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when a new hire is available to sign up for a 401K - missy

Posted: Apr 25, 2011

Does anyone know when a new hire is available to sign up for a 401K and where can I do this?

Bless your little newbie heart that you think you - are going to make enough

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money to participate in a 401k!!!!!

401K - missy

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Sorry to inform you, but I am not quite a newbie! I have been around 35 years and if you don't know the answer to my question, don't post a snide remark! P.S. - I can guarantee you I will be making enough money to enroll!

401K - bailey304

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How very interesting. I applied to Medquist years ago and the great response I received was "It is important to know what you don't know". Sorry to see that things haven't changed much by the snide response to Missy.

I'm a 35+ year MT, and even though I already have - s/msg

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a 401K from my old employer, I never enrolled in my current company's 401K, even though I've been there for about 5 years, and they match a certain percentage of the money we put in. Why? Because I haven't funded my 401K in 5 years, that's why! I not only can't afford it, but I still don't earn as much as I have to spend to get by each month. So I've been raiding my regular savings account for 5 years now. It's almost gone.......

Didn't mean to get your dander up. Not suggesting - that you are a newbie to

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transcription; however, you did imply that you are new to MQ. We are making very little money these days, and with the new insurance changes, I believe that 401k contributions may be out of the question. Nothing personal to you, just the state of being a MQ employee. No offense. Hope you fare better than I.

I am thrilled with the - MQ 401K

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I think after 3 months you are eligible. I checked my earnings the other day & YTD was 4.48%, last 12 months 10.76% and last 18 months 16.3%. How can I not be thrilled with that???!!!! I have been with the company for 7 years and signed up as soon as I could. I don't have that much held out percentage wise, and have almost $19K in my 401K now. I think there is a link on the MQ Central benefits site to sign up. They really do offer a lot of fund choices, and I go to morningstar.com and look up each fund periodically to see how they are performing and the risk to earnings ratio, which they make very easy to understand. Good luck!

I read your post - meaning newbie

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to Medquist. Still, I had to laugh. I didn't think you meant newbie to transcription. I remember the days when a 401K was important to have. Gone are the days that MQ matched our contribution. Pretty soon we'll be paying MQ to participate in a 401K, telling us how it benefits us to do that. I'll invest my money elsewhere, thank you, like in food to eat this week.

Well, Now Wait a Minute - MT

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Okay, MQ stopped contributing. BUT, it's still free money. By that I mean you don't have to pay taxes on it. And you already earned it anyway, so go ahead and put it in the account. Unless you are living so close to the edge, that is my advice.

There is no such thing as "free money". - It all comes at a rather large cost.

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And what would that cost be? nm - LK

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nm

you are taxed a lot more when you take it out - cost

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x

Not necessarily - LK

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You are taxed at your current tax rate when you withdraw the money. Since a 401K is a retirement plan, you generally would withdraw the money when you are retired and would presumably be in a lower tax bracket, therefore paying less taxes on the money than you would have paid while working. Plus you have the money that you otherwise would have paid in taxes had you not put it in the 401K earning money for you. That's the whole point.

you do know that you are taxed heavily when - you take that out, right

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If the company does not match, and you have funds to stash away, you would be better off leaving your 401K do what ever it is going to do (earn, lose, stay the same) and putting any money into a Roth IRA. You will have to pay taxes on that money now, but later when you take it out (and taxes are sure to be higher then), you will not be taxed.

If your employer starts contributing again, then stop adding to Roth and go back to 401K.

Depends on when you withdraw - anon

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If you withdraw early (I believe before age 60), you do pay a penalty. If you do not withdraw early you may normal taxes. However, if you put in $2000 a year you save about $100 a year in taxes so you are investing $2100 a year and if you're young enough, it does pay to invest in a 401K plan.

see post below "Payday cryday." - anon

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paychecks are kind of depressing these days

They did stop contributing to 401k. I'm trying - Kiki1

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to decide whether I should stop contributing and start a Roth IRA. At least the 401k comes out automatically though and is not taxed (yet). The Roth IRA is taxed but NOT when you take it out. I guess I'm just still hoping MQ will start contributing again.....dream on.......

Suze Orman says if your company doesn't contribute to your 401k a Roth IRA is better.

I know she knows her stuff and all, but she really irks me when she is always barking out "You all need to STOP spending money!" DUH! First of all, a lot of us don't really HAVE the money to spend and second, it's hard to listen to someone who makes a million bux yelling at you to "stop spending, go without!" It's true, but hearing it from here wearing her fancy leather outfits is a bit off-putting.

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