My boss asked me if I want a 401k. He'll match up to 30% at the end of the year and I agreed to put 5% of my gross pay each paycheck (2x a month) into it. I make just enough to live slightly comfortably but I have trouble saving money so I thought this may be a great way to make better financial choices. I'm 24 but I figured the earlier I start the better. Is there anything I should know now before I give the "ok"?Answer Question
Asked by Anonymous at 12:44 PM on Jan. 12, 2011 in Money & Work
Answer by Misteh at 12:46 PM on Jan. 12, 2011
A 401(k) is a good idea. An even better idea would be to also put 2% of each paycheck in a regular saving account so you have an emergency fund. Keep in mind you really can't touch a 401(k) until you are 55 1/2 (? I think). Yes, I think there are exceptions for college and buying a house. But what do you do if your transmission goes out? You said you aren't good at a saving. So focus on that. Get out your calculator and figure what 2% of your gross pay is and every time they pay you, make a deposit. It is called paying yourself first. You will be surprised at how easy it is.
Answer by LoveMyDog at 12:59 PM on Jan. 12, 2011
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Answer by grismelda at 2:58 PM on Jan. 13, 2011
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