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IK see the stock market improving so I don't want to make a rash decision yet

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fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Tue Jul 22, 2008 11:45 pm  

No there hasn't been much gain but he hasn't lost all the money that is invested. Last quarter he lost $900 of new money put in the account. We called and they are advising not too move it. I will give it another quarter and I am going to push it into a savings plan. IK see the stock market improving so I don't want to make a rash decision yet.
JPolito830



Joined: 21 Jul 2008
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Posts: 25
Location: Richmond, VA


908 Magic Points

 
Posted on Wed Jul 23, 2008 3:20 pm  

I havent started yet since I just got a new job, but what does everyone think is a good % to start with?
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goodnatured



Joined: 03 Nov 2007
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436 Magic Points

 
Posted on Wed Jul 23, 2008 10:10 pm  

JPolito,

Depends on what type of fund that you are talking about and if the employer matches your contribution and by how much. Do you know this information yet?
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fireyone



Joined: 26 Feb 2008
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123 Magic Points

 
Posted on Fri Jul 25, 2008 12:25 am  

If you haven't been saving anything as of yet they usually advise you to start with 4% of your pay.
goodnatured



Joined: 03 Nov 2007
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436 Magic Points

 
Posted on Tue Dec 30, 2008 5:15 am  

That is not a whole lot these days fireyone, I think there is a calculation out there that goes on your age and when you plan to retire, I think it is a lot more than 4% at my age.

Just google "what should I save for retirement?" and you will get some pretty good results.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Tue Dec 30, 2008 12:02 pm  

I started a new job about 9 months ago. When I'm there for 1 year, and have worked 1000 hours, the company AUTOMATICALLY puts a %, of my check, into a 401 (K). I can't wait. I can save a bit of money, that way, too.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Fri Jan 02, 2009 12:40 am  

Good natured, I know there is alot more that could be invested but when you have a home mortgage payment and bills any more than that is really hard to set aside. We just moved and are rebounding so we contribute what it trakes to get the company to match us. Not only that most of ours is invested in the market and we can not just put future money into something seperate. It goes how into what we have already chosen before the market took its volitile turn. We do not want to move out the remaining money for we will never regain what we lost so we are just letting everything ride and not investing more than the 4%. We talked with a stack market agent and this was his advice on how to handle things at this point.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Fri Jan 02, 2009 4:01 am  

'Putting away' alittle at a time......yep.........with some of the bills I need to pay, that's about all I can do, too. But,...it DOES 'add up',....for sure!!
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Sat Jan 03, 2009 1:36 pm  

It is really risky at this point but if we all would quit setting the money aside or even pull our funds from the moarket I believe it would have really bad effects on the already sinking economy. Setting aside money is sometimes thought of a little too late. I think everyone should try to build a nest egg because you never know when times like these ones will come around again. It will happen because history shows that it does.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1915 Magic Points

Subject: credit
 
Posted on Sat Jan 03, 2009 1:54 pm  

Yep........everytime I put money into some kind of savings account, I think I'm getting alittle bit 'ahead' of things, and then.......something happens that I have to take it out. SOOO frustrating!! Sometimes I feel I can never 'break even', lt a lone 'get ahead'. That would be terrible if I invested a large sum of money into something and lost it all. Alot of people are going through that right now.
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Tue Nov 03, 2009 7:58 pm  

It's kind of strange that I never opened a 401(k) account with my former employer. I guess I was never really that well informed about it. I'm 21 & never had any information about 401k. I am curious if it is more economical to invest into a 401k account or if it is better to put that money into a high yeild savings account; which you have access to if you ever need it without the interest to repay it back. I think it might be a better option, depending on employer matchings vs. the interest that you would earn. It just makes me wonder.

What do you all suggest as the better option? I'm unemployed at the moment; which most of you already know from other posts, but that doesn't mean I can't plan for the future.

To answer the question that was originally posted, I think it really depends on your lifestyle & how you plan live after you retire. Are you planning to downsize to a smaller home, will you have alot of monthly expenses, etc. It's all a matter of how you live now & how you plan to live when you retire.
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Tue Nov 03, 2009 9:19 pm  

It was better for me to put mine in a 401k because I couldn't touch it and plus my old employer matched up to 6% of every dollar I put in including overtime money. Most only base their contributions on a forty hour work week. So I was lucky there. But as far as the high yield checking I'm not sure of. If I did that I would never save if I could get it when I wanted to.
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Tue Nov 03, 2009 9:32 pm  

Sounds like you were lucky. Smile As far as I understand, most employers only match like 1% or 3% or something like that. I think I would be okay with having a high yield savings account. I've read about alot of people doing abitration that use high yield savings accounts to boost their savings. I just figured it could work well for retirement planning.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1915 Magic Points

Subject: credit
 
Posted on Fri May 20, 2011 11:23 pm  

I've been working at the same place for 3 years now (worked at another agency for 7 years, before this). Thsi agency has a 401K. It's really great. You can put in as much (or little) as you would like. What ever you put in, the company matches 75% of it. I put in $20 a pay and it sure adds up!!

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