401K

EIHRHM · November 2011

My job is now offering 401k's, they never offered anything for retirement before. they are not charging a fee to open one at this time but if you wait till next year to open it there will be a fee but the office manager didnt know how much that fee would be. They are NOT adding anything to what we put in to it. Not sure if I should open one or not. My dh has one but his job will match a % of the money we add to it.

My thought would be to add more to his because his job will add to his depending on what we put away in his 401k. Not sure if that is the smartest idea though.

would you start the 401k or start a IRA or something along those lines?

thanks

jesspacatc · November 2011

I have a 401K that my employer rarely contributes to (like 3x in the last 5 years). I don't really know much about the differences, but as long as you are saving money, that is the important thing!

navybride06 · November 2011

Both of you should have some sort of retirement set up. Just because your husband has something doesn't mean you shouldn't.

I would open it, put something small in monthly. If you are unsure call a Financial Advisor. My father and brother both are FAs, there company is all over the HV, if you want the name and an office near you let me know. They are in Westchester and Queens so they wouldn't make sense to use but you can too.

Augustbride · November 2011

Unless you need the tax savings of pretax contribution. I wouldn't open a 401K where the employer did not match. You can open any kind of account and use it to save for retirement. The benefit of this is you know your current tax bracket. Since taxes are always changing you could end up paying more taxes later.

401K

Re: 401K

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