People at work have been complaining that the companys retirement plan sucks. We have 403b matching up to 3% and they put another 3percent without us having to do anything. Most people don’t do it. All they have to do is open the accound and they get 3 percent free but they don’t.
Now they are asking the company for 401k plans and the company refused saying we already have a really good plan and you can do it on your own if you want.
So why do they think 401K plans are so great? I’m thinking it is just them being stupid.
Tags: town, retirement, , urban
What is your question?
Tags: retire, communities, planning, city
My company doesn’t allow in-service withdrawal. I am particularly concerned about the “administrative fees” especially this is an insurance company that runs 401(k) plans. Should I continue to contribute to my 401(k) up to or more than my employer’s match?
Tags: retire, , communities, urban
I’ve heard some stories about people investing money into their job’s 401k retirement plans and loosing a huge chunk of their savings. Is this true? Would investing in a 401k plan be a bad move?
Tags: family, communities, urban, retire
per year compounded annually. You plan to invest $3500 at the end of each year for the next 20 years. How much will your account have in it at the end of 20 years?
$130,520
$127,207
$128,750
$130,048
Tags: urban, visit, town, planning
As the other people have said, you can start either a regular IRA or a Roth IRA. The money in these can be invested in a CD at a bank or into a number of other items, such as mutual funds. The problem with having just the IRA is that you are limited as to how much you can invest.
Besides the IRA, you may want to think about investing in an annuity. In an annuity, you earnings grow tax deferred until retirement. At retirement, you can have the money paid out as a lifetime income. There generally is no limit as to how much money you can invest in the annuity.
There are different types of annuities. You can get fixed, indexed, or variable ones.
The best thing I would recommend is talk to a financial representative to help you decide which plan best meets your needs.
Tags: , town, retire, communities
Considering most people spend most of their money just to survive day to day leaving little to invest in a retirement plan, are 401K plans bad for the average hourly employees.
Tags: planning, family, city, visit
both are pre-tax contributions. 401k plan is basically for all types of employers while a 457 is generally for a governmental entity. 457 is considered a deferred compensation program rather than a pre-tax deferral program. Only difference between the two is that one is considered an employee deferral while the other is considered an employer contribution in lieu of pay. So someone can participate in both and defer $15.5k in each.
Tags: urban, planning, rural,
both are pre-tax contributions. 401k plan is basically for all types of employers while a 457 is generally for a governmental entity. 457 is considered a deferred compensation program rather than a pre-tax deferral program. Only difference between the two is that one is considered an employee deferral while the other is considered an employer contribution in lieu of pay. So someone can participate in both and defer $15.5k in each.
Tags: planning, city, town, family
We’re at the point where we’d like to start a retirement plan. We’d like to have a profit-sharing plan for our employees but we’d also like them to be able to contribute to a 401k. Can we run both plans at the same time?
Tags: retirement, city, planning,
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