I just enrolled in my company's 401k plan

[Zech Marquis]

:) To start off I'll have $10/week to get the ball rolling. In September I'll increase it to $20/week because my credit cards will finally be paid off :bounce: I chose to go 50/50 with the company's cash balance plan, and a Merril Lynch INternational equities fund plan--again, to get my feet wet and see how things go. The savings plan is fund matching, so Kroger will match up to 50% of what I pay into my 401k. So this is kind of fun for me! :)

Any stocks? Hmm...maybe one share of Apple that I can hang on my wall :evilgrin:

[Squeech]

1. Good luck

I think the international fund is the right idea-- that's where I'm putting my 401k money. Remember, this is long term savings, and over the long term, the American economy is gonna have problems, especially the value of the dollar. Chimpy's already added a trillion and change to the national debt, he's on track to add another trillion before he rides off into the sunset, and at that point the trend lines all get worse. An international stock includes stocks from other countries, which should hold their value because (a) their markets won't be in the front lines of our economic difficulties, and (b) they'll be traded in currencies other than the dollar, which will all get more valuable than dollars.

That's my advice, and worth every penny you paid for it.

[Zech Marquis]

2. there are several international fund choices

so as I increase my weekly contribution, I'll select several more--I've just enrolled online, so when i get the enrollment confirmation I'l look up the others and ask if an DUers have joined them or not.

If having an international fund fueled by the Euro and Yuan hurts *, I'm all for it !

[Heyo]

3. Yeah they are a pretty good deal..

I love my 401k. My company matches 50% of what you put in there up to 6% of what you make.

They even let us take loans from our 401k. Anyone who has it available at their job, I highly reccomend it. It's a sound decision.

:hurts:

Heyo

[Zech Marquis]

5. thanks!

Again mine is a small step to start, but it's one giant leap for my financial future :bounce:

[GOPNotForMe]

7. Not to be contrary, but taking loans from your 401(K) is not good.

At least that's what I've already read. You contribute pre-tax dollars into your plan and when you take a loan on it, you have to pay back the loan with after-tax money - money that's already been taxed. Then, when you actually withdraw your money at retirement, you're taxed again. So you're paying double the taxes on the loan.

Plus if you leave your job or are God forbid laid off, that money is due back to the company immediately and if you can't pay it back on the spot, then it becomes an early withdrawal, so you pay income tax on it and then the 10 percent penalty and your company will raid whatever's left of your 401(k) account to pay it off.

[Rhiannon12866]

4. This is an excellent idea!

I have done this, as well. Granted, I was investing during a Clinton economy, rather than Bush*, but it's still got to pay if the company is willing to match funds. My financial guy told me that I should invest the max that they're willing to match, if I could... Good luck!:D

[Rabrrrrrr]

6. 401k's fuckin' rock! Shove as much as you possibly can into that baby

And if your company has matching funds, make sure to put in at least however much they will match.

My 401k from my first company, which they manages themselves, went up just about 20% a year the last five years, even during the shitty market. Fucking geniuses running that thing.

[bridgit]

8. go for it...

hubby has his stuff spread through some u.s. & world fund stocks that are percolating right along :thumbsup: medium risk