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Velvet
by swamp_fever2002. 05/02/24 06:48 PM
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Re: 401k question
[Re: goodman_hunter]
#3014377
01/15/20 02:22 PM
01/15/20 02:22 PM
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Joined: Oct 2008
Posts: 30,910 Clanton, AL
Out back
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 30,910
Clanton, AL
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They are complying with IRS regulations. You're required to contribute in order to obtain the matching funds. There's usually an option to contribute after tax dollars if you so choose, in order to withdraw your money early without penalties. I aint gonna lie, I was surprised you knew that I gots a little bit of edumacations.
My opinions and comments are my own. They do not reflect the position or political opinions of Aldeer or any of the Aldeer administration.
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Re: 401k question
[Re: Turkey]
#3014381
01/15/20 02:24 PM
01/15/20 02:24 PM
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Joined: Aug 2018
Posts: 5,236 Georgia and Missouri
Semo
12 point
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12 point
Joined: Aug 2018
Posts: 5,236
Georgia and Missouri
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IRS regulations.
We offered a 401k with a match here for several years, but had to stop it because management was the only group contributing to it. The others that did contribute paid in up to our match, then paid the penalty and withdrew their money and the match quarterly. The regulations also require a certain percentage of your participants be outside of management. We fell below that percentage and had to stop the 401k and go to a Simple IRA. We still match, but few participate. yes many regulations. I've set up a few retirement plans and manged several along the way. It can get pretty complicated, but I was always astounded to hear from the ones that didn't want to contribute. Though, after some meetings I never saw many who turned down the match.
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Re: 401k question
[Re: ronfromramer]
#3014385
01/15/20 02:26 PM
01/15/20 02:26 PM
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Joined: Jul 2011
Posts: 34,534 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,534
Boxes Cove
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IRS regulations.
We offered a 401k with a match here for several years, but had to stop it because management was the only group contributing to it. The others that did contribute paid in up to our match, then paid the penalty and withdrew their money and the match quarterly. The regulations also require a certain percentage of your participants be outside of management. We fell below that percentage and had to stop the 401k and go to a Simple IRA. We still match, but few participate. I feel safe in assuming that you not not employing a group of rocket scientists They may be building 737 max ,lol. Don't sound like the smartest bunch for sure.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: 401k question
[Re: hallb]
#3014386
01/15/20 02:26 PM
01/15/20 02:26 PM
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Joined: Aug 2014
Posts: 20,138 Northport, AL
GomerPyle
Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
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Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
Joined: Aug 2014
Posts: 20,138
Northport, AL
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I would contribute every % up to what they have a match for at the very minimum. It's an incentive to you, you have skin in the game as well and it also can help lower their tax liability. absolutely. there are often better investments out there than your company's 401k, but you should ALWAYS invest at least whatever they'll match.......that's free money.
There are 3 certainties in an uncertain world:
1. All Politicians Are Liars 2. All Gun Laws Are an Infringement 3. Taxation Is Theft
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Re: 401k question
[Re: GomerPyle]
#3014388
01/15/20 02:28 PM
01/15/20 02:28 PM
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Joined: Oct 2008
Posts: 30,910 Clanton, AL
Out back
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 30,910
Clanton, AL
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I would contribute every % up to what they have a match for at the very minimum. It's an incentive to you, you have skin in the game as well and it also can help lower their tax liability. absolutely. there are often better investments out there than your company's 401k, but you should ALWAYS invest at least whatever they'll match.......that's free money. I'm not aware of any investment better than the 401k. Where else can you find a guaranteed 100% profit on any investment?
My opinions and comments are my own. They do not reflect the position or political opinions of Aldeer or any of the Aldeer administration.
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Re: 401k question
[Re: goodman_hunter]
#3014437
01/15/20 03:02 PM
01/15/20 03:02 PM
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Joined: Nov 2004
Posts: 2,007 Millbrook, AL
leroyb
8 point
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8 point
Joined: Nov 2004
Posts: 2,007
Millbrook, AL
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Our company matches the first 3% and matches half of the next 2%. We can either contribute to the pre-tax 401K or to a post tax Roth IRA. I have been doing the 401K but have decided now to throw some of my contributions into the Roth. I'm changing it up because: With the pre-tax 401K IRA you reduce your taxes now but you pay taxes on it when you withdraw it which means that you also pay tax on every penny gained in the market. (Government gets their cut on the gains) With the Roth IRA you pay the taxes now and don't pay any when you take it out. And best of all your gains in the market are tax free as long as you don't withdraw them too early.
"Those who hammer their guns into plows will plow for those who do not." ~Thomas Jefferson
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Re: 401k question
[Re: goodman_hunter]
#3014443
01/15/20 03:09 PM
01/15/20 03:09 PM
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Joined: May 2015
Posts: 6,363 On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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its federally regulated. Means testing. the company has very little say in how much is matched where, just how much they are going to fund up to XXXX amount.
Public Land Owner
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Re: 401k question
[Re: Out back]
#3014447
01/15/20 03:11 PM
01/15/20 03:11 PM
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Joined: Aug 2014
Posts: 20,138 Northport, AL
GomerPyle
Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
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Impatient Stinky Britches Wearin’ Off-Roadin’ Guru
Joined: Aug 2014
Posts: 20,138
Northport, AL
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I would contribute every % up to what they have a match for at the very minimum. It's an incentive to you, you have skin in the game as well and it also can help lower their tax liability. absolutely. there are often better investments out there than your company's 401k, but you should ALWAYS invest at least whatever they'll match.......that's free money. I'm not aware of any investment better than the 401k. Perhaps "better investment" was a poor choice of wording....you can often find investments with a better potential ROI, depending on your personal risk aversion. But again, you should contribute, at MINIMUM, however much the company is willing to match.
