I am in my early 30's I have not yet signed up to contribute to my 401k. They match up to 4%. What or how should I be managing this?
2006-11-29 18:54:50 · 6 answers · asked by DRNoraSarasin 3 in Business & Finance ➔ Personal Finance
No questions... contribute 4%. You can't pass up free money.
Also, if you qualify, start adding your yearly $4000 into a Roth IRA. Save now and you will be a millionaire in 20 years. Trust me.
2006-11-29 21:31:47 · answer #1 · answered by amanda 3 · 0⤊ 0⤋
Try the max that you can, several 401k companies have calculators that can help you understand the impact of an early investment.
See that matching up to 4% is a lot better than money below your bed
Try 401k.com
2006-11-29 19:02:46 · answer #2 · answered by Cisco Sucks 3 · 0⤊ 0⤋
I worked for a company that matched dollar for dollar on the first 3% and then $.50 on the dollar for the next three, and it wasn't as much as I thought, however I wished I would have started earlier, so if possible contribute the max-you'll be glad you did
2006-11-29 19:00:14 · answer #3 · answered by Fluff C 1 · 0⤊ 0⤋
The minimum- the amount they match (4%), the max- as much as you can afford to do without. You'll be grateful for every penny you give up now. At your age, you will have a very comfortable retirement.
2006-11-29 19:05:24 · answer #4 · answered by terri m 3 · 0⤊ 0⤋
As much as you can comfortably afford but at least enough to max out the company match. Think about that as free money just waiting for you to ask for it.
2006-11-30 05:33:29 · answer #5 · answered by stlouiscurt 6 · 0⤊ 0⤋
Since they match up to 4%, put in at least 4%. Invest it in the variety of mutual funds they offer.
2006-11-30 15:06:29 · answer #6 · answered by Steve R 6 · 0⤊ 0⤋