Retirement Plans

[Tazz]

So, I have waited patiently for my company to offer some kind of retirement plan and have asked kindly, but they ignore me. So I think I am just going to start putting information packets on their desks.

So my question is:

What is better? A 401K, a Simple IRA? a Roth IRA?

Does anyone know about this stuff that can give me the Readers Digest version of their strong points and weaknesses?

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[Reephdweller]

Personally I've done tremendously better with my 401k then I ever did with an IRA. Of course it also has something to do with who the company is that 401k is with...what I mean is, if it's Fidelity, T Rowe Price, etc...

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[furie]

I have a pension plan and a 401k-like program. I've been planning to start a Roth IRA when I free up some cash.


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[sr71blackbird]

I have a 401K and I have at least 10% going into it. If you can afford 15%, youll be set by the time you retire.
I had one from my previous job and found out you can combine them, and now I have like 30 grand already from the past 3 years! It builds up fast, and if your employer contributes... its a good thing! I simply think its futile to expect Social Security to even exist by the time I retire and I look at this as a preemtive. Its also good to have a few other investments like a Roth IRA and some other funds and even some stocks and annuities. These all act as a hedge and if one goes down the others might not and it balances out. Even owning real estate or other hard investments like gold or whatever could suppliment you. Just dont put all your eggs in one basket and dont get too crazy if something goes down. Everything goes through cycles!

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This message was edited by sr71blackbird on 10-26-04 @ 10:28 PM

[A.J.]

You already have a retirement plan -- it's called Social Security. The government will take care of you! Let THEM do the thinking!

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[Recyclerz]

401(k)s can only be done by your company. Generally, those are better because the company usually throws in a match for some of your money (generally 3 - 5%), which gets the totals building up quickly. However, if they're cheap or on the edge financially now don't hold your breath for them to start offering one.

Motley Fool on 401(k)s (http://www.fool.com/money/401k/401k.htm?source=LN)

You can and should do IRAs on your own. The big difference: with a traditional IRA you get to write off the $ you put in as a deduction on your taxes now (and you don't pay taxes on it until you take it out, presumably when you're retired); with a Roth IRA you don't get a tax deduction now but you don't have to pay any taxes on it when you take it out when you're old
Motley Fool on IRAs (http://www.fool.com/ira/ira.htm?source=LN)

Rules of thumb: 1. If you have a company match on a 401(k), max that out, no matter what. 2. You have to start saving for your retirement no later than your student loans are paid off (and you're better off starting before then.)




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[Reephdweller]

Today I took my 401k deductions up from 14% to 16%. In the past 4 or 5 months my 401k has done so well that it's a comfort to know I won't have to rely on my social security when I retire. My company matches up to the first 6% pre-tax so basically that's free money they're giving you. If your company offers it and covers any amount you would be a fool not to take advantage of the fact that your employer is giving you free money.

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[walking joint]

My company matches up to the first 6% pre-tax so basically that's free money they're giving you


WOW...that's a nice match. i would only do 6% if my company matched that high. they only match 3% here, so I do 10%.

as far as Retirement Plans and your company goes, a ROTH really shouldn't be considered. The only IRA i can think of where your company would be involved is a SEP IRA. otherwise you go into some type of 401K, but as others said you need your company to offer it first. if they don't offer one, open yourself up a traditional IRA and deduct depending on your age the $3k or $3500 you put into it a year. i believe next year that goes up to $4k/$4500 and in 2007 it goes to $5k. if you are over 50 you get to contribute/deduct the higher amount.

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This message was edited by walking joint on 10-28-04 @ 2:31 PM

[YoungJersey]

I'm only twenty and started an early retirement fund. I went and opened up an account. I had my ecomoics professor help me choose and how much i should put in. It's a really better that a simple IRA. I don't wanna pay taxes on the money i saved when i'm ready to retire. i'd rather put in what i can afford now while i have time to recoop that cash.

was this a good idea? what would be better? and i make quite a bit of money so i can afford to save a little.

"Shit in one hand and put put all your hopes in the other and see which one fills up first"

[walking joint]

don't wanna pay taxes on the money i saved when i'm ready to retire


but if your going to save the money until when you retire, why pay taxes on it now when your tax bracket is higher then it will be when your old. you pay the tax either way, just pay less taxes later.

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[furie]

I put 15% into my TSP, and i get matched 5%. Not bad. I also have EE savings bonds. $100 a month.


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[YoungJersey]

good point. thanx

[Mike Teacher]

Some bury jars of money in random spots all over the property and forget about them; theres one under the porch, been looking for that one for years. Dig Dig Dig, if I find it maybe i'll get me some of the greatest food on the world: Cherry Flavored Pez.

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[Reephdweller]

Some bury jars of money in random spots all over the property and forget about them; theres one under the porch, been looking for that one for years. Dig Dig Dig, if I find it maybe i'll get me some of the greatest food on the world: Cherry Flavored Pez.


LOL.

Mike, I'm starting to think you're the poor man's East Side Dave.

;p

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