retirement is more important to me than a lot of other things

and note my statement before, if you have a job there is no excuse

dnl we all know you're poor as fuck right now

7/17/2008 11:42:50 PM

Quote :

"ZERO POINT ZERO"

7/17/2008 11:44:04 PM

Not much considering what the market has been doing this year. I would have a whole lot more!

7/17/2008 11:44:41 PM

Fuck people under 30 worried about retirement already

Especially women...most are just working till they get knocked up anyway

7/17/2008 11:47:40 PM

yeah thats totally what 100% of us are looking for

fuck that, like im going to rely on someone else

7/17/2008 11:48:53 PM

If I was a girl, I would

7/17/2008 11:49:35 PM

im not like most girls

7/17/2008 11:50:12 PM

yes you are

7/17/2008 11:57:39 PM

Quote :

"Fuck people under 30 worried about retirement already "

well, here's the thing. Compound interest is the shit, but it grows exponentially. To get the most out of it, you need TIME. A dollar I save today is worth FAR FAR more than a dollar I save when I'm 40. In other words, if you save $500/month starting in your 20s, you won't have to save $1500/month starting at 35 or 40 to get to the same goal.

or you can save $1000/month starting in your 20s and have a shit ton of money when you're 60.

I'm not advocating being so miserly that you miss out on the prime of your life, but shit, let time and your money create more money for you.

7/18/2008 12:19:47 AM

http://en.wikipedia.org/wiki/401(k)_IRA_matrix

[Edited on July 18, 2008 at 1:55 AM. Reason : *]

7/18/2008 1:54:13 AM

20% of my salary.

8% employer match*

[Edited on July 18, 2008 at 6:54 AM. Reason : .]

7/18/2008 6:54:06 AM

The key really is to start the 401k at a high contribution rate very soon after you start, so you never really feel like you're "missing" part of your paycheck.


Target funds are great bc you just set it and forget it. I push most of mine into a target fund that's 10 years beyond where I want to retire at, primarily bc I want more variance right now (even though I'm down close to 20% this year last I looked :beautup: )

7/18/2008 7:09:13 AM

for someone who works in the investment industry

Slave Famous sounds kinda dumb.

unless he's just trolling.

7/18/2008 8:27:30 AM

I wouldn't argue with that

I'm not involved in our day to day trading at all

I work with the operations side

7/18/2008 8:32:18 AM

Dag, I feel bad about my 401(k) compared to some of you people, even though it is projected to be anywhere from $750k-$1,000k when I retire in about 30 years... Slow start for the lose, thank god for compounding...

Quote :

"$36k is good for 2 years "

Damn, that's hawt..

Quote :

"no such thing as a roth 401k"

Um yeah, there is...

[Edited on July 18, 2008 at 9:07 AM. Reason : .]

7/18/2008 9:05:32 AM

Quote :

"I work for a company in which I have no confidence, at least no confidence in it's ability to survive another decade."

My company doesn't match shit. I barely make anything, but I have it set to put 2% of my check into a 401K. I will up it once I move on to another company and start making more. I've only been working since November though.

7/18/2008 9:17:23 AM

Quote :

"The matching contributions made your employer are NOT counted toward your 401k contribution limits. Even if you contribute the maximum amount each year, your employer's matching contributions are in addition to these 401k limits. (FYI: Depending on the design of its 401k plan, a employer can match up to and including 6% of your pre-tax compensation.)"

Odd, my match is 8%.

Internet inaccuracy!?!

[Edited on July 18, 2008 at 9:22 AM. Reason : .]

7/18/2008 9:21:38 AM

Quote :

"A dollar I save today is worth FAR FAR more than a dollar I save when I'm 40."

you must not have been paying much attention to your 401k statements lately.

7/18/2008 9:31:21 AM

one year of negative returns does not invalidate decades of growth.

7/18/2008 9:34:06 AM

im already maxed for the year, doesnt mean ive made a ton, just means i cant put anymore into that particular set of funds. i get ridiculous matching, though, its like ive got a rich grandpa for a boss! ha ha

7/18/2008 9:37:42 AM

that's pretty impressive dude. $15,500 barely past the midpoint of the year.

