401k contributions
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401K
Asked by K.R. from Houston
on January 14, 2009
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Does anyone know if an employer has the right to keep an employee from taking their money out of a 401K plan? Apparently, these employees are losing alot of money. ...
Answers
- The employer absolutely has to follow the plan documents as well as IRS regs. This document outlines whether or not loans can be made. You should be able to take the...
- You have every right and you should remove your 401k, especially if you are losing money. Most employers recommend you transfer your 401k if going to another company....
- I am sorry to hear about this. I am by no means an expert but I would try 2 things: 1. stop making contributions if possible; and 2. try to transfer from your current...
What Exactly Is a 401K?
Asked by D.F. from New York
on December 18, 2010
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My husbands job is pushing him in to signing up towards the 401k plan. What exactly is it? Is it worth signing up for?
Answers
- I agree that it is worth signing up for. A 401k plan is a retirement account that you deposit pre-tax money into. Since your contributions are pre-tax, it may actual...
- Hi D., It is a tax deferred investment plan. You put in a percentage of salary now, and it is taken out of the paycheck before taxes, thereby lowering the taxable inc...
- YES -it's worth signing up for, particularly if you don't already have some guaranteed retirement accounts. A 401K is a retirement savings plan and most companies m...
401K Loan
Asked by K.H. from Indianapolis
on April 6, 2012
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We have some pretty sizeable credit card debt. Nothing we can't manage month to month (and usually pay more than the minimums). However, it is really taking FOREVER ...
Answers
- My only thought - can you keep the debt OFF the card once you pay it down? I have a gf that does this exact thing at least once every 2 or so years. Her cards get ...
- um...your only going to be able to pay half of your Credit card debt...makes no sense to do this...lets just add another form of debt to the load... You say this wi...
- I'm not totally sure, but I think you might have to use the loan as earned income on your taxes for 2012 and the irs will charge you 10%, plus it might throw you into ...
401K's and Penalties for Taking Some Funds Out
Asked by K.C. from Las Vegas
on May 4, 2011
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Hello Mom's
Could any of you tell me about penalties on taking money out from your 401K's before retirement. I had some friends take it out for buying a house, but ...
Answers
- You really have to look at the rules for your plan. But, in general, a loan is always better than a withdrawal but you generally only have access to a portion of your ...
- I don't see that anyone has mentioned the specific numbers, so here goes: If you withdraw the money from your 401k (not a loan) and you are under 59 1/2, you will pay...
- My company administers retirement plans. Your friends were eligible for what is called a primary-residence loan. They have to pay back the loan, with interest, to the ...
Dave Ramsey's Way
Asked by J.Y. from Chicago
on September 21, 2009
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I have been reading Dave Ramsey's book, Total Money Management, and have a couple of questions. 1) One of Dave's recommendations is to get rid of all credit cards. W...
Answers
- His money management concepts really work, and I wish many more people used them! I don't recall him saying that we ever should stop 401(k) contributions... you wil...
- I have no debt except our house and we have four main credit cards. EVERY thing goes on the card basically, and we pay it off in full every month. For every $100 I ...
- Hi Judy, I too would suggest you get rid of the credit cards, if for no other reason than the one you stated yourself. Having them make them easier to use and what...
Wants to Be a Sahm (Stay at Home Mom)
Asked by J.L. from Chicago
on January 31, 2011
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A question for all my moms who stopped working to stay at home.
I'm thinking of staying home to be bring more structure and mommy time for my 2 kids. I'm looking in...
Answers
- Don't cash in your 401K, there are plenty of other ways to build an emergency fund....maybe you should build up your emergency fund before you quit your job
- Cashing in the 401k I have been told by a lot of ppl that it is not worth it at all. But staying at home with your kids I think is great. I never imagined being a sahm...
- Why would you cash in it before an emergency? It should be a last resort given the penalties. I agree with other posters to establish a bit of an emergency before yo...
IYO What Are the Jobs/careers That Has the Best Retirement Benefits?
Asked by N.N. from Detroit
on March 14, 2012
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Jo W post (I don't want to go to work) has me thinking about investing and retirement. What are you doing or what did your parents do in order to make sure that they w...
Answers
- My husband was in outside sales for years with raw materials. In 2005 we had an opportunity to slowly start our own LLC with brokering raw materials, consulting, etc. ...
- Which post? I know that public union jobs are about the last hold out for the defined benefit plans. Can't get better than that. In the real world anything tha...
- Well I work in the retirement plan administration industry. Pharmaceutical companies typically have excellent retirement plans, as do finance companies. The downside i...
Buying Savings Bonds for My Toddler's Future
Asked by A.A. from Los Angeles
on March 15, 2010
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Hi Moms,
I know nothing about savings bonds, but have heard that they double in value after 7 years from the time of purchase. Is this true? If I buy a $500 savings...
Answers
- Great question! I'll tune in for responses because I'd like to know too...
- I'll start from the beginning. You can purchase a savings bond directly from the US Treasury or from any bank that has agreed to act as an agent for the Treasury. No...
- My mom is a financial advisor. But we're from Mn so that won't help you. And not all financial advisors CHARGE for info! She meets with people all the time and ...
In Today's Times: Do You Save?
Asked by V.M. from Las Vegas
on August 31, 2011
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Hey moms,
I am really curious how moms out there manage their budgets...what is a comfortable "leftover" amount after all bills are paid and money has been put away...
Answers
- Sounds like you have a nice problem. I'd seek a financial planner.
- I wish I had that much to save. We usually save 10%. Thats all we can do.
- Well just what you put away for that (3500 plus the kids) well we don't even make 3500 a month so for your lifestyle that is probably good. Our family of five on one i...
Need to Budget!
Asked by M.A. from Denver
on October 6, 2008
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Hi there. I'm looking for some advise for a family budget. My husband and I both work and more than anything I want to be a stay at home mom. For years I have been ...
Answers
- Both Crown and Ramsey are excellent sources. I would start by educating yourself and take over houshold finance. That being said, I am assuming by your choice of r...
- Is there any reason that you NEED him to participate in writing out a budget? Of course, ideally, you'd work on it together, but I don't see why you couldn't at least...
- I would say that you should just go ahead and make the budget. Show him that it is feasible for you to be a SAHM and what it will require. Sounds like if this is som...
