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SVTPerformance's Chain of Restaurants
Road Side Pub
Any advice for 401k?
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<blockquote data-quote="Gr8fulmtnbiker" data-source="post: 15960313" data-attributes="member: 163992"><p>agreed you should up your payroll contributions- don't just do the bare minimums to get the match...do as much as you COMFORTABLY can. </p><p></p><p>if you think Roth is a good idea for you, check to see if your 401k plan allows for Roth deferrals and then you can contribute those to the plan as well. among other IRA limitations, i believe IRA's are dependent on income levels and you can only contribute a limited amount when compared to inside a 401k plan? (for example, in a 401k if you are under age 50 the limit for 2018 is $18,500 that can be deferred from payroll either pre-tax or Roth or some combination of the 2, but not in excess of the limit...if you are 50 or older then you can contribute an additional $6K catch up). and you maybe cannot withdraw Roth monies at any time- they are subject to the plan's withdrawal rules so check those in case you ever need to take money out.</p></blockquote><p></p>
[QUOTE="Gr8fulmtnbiker, post: 15960313, member: 163992"] agreed you should up your payroll contributions- don't just do the bare minimums to get the match...do as much as you COMFORTABLY can. if you think Roth is a good idea for you, check to see if your 401k plan allows for Roth deferrals and then you can contribute those to the plan as well. among other IRA limitations, i believe IRA's are dependent on income levels and you can only contribute a limited amount when compared to inside a 401k plan? (for example, in a 401k if you are under age 50 the limit for 2018 is $18,500 that can be deferred from payroll either pre-tax or Roth or some combination of the 2, but not in excess of the limit...if you are 50 or older then you can contribute an additional $6K catch up). and you maybe cannot withdraw Roth monies at any time- they are subject to the plan's withdrawal rules so check those in case you ever need to take money out. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Any advice for 401k?
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