401K advice

LottomagicZ4941 · Post by **LottomagicZ4941** » Tue Mar 15, 2005 5:22 am

Just do it. Especially if there is a match.

Back when I was grossly under employed I decided to bite the bullet and put in the max allowed. I was concerned that my car would need to be replaced. Figured I could lower what I was putting in when I had car payments again.

Was able to pay cash by the time I actually needed to purchace a car.

But anyway, a funny thing happened when I contributed to the 401K.

My take home pay actually went up!!!!!

My employer no longer has a match but I have 3K in my 401K from back when they did.

Lotto

http://www.flalottomagic.net/cgi-local/ ... elcome-344

MagicZ4941A

Paula · Post by **Paula** » Tue Mar 15, 2005 6:28 am

I,m concerend here, i am giving myself a raise this year. I started my 401k only a year ago. I split it 50/50 in European Funds. By the end of this year i will have at least $7000.00 is that good? I don't know, i have IRAs and other incomes for Elder Years, i need to have enough so i can gamble later?

I am roughly putting aside 3800.00 a year to a 401K? Is that Good?

minks · Post by **minks** » Tue Mar 15, 2005 9:01 am

Paula wrote: I,m concerend here, i am giving myself a raise this year. I started my 401k only a year ago. I split it 50/50 in European Funds. By the end of this year i will have at least $7000.00 is that good? I don't know, i have IRAs and other incomes for Elder Years, i need to have enough so i can gamble later?

I am roughly putting aside 3800.00 a year to a 401K? Is that Good?

OMG what in gawds name is a 401K you know in Toronto Area they have a major road called the 401. Sorry guys I am guessing it is some kind of government investment deal? Like our RRSP's I dunno, I have $$ (albiet a small amount) that I need to invest or I will spend it stupidly. But I don't know what to invest in. Apparently the bank is a good thing to invest in. I can become a shareholder in one of our banks and that is a good low risk investment. But have to wait until Sept to do so and in the mean time that money taunts me, spend me spend me, and gawd knows I am barely scraping by on what I make but I have to be strict with myself. It ain't easy. Grrrrrr hehehehe

Paula · Post by **Paula** » Tue Mar 15, 2005 5:55 pm

i asked, and no-one answered. I am worried as the kids take over & i become tired, as they are catching on, am i putting enough away?

I cannot believe how many self-centered people refuse to say, i will ask my accountant.

As the dough flew away, i said bye.

Lon · Post by **Lon** » Tue Mar 15, 2005 7:33 pm

Paula wrote: I,m concerend here, i am giving myself a raise this year. I started my 401k only a year ago. I split it 50/50 in European Funds. By the end of this year i will have at least $7000.00 is that good? I don't know, i have IRAs and other incomes for Elder Years, i need to have enough so i can gamble later?

I am roughly putting aside 3800.00 a year to a 401K? Is that Good?
I don't know if $3,800 per year is good or not Paula. It depends. How old are you and for how many years will you be putting in at least $3,800. If that amount each year compounded at a conservative rate of return like 4 or 5% (even though you may get more) will produce a total sum at your eventual retirement that when combined with other sources of income is adequate, then fine. Ain't that a mouthfull?

Paula · Post by **Paula** » Wed Mar 16, 2005 9:04 am

Lon wrote: I don't know if $3,800 per year is good or not Paula. It depends. How old are you and for how many years will you be putting in at least $3,800. If that amount each year compounded at a conservative rate of return like 4 or 5% (even though you may get more) will produce a total sum at your eventual retirement that when combined with other sources of income is adequate, then fine. Ain't that a mouthfull?

I appreciate the mouthful here, it may be enough to satisfy my own needs. If i work another 17 years X a contribution of $3800.00 yearly and then some interest, that may keep me happy. I need to have my own funds to do what i want. It is important to me. This is my year to look at where i stand with my life insurances etc. I am getting older now. scary.

LottomagicZ4941 · Post by **LottomagicZ4941** » Mon Mar 21, 2005 11:33 pm

Sorry about not answering Paula.

A few of my history teachers said that you should pay your self first and put away 10%.

I did 20% for a few years when I got my first good paying job to make up for the 0% years.

We do our best. And I started a thread over in wall street to main street section and started thinking back to when I started.

Most of the time I just goof around on these forums with the ocasional soap box type topic like this.

My intention was not to make anyone feel bad. And I did forget bout our international standing here on that post. I can be such an E-vegtable.

Lotto

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MagicZ4941A

Paula · Post by **Paula** » Tue Mar 22, 2005 6:35 am

thats okay lotto, i can depend on you to respond at some point. @ 48 i am planning now to be sure later i have money! everyone needs money! but i have 5-600 acres of land so i "should" be okay? talk to you later...