glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
Good lord it seems like forever i've been right on the edge of putting another digit to the left of the decimal point in my 401k. With yesterday's market close, it finally happened. It's really frustrating putting in your 15% of your before-tax earnings (with a 6% match to boot) and see the balance absolutely flat for quarter after quarter.
 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
My bank matches dollar for dollar up to 6% assuming you have at least 1 year's service.

They recently increased the max contribution rate to an astounding 25%. IF they were to match dollar for dollar up to 25% I'd do that but would probably have to get a part time job as well.

I'm currently at 10%.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
My company used to match a whopping 30% of what you put in up to your putting in 6% (read: they give 1.8% tops), but cut that back for cust cotting.
 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Originally posted by: cjchaps
Rossman, you bank matches 401k? Do you work for the bank?

Yes, he does.

My work used to match 50% up to 5% (for a total of 2.5%), but now they only match 50% to 3%.

rolleye.gif


Oh well, it's still free money.

Viper GTS
 

Scarpozzi

Lifer
Jun 13, 2000
26,389
1,778
126
Here they match up to $20 a month on it, but have an optional retirement plan and pay 10% on a 401a. That's like free money and I plan on staying here 5 years to collect... :p
 

bunker

Lifer
Apr 23, 2001
10,578
0
71
Originally posted by: Viper GTS
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS

Viper, you may be better off stopping your contributions all together until the debt is paid off. Noticed I said may. You need to do the math and see if the interest earned on your 401k is greater than the interest being paid on the debt.
 

Evadman

Administrator Emeritus<br>Elite Member
Feb 18, 2001
30,990
5
81
Originally posted by: cjchaps
Rossman, you bank matches 401k? Do you work for the bank?

I thought it was because he was a customer. Oh well, ignore that PM RossMAN :p

Home Depot's 401(k) was awesome. One of the 3 reasons i got a job there.

First 5% was a 150% match, then 100% up to 10%. You could put up to 15%.

<--- maxed out at 15% in 401(k) and 20% in stock. I got a paycheck for $3 once :p
 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Originally posted by: bunker
Originally posted by: Viper GTS
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS

Viper, you may be better off stopping your contributions all together until the debt is paid off. Noticed I said may. You need to do the math and see if the interest earned on your 401k is greater than the interest being paid on the debt.

The company matching is 50% on whatever I put in (only putting in the max they match to), my CC interest rate is <15% annually.

I'm definitely ahead by putting it in the 401k.

Viper GTS
 

TubStain

Senior member
Apr 19, 2001
935
0
0
The university I work for matches 10% for the 5% I put in. For a total of 15%.

Me: $1
Them $2
Total : $3... :D

 

Chadder007

Diamond Member
Oct 10, 1999
7,560
0
0
I put in about $120 a month into a 403b (same as 401k). I need to talk to a financial advisor but is that good? After 3 years ( 6 more months) the company here will match 50% of what you put in. :)
 

wyvrn

Lifer
Feb 15, 2000
10,074
0
0
My wife's 401k matches 1 for 1 up to 6% contribution. We don't invest any more than that in the 401k though, since there are other worthy investments we put our money into. Real estate and life insurance for two ;) Plus the 401k has mediocre funds and I want better than mediocre performance.
 

Chadder007

Diamond Member
Oct 10, 1999
7,560
0
0
Originally posted by: Scarpozzi
Is there a website that I can use to check my 401k? I'm curious... :)

I think it depends on what company they go through. Ours goes through VALIC , I can get updates on there for mine.
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
Originally posted by: Evadman
Originally posted by: cjchaps
Rossman, you bank matches 401k? Do you work for the bank?

I thought it was because he was a customer. Oh well, ignore that PM RossMAN :p

Home Depot's 401(k) was awesome. One of the 3 reasons i got a job there.

First 5% was a 150% match, then 100% up to 10%. You could put up to 15%.

<--- maxed out at 15% in 401(k) and 20% in stock. I got a paycheck for $3 once :p

Sorry for the confusion, my employer (a bank) matches up to 6% with a max contribution rate of 25%.
 

Crab cake

Senior member
Oct 14, 1999
671
0
0
You guys are working for cheapskates. My company matches dollar for dollar up to 8%. That to go along with a 1% pre-tax spending account. It's basically a 17% induced saving account for me assuming 0% return. Aye! No wonder I bring home less than 40 cents on the dollar of my paycheck. On the bright side, I could buy a new car every year borrowing against my 401K account.
 

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Originally posted by: Viper GTS
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS


Should just take out a loan against your 401K, pay off the cc debt. All interest goes back into your account and in this down market, your 7% interest you pay back to yourself would be more than what you would have earned (probably lost) if you would have kept the money in.

 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
Originally posted by: CPA
Originally posted by: Viper GTS
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS


Should just take out a loan against your 401K, pay off the cc cards. All interest goes back into your account and in this down market, your 7% interest you pay back to yourself would be more than what you would have earned (probably lost) if you would have kept the money in.

That's what I would did and haven't regretted it at all.

There are a few requirements my 401k company has regarding loans:
1) There is no credit check which is nice so you cannot be declined for anything credit related, after all it is YOUR MONEY that you're borrowing against.
2) The minimum loan amount is $500.
3) The maximum loan amount is 50% of your vested balance. So if you're only 60% vested and your 401k balance is $3,000 your vested balance is $1,800 and you can only borrow 50% of that which is $900.
4) You can choose repayment schedules of 12, 24, 36 or 48 months.
5) The money you borrow can be used for anything you want.
6) Payments are taken directly out of your paycheck every 2 weeks, not sure if it's pre-tax or post-tax.
7) You can have up to 2 loans per year at the same time.
8) Best of all ... you're paying yourself back the interest which was reasonable around 10.75%

I borrowed a few thousand dollars to payoff and close a personal line of credit (which had a $50 annual fee), it felt VERY good to payoff and close that line of credit.

However I don't think Viper GTS's cc bills are that high, if he were better disciplined (like I should be the one talking) it wouldn't be an issue.

:D
 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Originally posted by: CPA
Originally posted by: Viper GTS
15% is quite good, too bad more people don't do that.

I was doing 10 for quite a while, but dropped back to 3% to try to get rid of my CC debt.

I'll go back to 10 or more once my debt is gone.

Viper GTS


Should just take out a loan against your 401K, pay off the cc debt. All interest goes back into your account and in this down market, your 7% interest you pay back to yourself would be more than what you would have earned (probably lost) if you would have kept the money in.

That would be great, if I enough in the 401k to borrow from it. I have yet to meet the minimum required for loans (I have to have $2K to initiate a loan, & only 1/2 that would be available. $1K wouldn't put a very big dent in my $5K CC balance.). I'll hit $2K shortly, & may take a loan then.

Viper GTS
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
My 401k ticked over a digit as well this week. I hit $10 million. I'm so freaking awesome.
 

Scarpozzi

Lifer
Jun 13, 2000
26,389
1,778
126
Originally posted by: Skoorb
My 401k ticked over a digit as well this week. I hit $10 million. I'm so freaking awesome.
Not everyone counts their money in Canadian.... You moved to the U.S......convert your currency.
 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Originally posted by: Skoorb
My 401k ticked over a digit as well this week. I hit $10 million. I'm so freaking awesome.

You'd think with that much cash you'd have upgraded more than just your horn.

Viper GTS
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
Originally posted by: Scarpozzi
Originally posted by: Skoorb
My 401k ticked over a digit as well this week. I hit $10 million. I'm so freaking awesome.
Not everyone counts their money in Canadian.... You moved to the U.S......convert your currency.
$300 US