you might have to do some research with HR and find out which company handles your 401k. i simply called JP Morgan and increased my default contribution to a higher one. it took one or two pay periods (couldn't remember) for the change to take place and i got a confirmation in my work mail. very simple process.
No catch, bro...Sounds like you're doing great!
That's awesome, man. The only possible "catch" is that it' is dependent on the market value and its fluxuations of what you're invested in, but with history as an indicator...You'll be ok regardless.
If your a state employee, you're probably contributing to a 403(b) right? Which is basically the same thing as a 401(k), but for state employees. Unless your employer matches your contributions, there's no advantage to going with a 403(b)/401(k) vs. an IRA. You'll likely have less options to choose from and the fees may or may not be higher. Personally, since I have a long way to go until retirement, I'm contributing to a Roth IRA and my wife is doing a Roth 403(b). We'll be taxed on the income now, but since we're planning on being in a higher tax bracket when we retire, we'll come out ahead.
You're killing it! Wish I would have had the foresight to invest when I was that young. Then again, with the crash, I would have probably come out about the same
...my bad. My contributions are matched. But like i said, I locked into the 3% I originally picked. In hindsight, I wish I had chosen the hybrid plan (option of taking a lump sum at the end of retirement) and contributed a greater percentage (roughly 6%) to retirement. I'm in the situation I am in now because I took the advice of a senior co-worker, instead of going with my original selection of the hybrid at 6%, and she's proven not to know **** about these kinds of things after the fact, so I'm a bit mad at myself...:lo
Ya, good rule of thumb... DON'T listen to co-workers when it comes to money unless that's the field you're in. Unless they're much higher up and you KNOW they do well with money. (not just have nice things)Yeah I am......my bad. My contributions are matched. But like i said, I locked into the 3% I originally picked. In hindsight, I wish I had chosen the hybrid plan (option of taking a lump sum at the end of retirement) and contributed a greater percentage (roughly 6%) to retirement. I'm in the situation I am in now because I took the advice of a senior co-worker, instead of going with my original selection of the hybrid at 6%, and she's proven not to know **** about these kinds of things after the fact, so I'm a bit mad at myself...:lo
I plan on opening a ROTH tomorrow so hopefully that counts for something.
Not sure if serious!
Roth IRAs are taxed upfront whereas traditional IRAs are taxed down the line when you withdraw your funds.
Uncle Sam will get his either way, always...
...
You're only taxed on the interest of a mortgage. So you're essentially giving the bank $1 to get back ~25c from Uncle Sam. Besides, once you're under the 10 year mark, the amount of your mortgage going to interest is significantly decreased anyways. If you want a tax break, you might as well contribute the interest portion to a charity and help some people out instead of padding a bank's bottom line. Or even contribute it to a tax advantaged retirement account where it'll grow even more.
