Find solution
What are the different jobs you can do at a magazine company?

45yo, first time 401k opportunity, 2nd year with company?

  • I have been offered to join the 401k with a 50% employer match on the first 6% of my contribution. I have no savings whatsoever. The small company I worked for for 10 years, went down the tubes in 2008, and despite UI, I still had to dip into my modest savings to meet the monthly bills. After a few temp jobs here and there, I took this retail job 14 months ago, and now have health insurance and now this 401k is being offered. I have about 4k in cc debt. My boyfriend and I have lived together for 8 years, and now he is wanting to buy a house. The rent we pay now, is too much for me...it is even reduced 20% for me, since the retail job pays much less then my old job. (His mom owns the property.) I have also not been able to contribute to the utilities for the last 8 months. ANYWAY! I would appreciate any advice on *if *I should contribute, how much--Percentage wise. Pre-tax, post-tax? Should I wait until I clear my debt? The job is OK--but I am not getting the growth/training that I initially thought would come. I really do hate retail--left it 14 years ago, but with what the economy is like, I know I can't leave this job very easily. I know that this company is really almost, about as good as it can get in retail--it was voted into one of the top 25, of the Best Companies to work for at Fortune Magazine. So they are good to their employees. So, this is part of the issue that it takes 5 years to be fully vested in the 401k matching money. 20% per year of employment. Any informative and constructive advice would be appreciated--I don't want to hear anything "Shame on you for not saving...you are irresponsible...blah, blah, blah." Thanks for reading.

  • Answer:

    the matching is free money I would try to save as much as I can up to 6%

Stephani... at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

You should contribute at least six percent to get the full benefit of the company match. I recommend contributing the maximum to make-up for your late start in retirement savings.

anonimitie

Start now, it's not to late. Check out some Suzy orman too.

Special K

You've only got about 20 yrs to save for retirement. So unless you plan on living on social security, I think it would be an excellent idea to contribute to your 401k. As a matter of fact, you should be maxing this out. You are already getting a (very) late start. The vesting schedule is pretty standard. If you don't plan on being with this company for 5 yrs, at least take what you can get. You NEVER pass on free money.

exactduke

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.