Last edited by GomerPyle; 01/15/20 03:12 PM.
There are 3 certainties in an uncertain world:
1. All Politicians Are Liars 2. All Gun Laws Are an Infringement 3. Taxation Is Theft
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Re: 401k question
[Re: Out back]
#3014448
01/15/20 03:13 PM
01/15/20 03:13 PM
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Joined: Feb 2015
Posts: 7,211 Meridianville
DryFire
14 point
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14 point
Joined: Feb 2015
Posts: 7,211
Meridianville
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I would contribute every % up to what they have a match for at the very minimum. It's an incentive to you, you have skin in the game as well and it also can help lower their tax liability. absolutely. there are often better investments out there than your company's 401k, but you should ALWAYS invest at least whatever they'll match.......that's free money. I'm not aware of any investment better than the 401k. Where else can you find a guaranteed 100% profit on any investment? There are better investment options outside your company's 401k. My employer offers about 10 options. My self directed plan offers 1000's of options plus I can buy and sell stocks with no commission fee.
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Re: 401k question
[Re: goodman_hunter]
#3014449
01/15/20 03:14 PM
01/15/20 03:14 PM
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Joined: Nov 2008
Posts: 4,451 Monroe Co.,Al
gobblebox
10 point
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10 point
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
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I can’t remember but I think our company automatically enrolls you where you contribute 3%
Last edited by gobblebox; 01/15/20 03:15 PM.
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Re: 401k question
[Re: goodman_hunter]
#3014455
01/15/20 03:22 PM
01/15/20 03:22 PM
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Joined: Oct 2008
Posts: 30,910 Clanton, AL
Out back
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 30,910
Clanton, AL
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There are better performance options, aside from your 401k, yes. My point is that (up to the % of 1/1 matching) there is no better option. You put in a dollar and immediately make another dollar. That's 100% profit immediately.
My opinions and comments are my own. They do not reflect the position or political opinions of Aldeer or any of the Aldeer administration.
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Re: 401k question
[Re: Out back]
#3014547
01/15/20 04:57 PM
01/15/20 04:57 PM
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Joined: Dec 2009
Posts: 9,375 Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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There are better performance options, aside from your 401k, yes. My point is that (up to the % of 1/1 matching) there is no better option. You put in a dollar and immediately make another dollar. That's 100% profit immediately. Outback is spot on with this. If you invest in funds that pace the S&P or Dow then that 100% number actually increases to roughly 107%. (7% 20 year average return for DOW). Goodman I would suggest really taking a look at your finances. You should be paying yourself first (I.e. retirement). Otherwise you will not be in good shape when you retire. My retirement plan is based on investments and I don’t even take Social Security into effect. If it’s still there then great, if not we’ll the I prepared for it so no big deal.
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Re: 401k question
[Re: goodman_hunter]
#3014551
01/15/20 05:00 PM
01/15/20 05:00 PM
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Joined: Nov 2011
Posts: 21,786 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,786
USA
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Free money is a no-brainer. But plenty of folks don't do it. New cars and trucks are much more important to many.
Last edited by Remington270; 01/15/20 05:01 PM.
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Re: 401k question
[Re: SouthBamaSlayer]
#3014552
01/15/20 05:04 PM
01/15/20 05:04 PM
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Joined: Nov 2015
Posts: 21,445 HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,445
HSV AL
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My company matches 50% up to your 8%, then puts in an extra 5%, so 17% of my annual salary into a 401k is sweet. That is strong
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: 401k question
[Re: joshm28]
#3014574
01/15/20 05:32 PM
01/15/20 05:32 PM
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Joined: Nov 2013
Posts: 10,375 coffee county
goodman_hunter
OP
Booner
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OP
Booner
Joined: Nov 2013
Posts: 10,375
coffee county
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There are better performance options, aside from your 401k, yes. My point is that (up to the % of 1/1 matching) there is no better option. You put in a dollar and immediately make another dollar. That's 100% profit immediately. Outback is spot on with this. If you invest in funds that pace the S&P or Dow then that 100% number actually increases to roughly 107%. (7% 20 year average return for DOW). Goodman I would suggest really taking a look at your finances. You should be paying yourself first (I.e. retirement). Otherwise you will not be in good shape when you retire. My retirement plan is based on investments and I don’t even take Social Security into effect. If it’s still there then great, if not we’ll the I prepared for it so no big deal. I've been doing like 3%, can't remember what the match was with older company, the new company is better so I'm gonna invest more. It's been a cluster mess merging with this new company, which is about the 4th merger in 5 years. Anyways they didn't take out 401k on this check and sent out an email saying they were going to put the "match" money into our 401k's. That's what got me to thinking. I know retirements important, but in the last 20 years I've seen the market take 2 big nose dives were folks lost big money in there 401k's. So it's not really a certainty that it's gonna be there. I'm use to being poor anyways, so no biggie.
For without victory, there is no survival
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Re: 401k question
[Re: goodman_hunter]
#3014587
01/15/20 05:52 PM
01/15/20 05:52 PM
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Joined: Oct 2000
Posts: 7,258 Lee County
RCHRR
14 point
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14 point
Joined: Oct 2000
Posts: 7,258
Lee County
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Well if you’re use to it then you’ll stay there. It’s like saying “I’m use to loosing so why do anything different”? I’ve tried to show I bet a hundred young kids using real numbers that are just becoming nurses what their finances would be like if they max their 401ks with that first paycheck. The truth is they are making more money than they’ve ever made in their lives and they would never miss the 10% or so but very few have listened. As a matter of fact I bet less than 5% even participate. Sad. I’m just glad my two have listen but I guess because it’s been drilled in them from the start.
Last edited by RCHRR; 01/15/20 05:59 PM.
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