I set my contributions to 25% at the beginning of this year, trying to do something similar.

that did not last once we had to pay for daycare

7/18/2008 9:40:04 AM

If you're getting a big match, isn't it counterproductive to max out prior to the last month of the year?


Also keep in mind that the match doesn't count in your 15k or whatever it is limit.


And fwiw, a 3% contribution with a 6%match is ftw

7/18/2008 9:42:30 AM

^ some companies have things set up where they'll make up the match at the end of the year. which is pretty sweet

at least at my company, if you contribute more than the matching percentage but max out early in the year, they'll match the difference at the end of december

[Edited on July 18, 2008 at 9:49 AM. Reason : ]

7/18/2008 9:46:54 AM

Ahh, that would be sweet.

From what I can figure out with ours the contribution would still happen but the match would cease.

But I haven't looked at it too deeply.

7/18/2008 9:49:52 AM

i get what they call doublematch, and if i understand it right (PLEASE correct me if i'm wrong), then i put my part in, and i hit number X

then they come in later and match me 2x, so i get 3x total. so no i have like 5 in there and am under the impression that it will be matched and rematched to max it out

i might need to call clark howard based on what im hearing... but they specifically said in the benefits pack that if i put 400 in, they "match" 800, for a total of 1200

i havent maxed it by myself, dont get me wrong.

7/18/2008 9:52:29 AM

wait, did someone just say that the max is ONLY based on what i put in? i've been going off the max being the combination, which is why i pulled out when i hit 33%

7/18/2008 9:54:56 AM

^took me awhile to wrap my head around it, but it seems that company match does not count as part of your contribution limit

7/18/2008 9:56:55 AM

well i'll check more into it with our people when i get back next week

and if that is the case and i fucked up and only did 1/3 of the year in 1/2 of the year, luckily the match was so good that i can afford to catch it up pretty quick since i put so little of my total income in there (relatively speaking), i guess

thats sweet though, if thats true, i get to put in almost 50k a year, with 2/3 of it not even being mine. jeeeesus

7/18/2008 10:01:18 AM

Yeah that's the most ridiculous match I've ever heard of.

7/18/2008 10:03:17 AM

Something I've noticed is that people maxing their 401(k). Couldn't you do better just maxing out to the most your employer's will match, and the take the rest to another market? That's why I only do 4% (employer matches double) for a total of 12% and throw the rest into a templeton mutual fund.

At least that's what my "advisor" at first command has suggested... It worked for my parents , so this guy can't be all that wrong...


[Edited on July 18, 2008 at 10:08 AM. Reason : .]

7/18/2008 10:07:34 AM

the main benefit of 401k is that the $ you put into it has not been taxed yet and thus lowers your taxable income when it comes tax time

of course, you need variety of investments to have a solid financial outlook

7/18/2008 10:10:03 AM

Well, I was offered a roth 401(k) via fidelity, which I do. However, my employer will only contribute to the traditional 401 (k). I feel that whenever you can, go roth. I mean, sure the tax break now is going to be nice, but you've got to pay taxes eventually. And I doubt taxes in the future will be any less than it is today... So with that said, I'm sure you save money now, but will end up having to pay more back in the future. Plus with a traditional, you have to pay taxes on your earnings! Screw that. I enjoy having my earnings tax free and knowing that all that money there (well, at least the portion I've contributed), is how much I can get back penny for penny, rather than a quarter for two dimes since Uncle Sam is asking for his nickle... Either way, you can't get out of paying taxes. Either pay them now when you can afford to or hope that they don't get too high for when you have to pay later. There's no "legal" way to escape from paying taxes.

Plus if you are compounding your earnings, and you have a traditional setup, you're in a way compounding how much you'll owe in taxes later... I know it's not really compounding, but still... That thought makes me cringe...

[Edited on July 18, 2008 at 10:18 AM. Reason : .]

[Edited on July 18, 2008 at 10:18 AM. Reason : .]

