401K, How are CWs not doing this?

[Iris Kojiro]

Third, I paid into one, the company closed, the money was rolled into an IRA, and then my drug addicted, abusive ex caused me to nearly empty it.

That's really sad. I can't imagine that kind of trauma on both an emotional and financial level. I hope things end up well for you.

I started putting money into both an IRA and a 401K about five years ago. A couple years after that, I stopped putting money into the IRA since I didn't have much, but kept all the money in it. I still put money into the 401K and have continuously done that. I am hoping that I'll be able to start maxing it in the future. I'm in my early thirties right now but am hoping I didn't start too late.

[CrappyToHelp]

At my work place you need to be 22 to sign up for the workplace pension.

I'm three years too young, but I'm paying into a private one. I don't understand how people can leave it late.

[Jetfire]

I've been at my company 8 years now. I didn't sign up for their RRSP program until 2 years in or so.

Even now, I'm only putting a smallish amount in per pay (75$/pay I think?) since I'm still paying down debt, but at least I am putting in something. They match 50% of what you put in in a separate plan in my name (so you can be safe with your money and gamble with the free money the company's giving you if you want.)

Even with that low input, it is slowly building up. I took a chunk of it out for my Condo 3 years ago, but I've got about 15,000$ built up between the two plans now, and they are slowly increasing.

And the tax break from my deduction helps me keep getting a refund now (not a huge one, but ~100$ lately) on my taxes.

Once my big debt is gone next year, I'm pumping that up to 200$/pay or so and should really see a big change.

[Catwoman2965]

I only have about 6 years of 401k savings, and I'm 55. I wish I had more.

First, I originally worked at companies that didn't offer it.

Second, when a company offered it I wasn't there long enough to qualify (some companies require that you be an employee for a certain amount of time before joining).

Third, I paid into one, the company closed, the money was rolled into an IRA, and then my drug addicted, abusive ex caused me to nearly empty it.

Fourth, I'm paying what I can into it, which isn't a lot, but my company puts in a lot. They used to have a pension plan and the 401k, but when they ended the pension plan they started contributing more to the 401k.

Mine does this as well; we had a "savings plan" aka pension, but they did away with it, but contribute a decent % of our annual salary into our 401K, on top of what employees contribute and they match. I'm actually now just doing calculations to see what the impact will be if i up my contributions. I think I can, and need to do it.

[Gilhelmi]

I've been at my company 8 years now. I didn't sign up for their RRSP program until 2 years in or so.

Even now, I'm only putting a smallish amount in per pay (75$/pay I think?) since I'm still paying down debt, but at least I am putting in something. They match 50% of what you put in in a separate plan in my name (so you can be safe with your money and gamble with the free money the company's giving you if you want.)

Even with that low input, it is slowly building up. I took a chunk of it out for my Condo 3 years ago, but I've got about 15,000$ built up between the two plans now, and they are slowly increasing.

And the tax break from my deduction helps me keep getting a refund now (not a huge one, but ~100$ lately) on my taxes.

Once my big debt is gone next year, I'm pumping that up to 200$/pay or so and should really see a big change.

I think we have different definitions of the word "Low" LOL.

I am putting in $30/pay and upping that to $150 when I get the last of my student/car/SCC (stupid credit card) loan paid off. I was able to combine all 3 together under a secure loan, at 4% interest. I should get it paid of in 6 months.

I am going to throw a debt-free party.

[judecat]

When I left state Employment in 2005, I had 60k in my 401K -- not a huge amount, but it was there. This year, when I become eligible for pay out -- $3,000 was all that was left. So make sure you don't reach retirement age during a down turn in the market.

[Jetfire]

I think we have different definitions of the word "Low" LOL.

I am putting in $30/pay and upping that to $150 when I get the last of my student/car/SCC (stupid credit card) loan paid off. I was able to combine all 3 together under a secure loan, at 4% interest. I should get it paid of in 6 months.

I am going to throw a debt-free party.

*chuckle* I know I'm in a good job and I'm glad for it.

I consolidated all my debts 3 years ago into a big loan, that I'm paying 800$/month on. (It was originally about 35,000$. Now it's below 15,000$ and dropping fast). Beyond that, I have my credit card (1 card that has crept up to 3500$, but I usually knock it down before vacation), and my mortgage... and that is IT. Once the big loan is gone next year, I'll be celebrating.

[Gilhelmi]

When I left state Employment in 2005, I had 60k in my 401K -- not a huge amount, but it was there. This year, when I become eligible for pay out -- $3,000 was all that was left. So make sure you don't reach retirement age during a down turn in the market.

It is a bit late to say this now, but you could have called and told them to pull your money out of the market.

I really like the feature that our new 401k has. They will automatically pull our money at the first sign of a downturn.

But I still have my back up plan of Secure Deposits that I am saving up slowly too.

[Gilhelmi]

*chuckle* I know I'm in a good job and I'm glad for it.

I consolidated all my debts 3 years ago into a big loan, that I'm paying 800$/month on. (It was originally about 35,000$. Now it's below 15,000$ and dropping fast). Beyond that, I have my credit card (1 card that has crept up to 3500$, but I usually knock it down before vacation), and my mortgage... and that is IT. Once the big loan is gone next year, I'll be celebrating.

Dang, mine was at $13,000 at its height, probably $20,000 total (got out of school, then 2 years later needed a car, and one year of "interest only" payments).

[Jetfire]

Yeah, I wasn't saving as much as I should've in my 20's, and splurged a lot, running up 2 credit cards to the max (and buying too much when Music World shut down soon after I got my current job). Add in some movies, and a half year with a job with sporatic pay, (including a car loan I had while I was out there) and things built up even beyond the University bills.

Now, the job and my budget are stable, and the debt's quickly disappearing. I'm still not saving as much as I want to/should be doing, but with 20 months or so left on that loan, I'm just pushing to get that gone, and I'll pump the savings up from there.

[Grendus]

When I left state Employment in 2005, I had 60k in my 401K -- not a huge amount, but it was there. This year, when I become eligible for pay out -- $3,000 was all that was left. So make sure you don't reach retirement age during a down turn in the market.

A 95% drop?! Holy crap, was it in companies that went bust?

It is a bit late to say this now, but you could have called and told them to pull your money out of the market.

Buy high, sell low?