YAJT: Leaving company soon, bother with 401K?

[Riverhound777]

I am planning on moving to a new city and getting a new job when my lease is up in 4 months. I have lived here all my life and just want to go someplace new. I have been working at my current job for almost 1.5 years and enjoy it for the most part.

Yesterday our accountant gave me all the paper work to fill out for our 401k. I wasn't really planning on doing it(it looks like a lot to fill out and read through). Today he reminded me and asked if I needed help filling it out. Should I really bother if i'll only be here for another 4 months? Also what should I do when he asks for it? I would rather not tell him I plan on quitting in 4 months. Any Ideas?

 

[LS20]

well, as if youre fully vested or not. chances are, youre not... which would make 4 months of company-side contribution really meager.. F it.

 

[FoBoT]

either way, but next time you start a job, get onto that or you'll be eating cat food when you are 70

 

[Riverhound777]

Yes I would only be getting matched 3%. And I plan to set one up with my next job, but my biggest problem is what to tell my current employer. Do I just say that I need my full paycheck right now and would rather not have any taken out? That seems kind of suspicious to me.

 

[vi edit]

With only 4 months to go, I'd probably pass. You most likely aren't vested and transfering it wouldn't be worth the hastle.

 

[vi edit]

Originally posted by: Riverhound777
Yes I would only be getting matched 3%. And I plan to set one up with my next job, but my biggest problem is what to tell my current employer. Do I just say that I need my full paycheck right now and would rather not have any taken out? That seems kind of suspicious to me.

I'd just tell them that it's some thing that you aren't interested at the moment. It's kind of sad, but a lot of people choose not to invest in their 401k's even though they have no intent in leaving.

 

[grohl]

immediately vested? if yes then do it - it's free money.

Less than 50% vested I wouldn't bother.

 

[Eeezee]

What's so suspicious about it? Just say that bills are tight right now and you can't afford to have any of your paycheck taken out, but maybe you'll set one up next year. Done

 

[ITJunkie]

can't you just tell him that you prefer not to join the 401k plan at this time?

 

[Riverhound777]

Yeah I guess so. Thanks for the input.

 

[TipsyMcStagger]

A lot of people elect not to participate in these plans, it wouldn't seem that suspicious if thats the route you choose.

 

[TheNinja]

A lot of people don't participate in their company's 401k plan. I call them idiots who don't like free money, especially if the company matches.

 

[Riverhound777]

Hmmm well I just talked to our accountant and I guess I should fill it out after all. It turns out that it is profit sharing, not just 401k. so I don't have to put any money in, and they will give me an additional 3% of my gross pay per paycheck into this account. So I get 3% extra pay per check for nothing.

 

[spidey07]

Seems like if you want to throw away free money then you won't fill out the forms.