7/18/2008 10:15:55 AM

there are arguments for both

the idea with an account that has $ that hasnt been taxed yet is that it can grow "faster" since you can technically contribute more

$100 into a 401k =/= $100 into a roth ira

and again, there is a tax benefit now, yes you will pay taxes later but it has 40+ years to grow without the tax bite

dont get me wrong, i holler at a roth ira account too

7/18/2008 10:19:31 AM

now im all worried that i read something wrong or did something wrong. i thought 200% was rare, but i didnt think of it as impossible. thats why i thought i made sure that 400 would be 1200 total and not 800, etc.

pilgrimshoes got me thinking when he called the 200% ridiculous... but even if i stopped right now with the 401(k), and kept renewing my cds and crap for longer terms, id still be putting more into savings this year than i made totally over the past 3 prior to 2007

haha, not like i lost any money i suppose, just opportunity. and fuck opportunity cost

7/18/2008 10:24:17 AM

Quote :

"Personal Rate of Return from 01/01/2008 to 07/17/2008 is -11.6% "

Oh damnit. gg fidelity. GG

I guess that just means it's easier for me to buy more shares now... yay

7/18/2008 10:24:27 AM

with the current market situation, does it make more sense to use that money to invest in something else, such as real estate? I'm not saying contributing zero to your 401k, but just less than your usual contribution.

7/18/2008 10:29:32 AM

Haha I just checked mine and my rate of return is now -10.3% from -11.4% yesterday

Everything is in the green

I didn't get interested in investing until I got offered the Roth 401k with a 6% match - now I'm slightly obsessed

I've gotten around $5000 in there in about 8 months - mine is through fidelity as well

7/18/2008 10:31:56 AM

^5 I've never really thought about it that way. I wonder if there's a way to compute with will net you more in the end... I've always been told all my life from many financial advisors that roth is the route you go if you can afford to pay for the taxes. I guess if you can truely take advantage of the tax benefits (ie: lowering your tax bracket all together), then traditional is where it's at...

^ haha I know right? I've go a spreadsheet going for the last 2 years monitoring the growth. I did an investment project when I was in 7th grade (my own investment) for the math fair. The judges thought that my project was fake when I made it to the state level since they didn't see how a 12 year old would know so much about investing... I kinda backed off since I was investing with my parents as the co-owner. I just turned 21 last year so I finally got it transferred to my name. It wasn't until then that I too have started becoming crazy about investing....

[Edited on July 18, 2008 at 10:36 AM. Reason : .]

7/18/2008 10:32:59 AM

im telling you fuckers

usa#1

recession diverted

ps shxpencil, gas is 3.59 in asheboro today

7/18/2008 10:34:34 AM

just as long as i can get a check when i retire i will be happy. i don't care how much it is. i don't plan on dying with any money or assets if i can help it anyways, i'd rather die broke and not have anyone profit from my death. we are all going to die anyway and the earth will end, so whats the point.

7/18/2008 10:34:56 AM

About 3800 after 13 months
Company matches to 6% (I put in 6)

I think I should switch to new investments

7/18/2008 10:37:44 AM

Eh, the earth will not end, but that's another topic that can be flamed/discussed in another thread. I don't want kids, so this will be interesting where the remainder of my fortune/assets will go after I do. I sure as hell don't want the government to get it, and I don't have any siblings.

7/18/2008 10:38:13 AM

Quote :

"the earth will not end,"

hahaha

back on topic, i don't want to leave shit behind i just plan on spending and living month to month after i retire.

7/18/2008 10:39:40 AM

ps did anyone else max out their parents credit cards the day they died?

7/18/2008 10:40:46 AM

i'm not reading 3 pages, but can someone tell me who's winning this pissing contest?

7/18/2008 10:40:55 AM

give it to me shmorri2

i plan on living a long time

7/18/2008 10:42:06 AM

its turned into more of a clark howard episode than a pissing contest. i, for one, didnt throw out any numbers

just Xs and Ys

7/18/2008 10:42:16 AM

^ Ditto.

^^ haha... Sure! Invest in me and I'll give you a 20% return when I die. How about that? I plan on being around for a while too (1/2 japanese, so as long as I'm not told to kamikazi into a terrorist bunker, I should make it to around 85 years old hopefully). So, that should help settle any worries that you won't see that kind of return

[Edited on July 18, 2008 at 10:44 AM. Reason : .]

7/18/2008 10:43:03 AM

sigh, japanese and their high life expectancy

i hope you stick to rice and fish (and chicken) like me instead of fast food

7/18/2008 10:47:05 AM

they do get old, but seems like they don't do shit but sit around and look very bored, and are very weak.

7/18/2008 10:48:24 AM