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If you're at least 25 years old, do you contribute to a 401(k), 403(b), or IRA?

Discussion in 'BBS Hangout' started by ClutchCityReturns, Jul 21, 2008.

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Do you contribute to a 401(k), 403(b), or IRA?

  1. Yes

    101 vote(s)
    80.8%

  2. No

    24 vote(s)
    19.2%
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  1. ClutchCityReturns

    ClutchCityReturns Member

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    Simple question. Just curious to see the results.

    I chose 25 because it's a good post-college, "just starting my career" type age.
     
    #1 ClutchCityReturns, Jul 21, 2008
  2. droxford

    droxford Member

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    YES!!

    I strongly advise... if you have the opportunity to participate in a 401k, that you contribute the maximum possible to it.
     
    #2 droxford, Jul 21, 2008
  3. Davidoff

    Davidoff Member

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    I pay my social security every check, I'll be fine..
     
    #3 Davidoff, Jul 21, 2008
  4. Nuclear Yak

    Nuclear Yak Member

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    I'm 19, so I guess I don't technically qualify for this question, but I'm probably going to put 1800-2000 dollars away this year.
     
    #4 Nuclear Yak, Jul 21, 2008
  5. Blake

    Blake Member

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    Yeah, it's pointless to put money away. Social Security will fund my lavish retirement in 34 years
     
    #5 Blake, Jul 21, 2008
  6. ClutchCityReturns

    ClutchCityReturns Member

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    #6 ClutchCityReturns, Jul 21, 2008
  7. Lil Pun

    Lil Pun Member

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    I hope that is a joke. Social Security, if you even have it when you retire, is not meant to replace income or savings but to supplement it.
     
    #7 Lil Pun, Jul 21, 2008
  8. LegendZ3

    LegendZ3 Member

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    My company give me dollar to dollar match up to 6 percent, I think i would be stupid not to contribute at least 6 percent. It's free money right?
     
    #8 LegendZ3, Jul 21, 2008
  9. Lil Pun

    Lil Pun Member

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    I contribute 6%. That is the lowest I can contribute and still have my employer match with 10%.
     
    #9 Lil Pun, Jul 21, 2008
  10. Bandwagoner

    Bandwagoner Member

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    Roth IRA since I was 18 and 401(k) now that I have a job.
     
    #10 Bandwagoner, Jul 21, 2008
  11. rhadamanthus

    rhadamanthus Member

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    Absolutely. 401k as much as I can afford.

    And I have a Roth. I max the Roth.
     
    #11 rhadamanthus, Jul 21, 2008
  12. Davidoff

    Davidoff Member

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    Sarcasm meters seem to be broken in this thread.. :p
     
    #12 Davidoff, Jul 21, 2008
    Last edited: Jul 21, 2008
  13. yobod

    yobod Member

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    Surely you jest. I hope for your sake anyways.

    And yes, IRA all the way.
     
    #13 yobod, Jul 21, 2008
  14. leroy

    leroy Member
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    I just recently rolled my 401 from a previous job to an IRA. I haven't done anything with it yet. I know I'm way behind where I should be. I don't have anything with my current job, but hopefully will by this time next year.
     
    #14 leroy, Jul 21, 2008
  15. Lil Pun

    Lil Pun Member

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    I still don't get IRA, Roth, etc. Can somebody explain?
     
    #15 Lil Pun, Jul 21, 2008
  16. mlwoo

    mlwoo Contributing Member

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    If anyone works for or owns a company that does not have a 401k that needs to set one up, that is something we do where I work.

    Email me through the board with any interest.

    You might even get to meet me in person!!!!
     
    #16 mlwoo, Jul 21, 2008
  17. rhadamanthus

    rhadamanthus Member

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    Wikipedia for the win

    Basically, the different types have different tax rules.
     
    #17 rhadamanthus, Jul 21, 2008
  18. TexasFight

    TexasFight Member

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    i haven't worked for a company with a matching 401k since 2001.

    If a company doesn't match - i don't even bother with a 401K - hence I don't have one now.

    can someone explain to me if my reasoning is faulty - and why?
     
    #18 TexasFight, Jul 21, 2008
  19. Lil Pun

    Lil Pun Member

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    That's it? The money is still invested in an IRA, right?
     
    #19 Lil Pun, Jul 21, 2008
  20. txppratt

    txppratt Member

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    absolutely. i'm 29 and i've been doing it for about 3 years.

    stay agressive... this storm will be over in a few years.
     
    #20 txppratt, Jul 21, 2008
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