401K

[ag]

Hk I wonder, should a person of my age (21) be worried about a retirment plan? Or am I just getting ahead of myself here?

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I am 25 now and have a 401k plan ready for my future with the way things are going now i would be worried if i retired tomorrow but i have a long way to go to retire and in the long run depending where the money is invested might be good or bad, so far this year i have already invested 2G from my pay check and i just started this plan last year, choose wisely when you do it, where do you want your contributions to go to? Choose them the way you feel would be best for you. I would say invest in the long term sections and not for here and now ones but that is my own opinion. horde might know better though <P>

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[HordeKing1]

AG - It's a good question; one that most people your age don't ask.

The earlier you start saving for retirement, whether in a Roth IRA, a traditional IRA or a 401K (or any of the other flavors) the more money you'll have when you retire.

You also save in another way. In some retirements accounts, the amount saved is taxed up front and is then tax free when you withdraw it. (For example a Roth IRA). In other accounts, the tax is deferred until you retire and theoretically you'll be at a lower tax bracket.

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[Supervixen]

Id work on my 401K as soon as possible. You
wanna be ready in case you have to retire early.












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[hyperspace]

Get in it even if you put away 5% of your salary you could always increase it. plus it comes right out of your check so you don't even miss it. i managed to save 30,000 in 4 years!!!

"Inkgrrrl's bitch"

[FUNKMAN]

get into it...

my grandfather was Secretary of the Colgate Union for 35 years and negotiated the 401k plan for the membership... there were many Sorry! people that retired and never elected to participate...
these were a group of people that wanted Profit Sharing like Procter & Gamble and resented the 401k...
just learn about the different plans or funds that
you can move your money to and from, they range from low to high "RISK"...
not trying to scare you, there is just the reality if you are in a "high" risk plan/fund, you can take a beaten...
or make a killing...
speaking from experience...

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This message was edited by FUNKMAN on 3-31-02 @ 8:44 PM

[HordeKing1]

HYPERSPACE had an excellent suggestios. Funds such as Vanguard and Janus can be funded with just a few thousand dollars (the exact amount depends on the specific fund). You can have an automatic deduction taken from your bank at the first of the month. Even if it's only $50 a month, it's savings that will accumulate and compound. It also has the benefit of spreading the risk when buying. You'll be assured of sometimes buying at a low, even though at times you'll buy at a high. Take a look at the prospectus for the Vanguard Wellesly Fund. I believe the 5 year return was 25%.

Finally, you really should open up a ROTH IRA account even if you have a 401K. You'll have a nice wad of cash if you start at your age and when you withdraw the money you won't pay any taxes.

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[Zipgun]

Do it dude. I put 10% of my check away every week, and 6% of it gets matched by the company BEFORE taxes. I didn't start until I was about 27, but by the time I retire, it's possible I could be sitting on between 400 & 500 thousand dollars.

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