I am trying to better myself and have gone thru 2 interviews and drug test for another job offer, should i enroll in the 401k if i might not be workin here much longer?
2006-12-12 06:18:07 · 10 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment
It really kind of depends. First of all, how much longer will you be at the job? If you'll be there less than a month, no, don't bother. By the time all the paperwork is sorted out, you'll be gone. Secondly, can you? My company only allows you to enroll twice a year, April and October. But if the other job falls through, yes, you should enroll.
2006-12-12 06:22:04 · answer #1 · answered by Monique M 2 · 0⤊ 1⤋
Usually you can't enroll until you've been at a job for a year. If the job is offering it that soon its a little strange. But if you can take it from you 4 month job... weigh your options on the 401K for both jobs. Who throws in more. You can carry the 401K to the next job but why, when the company you work for puts money it to it. You quit they stop. You really need to think about what you want to do for a career. Once you've realize that you want to stay with that company enroll in their the 401K plan.
2006-12-12 06:25:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO!!!!! Do some checking first. Most 401k plans will charge you a fee usually about 10% for early withdrawal. So in essence you are losing 10% of the money that you have already put in. Also, you might want to check on if the money will be taxed after withdrawal, usually it is. If you are looking for another job you may need that money to get you through until your first check with the new company.
2006-12-12 06:23:33 · answer #3 · answered by smittinkittin33 1 · 0⤊ 1⤋
YES!
This money, no matter how little you will put into it, will grow over time. Also, you won't miss the funds that you invest, but you will surely appreciate the extra money when it is time to withdraw them.
When you leave the company, you have the option of keeping it with the same firm as an IRA or Roth IRA, or rolling it over to your new company.
2006-12-12 06:24:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
speedy answer: No, do no longer decide out. distinctive 401ks have incredibly distinctive provisions, yet maximum/just about all artwork on your choose. to illustrate, many agencies have matching courses. case in point, for each a million% of your revenue which you divert to the IRA, as much as a cut back like 3%, the enterprise fits. In those situations, in case you're making contributions 3% on your IRA, your enterprise contributes yet another 3%. it incredibly is like a three% loose contribution. some agencies do no longer even require an same contribution to confirm that them to make contributions. that's much greater effective. although--and verify with your 401k administrator--there are additionally tax advantages in case you're making contributions. often, your contribution will cut back your taxable earnings. So, case in point, in the experience that your revenue is $35,000 yet you have $5,000 taken out to your 401k, then you definately're purely taxed on $30,000. That'll shop you--looking on your earnings tax bracket--approximately $a million,000-$a million,500 in taxes. the flair drawbacks are: some super agencies funnel the 401k contributions into purchases of their very own inventory. that's nice in case you artwork for Apple or Microsoft. it is not so super in case you artwork for GM or Circuit city. additionally, many 401ks assist you designate particular mutual money to take a place in. and that they are able to lose money. ultimately, over the long term, they are going to pass up, even though it incredibly is worrisome to ascertain $10,000 you have contributed on your 401k now purely well worth $6,000, to illustrate. So: Get greater advice (and a greater effective comprehend-how) approximately your enterprise's 401k. even though it incredibly is totally probably for you to proceed to be in it, incredibly than opting out. wish that enables.
2016-10-05 05:37:26 · answer #5 · answered by catherine 4 · 0⤊ 0⤋
well 401k is a good thing if the company is ready to give as a benefit.
even if u work in a company for a short period always enroll your self .
2006-12-12 06:19:27 · answer #6 · answered by farah2968 3 · 1⤊ 1⤋
Yes, you can alsways roll your 401K over when you start at a new company
2006-12-12 06:19:56 · answer #7 · answered by madwackas_girl_79 2 · 1⤊ 1⤋
No yoou shoulnt
2006-12-12 06:22:03 · answer #8 · answered by frankmilano610 6 · 0⤊ 1⤋
Yes, you can always roll it over.
2006-12-12 06:19:43 · answer #9 · answered by SkiHard 3 · 1⤊ 1⤋
WHY BOTHER
2006-12-12 06:21:06 · answer #10 · answered by bodacious baby 7 · 0⤊ 2⤋