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My company is implementing 401k, but not matching it. - incognito

Posted: Jan 20, 2012

Just an inquiry. Is this better than getting 401K on your own? Or do you need details to give a solid answer? If they don't match it, I can't really see the good in it. Just asking. I am not savvy in financial matters.

Not sure about this, but - I think I heard Suze Orman

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on some radio program the other day saying it was better to get a Roth IRA if there is no company match. Again, not sure if I heard this completely correctly or why she said it, but might be something to consider, as I think Suze usually gives very good advice.

A 401(k) on your own is a traditional IRA - Happy MT Robin

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There are a lot of different things to consider, so you really need to talk to a financial adviser.

Some basics, though: Both the 401(k) and the traditional IRA are pre-tax and so you pay tax on the income when you withdraw it, at whatever tax rate you are in at that time. With the 401(k) you can start withdrawing money at 59 1/2 years, and IRA you start withdrawing at 70 1/2 years.

The Roth IRA is after tax, but any money that is earned WITHIN the confines of the IRA is not taxed at all. This is why financial people LOVE Roth IRAs so much. Essentially, if you put $1,000 into a Roth IRA and buy Widget stock and widgets become the next best thing since Kim Kardashian and the stock splits 6 times and becomes worth $500,000, the way I understand it, is you don't have to pay taxes on that $499,999 when you start to take it out of the Roth.

The other thing to take into consideration is if you have a traditional 401(k) and you want leave your company and you want to move the funds, you can only roll it over into another 401(k) or a traditional IRA.

The one nice thing about having the company 401(k) even without the matching is that it is a payroll deduction, so there's no "juggling" on your part as to whether you are going to fund something or not.

much obliged to you both and anyone else (nm) - incognito

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!

Nice assessment - LeeLee

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This was a really, succint description. Thank you...can tell you put a lot of thought into this and benefits us all!

401K - LeeLee

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If there is no match, it has been my experience that I did much better on my own. There are restrictions with any company directed investment that many times you do not have as an individual. You have more control because you are not tied to a "group", but rather have only your own needs to consider. There are legal restrictions to both; therefore, I would compare them to see what better suits your personal needs. My personal investments have done much better than the company directed ones. Can be very confusing, but I hope this helps a little.

401K - Becky

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Hi everyone. What do you all think of a 401 K plan where the company matches certain percentages, depending on year of input, but it's not 100% for several years. Still free money, right? I think I heard Suze say once that if you are not partipating in a 401 K where there is a match, you're turning down free money, so I can't imagine the benefit of no match at all.

401K - LeeLee

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I'm with you Becky. I get a very, very small match to the amount I put in. When they started the program, I immediately joined, as I figured it was the only way to get back some of the money we were cut on the other side. I am not going to get rich this way, but as long as they offer it, I'm taking it. If you want to read another great source of information on finances, check out Dave Ramsey. Love that guy and he has great ideas. Everyone that sticks to what says, is out of debt totally (some including their mortgages, too) in about 2-1/2 to 3 years total. Have been to his seminars, too, and they were phenomenal! Here's hoping we make it to the 1%...LOL

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