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In response to "this is annoying." by znufrii

Be sure to reduce your contributions to 4% from 6% -- nm

Posted by oblique (aka kkuphal) Dec 7 '09, 14:20

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Responses:

why, at 6% he is still socking away 10%, which is advisable. - groiny Dec 7, 14:25 27
- The money that you put into a 401(k) is never the money you get out. I'm kind of starting to hate the whole concept. -- nm - con_carne Dec 7, 14:32 3
  - [deleted] 2
    - Groiny stated a good rule of thumb for saving your money, something that's not the same as 401(k)s. - con_carne Dec 7, 14:38 1
      - so tell, me, what *actually* happens to my money in a 401(k). - znufrii Dec 7, 14:39
- The advice I always hear is to contribute up to the match. -- nm - loosilu Dec 7, 14:30 7
  - sure, but I also hear that 10% is the magic number for retirement savings.... - groiny Dec 7, 14:35 6
    - that's the ideal, sure. but from a personal liquidity standpoint, it's more efficient for me to use the funds elsewhere in the short-term. - znufrii Dec 7, 14:36 2
      - I agree you need to address the CC debt. what's the rate on your student loans? -- nm - loosilu Dec 7, 14:38
      - to each his own.. nm -- nm - groiny Dec 7, 14:37
    - well, if he has credit card debt it makes sense to attack that. -- nm - loosilu Dec 7, 14:36 2
      - if he has credit card debt, I would not be stashing any $ until it is gone. nm -- nm - groiny Dec 7, 14:36 1
        
        but for the company match, I wouldn't be. -- nm - znufrii Dec 7, 14:37
- to answer your IM: better to pay off my outstanding debt, credit cards, student loans, etc. -- nm - znufrii Dec 7, 14:26 3
  - agreed. -- nm - loosilu Dec 7, 14:31
  - and then short-term savings. -- nm - znufrii Dec 7, 14:27 1
    - and, of course, booze. -- nm - znufrii Dec 7, 14:27
- I'd much rather put that 2% somewhere that I control the rules about how I access it rather than the government -- nm - oblique Dec 7, 14:26 10
  - are 401(k)s not tax-deductable? -- nm - Reagen Dec 7, 14:29 4
    - there are complicated rules about withdrawing money from it. -- nm - loosilu Dec 7, 14:31
    - [deleted] 2
      - and the corrallary to this is that I don't care to make bets on what my taxes are going to look like 30 years from now when I don't have to - oblique Dec 7, 14:31 1
        
        iirc, my employer will match on both a Traditional or Roth 401(k) - znufrii Dec 7, 14:35
  - you are already putting 8% away, might as well make it the full 10% - groiny Dec 7, 14:29 3
    - It's the same for 529 or any other government sponsored program. The rules can change on you and I don't care to have my money locked into someone's - oblique Dec 7, 14:30 2
      - the only reason to prefer a 401(k) is to the extent your employer matches your contributions. - znufrii Dec 7, 14:32 1
        
        exactly -- nm - oblique Dec 7, 14:32
  - actually, it just about makes up for the increase in health insurance premiums I'm looking at for next year. -- nm - znufrii Dec 7, 14:28
yup. -- nm - znufrii Dec 7, 14:20

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Be sure to reduce your contributions to 4% from 6% -- nm

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