting coasters under your drinks, and it's a slippery slope from there.
  8. trifectarich

    trifectarich Well-Known Member

    Over the next 9-12 months, I wouldn't take any more risks than you have to. What do you see on the horizon that's bright and cheery and rosy?
  9. Pete Incaviglia

    Pete Incaviglia Active Member

    True, but these savings aren't going to be needed in the next 9-12 months. Heck, they won't be needed for the next 9-12 years even.

    I think I'm going to contribute my 2% to something moderate and the company's matched 2% to something of higher risk — it's not my money, it's free money.

    And then, of course, like I said, I still have my personal savings, which is about 7% of my income each month being invested elsewhere.
  10. Pete Incaviglia

    Pete Incaviglia Active Member

    Yeah, I just love my little one too damn much to even think of her being left with some awful circumstance should I die.

    Also, I want to retire comfortably, move to a city with an MLB team, buy season tickets and keep score at 81 home games.

    The will shall be written shortly, too. Probably after we buy a house this spring.
  11. mustangj17

    mustangj17 Active Member

    Freelance hack has got it.

    The older you get the more conservative you should get on your investments.
  12. BTExpress

    BTExpress Well-Known Member

    Good luck. I would be scared to death to buy a house right now.

    Heck, I'm scared to death with only 3 years left on my mortgage.

    And the $#@&$@ IRS may screw me out of $1,000 with their $#@&$# laws about immigrant spouses.
Draft saved Draft deleted

Share This Page