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Do you have a 401k?

If so how long have you had it and how much does your company match?

I'm 21 and I started mine in January. My company matches 6%.

Answer Question

Asked by AmazingAmanda at 8:45 PM on Apr. 7, 2010 in Money & Work

Level 13 (1,071 Credits)
Answers (15)
  • DH has a pension instead.

    Answer by SylviaNCali at 8:48 PM on Apr. 7, 2010

  • We have a 401K and a pension through my husband's work. They match 3% currently.

    Answer by missanc at 8:53 PM on Apr. 7, 2010

  • My husband has one. They match 100% for the first two percent, then 1/2 for the third and forth and then 1/4 for the fifth percent.

    Answer by SleepingBeautee at 9:04 PM on Apr. 7, 2010

  • I wish I had one.

    Answer by LaurenKaye29 at 9:06 PM on Apr. 7, 2010

  • OMG No smart person would want a 401k!


    Answer by Anonymous at 9:18 PM on Apr. 7, 2010

  • I read the 401k scam article and it might would make sense if my employer didn't match 6%. I put in what they will match. There aren't hidden fees and as long as I don't quit or get fired I can expect to work for them for at least 10 more years. Then they might sell the company. So unless the government raises taxes to 51% I will probably be ok.

    Answer by AmazingAmanda at 9:44 PM on Apr. 7, 2010

  • LOL and all the people who have been with thier companies for 10 years or more thought the same LOL Foolish to think jobs are secure.

    Whats your job, i doubt its secure. Are you a Dr? or a builder? a scientist?

    Answer by Anonymous at 10:46 PM on Apr. 7, 2010

  • Hubby does and they match it up to 5%. He's been there for 13 years and his job IS secure unless they completly do away with the post office.

    Answer by Anonymous at 10:50 PM on Apr. 7, 2010

  • I work in the oilfield in texas. Would be risky if you didn't personally know the company. We are a small company who "scavnges" wells from bigger companies. My dad is my boss and has been working for them for 15 years. I know the owners personally and they are down to earth people who are wise with their money. They hire the best and treat their employees very well. When the economy got really bad our field guys had their hours cut so they weren't getting as much overtime but we didn't lay anyone off. Its a smaller business and as long as people buy oil I will still have a job. So I'm pretty safe for a while.

    Answer by AmazingAmanda at 10:53 PM on Apr. 7, 2010

  • Anon, you seriously need to pull a freaking calculator out and start doing some more retirement research before you open your mouth again.

    Like the article said, 401Ks are tax differed. What does that mean? It means you don't pay taxes on the part that you put into the 401K so the person who puts $5000 in- in a sense, puts $3750 in (assuming a 25th percent) tax bracket. Where as the person that doesn't contribute, only gets to spend or invest elsewhere $3750. Using a 401K is like using some of the money that you should have paid in taxes, to help grow retirement money. So if $5000 becomes $10,000 and you pull that all out even if you are in the 35th percentile, you still end up with $6500. Grants it's probably best to only invest up to the match... I mean if you put $5000 tax free dollars in the company matches so it's $10,000 and then it doubles to $20,000 yeah yu made money. And it was a good investment.

    Answer by Anonymous at 4:07 AM on Apr. 8, 2010

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