i need 401k help!! I know nothing about them and I have a new one and dont know what Im doing with it.?
350599
Suzanne,\n\nLets take it from the basics. As you have already been told by many. The 401k varies per company policy. But most companies match 4% of the money you invest. So at minimum you want to invest the same percentage of your salary the company matches. Reason being the company will be matching 100% of your investment. \nNow the 401k will consist of different funds such as stock, mutual, commodoties, fixed income, etc ... You upon enrollment will have to decide how you want to allocate your 4%(persay) of your salary amongst each fund. So lets say you invest 4% = 200$(of your salary), you would have to allocate 100% of the 200$ plus the company match into the funds. For example 10% fundA, 10% fundb, 80% fundc. \nPrior to investing in any fund do some research, each 401k plan will have history relating to each funds performance since it was created. Look for the best performers and choose wisely. Wisely meaning how aggressive or passive you want to invest. Each method involving Risk, Risk meaning your can earn alot and lose alot in short or long periods of time invested.\nYour 401k plan will have historical investments plans already in place for you to follow if it fits your lifestyle.\nLifestyle, now this is the most important detail for you to think about. As you know from what we talked about you can invest the minimum or the maximum. Maximum being I think 15% or 13,000$ per year of salary. (Inquire, I am just taking a guess here)But anyways, depending on how much your salary is a year your investment can change your lifestyle tremendously. But by matching the minimum your making 100% of your investment with company match. Anything more than that and your saving without company match, but making more  on your investment than if you would put that money into a savings bank account for the long term. \nWith that in mind I would suggest you and your family if any sit down with a financial planner to give you other options on how to save your excess money (if you have more to invest over the company match) amongst other options such as IRAs, CDs, etc... This taking into account after you have agreed upon what kind of lifestyle you want to live.   \nThe final outlook is this ... Your company is giving you free money for savings in the future. FREE MONEY. Nothing beats that unless you win the lottery.\nGood luck...
1123740
Do you mean a 401K plan?  If so, you can only get from your current company - speak to HR.
129902
As the other answerer mentioned, there are two\nsituations:\n\n  1) \n     You rolled the 401k over from a previous employer's\n     plan into either your new employer's plan or\n     into a private 401k account (ie. at Fidelity or\n     Ameriprise or something like that).\n\n     In that case, it is not considered a withdrawal\n     and there are no taxes involved.\n\n     As I recall, you have something like 60 days\n     from when you remove it from one plan before\n     it must be placed into another.  Keep your \n     records in case the IRS checks up on you :-)\n\n  2) \n     If you withdrew the money and just kept it in\n     a bank account, you not only have to pay taxes\n     on it, but you'll probably have to pay a \n     penalty as well.
916337
Macy's San Diego is controlled by Macy's West, a subsidiary of Federated.  Macy's West is in San Francisco.  Call the human resources line: 415-954-6671 and let them know that you are trying to roll over your 401k into an IRA. More likely than not, your 401k is being managed by a third-party like Franklin Resources, Fidelity or one of the other thousands of fund administrators.  They'll probably try and point you in that direction.  However, before you hang up with Macy's, make sure you have all your information that you need to access your 401k account.  \n\nFor example, you'll probably need your employee number, what dates you worked for Macy's and even what address you lived at when you lived there.  Basically, this information is required because you are going to need to validate your identity to the 401k administrator.  You should have also been given a 401k pin and website... that will make life much easier, but it sounds like you lost that. \n\nI just went through this process.  It took a few times calling back and forth, but it wasn't a big deal.  Just keep your calm and it should be over pretty quickly.  Also, you should probably roll over to an IRA - not your 401k - since you have a huge amount more options. I recommend Vanguard (www.vanguard.com).
750454
Unfortunately they rushed to distribute the 401K to your friend. They 20% for the federal tax is withholding required because the check was sent to your friend. You friend will have to report the full amount of the 401K on his 2006 tax return. the withholding will be shown on his return just like withholding from a salary. \nYour friend will receive a 1099R in January reporting this distribution in his social security number.This form has a box labeled distribution code. The code should be the number 4 which is a distribution made because of death. This code keeps your Friend from having to pay the 10% early withdrawal penalty. If the code is wrong your friend will need to contact the company to have the code corrected.
816615
I would not stop funding the 401K all together but you could split the difference, make sure you are catching everything that your employer will match (no need to throw away free money) if you were  investing more then that cut it back and use the extra to pay your bills off faster but commit to this and follow though. this is going to be tough, Good luck!!
733043
18% in one year? That's really good.\n\nKeep in mind we're talking just one year, and we haven't begun to factor in losses from time to time cutting into that rate of return. \n\nOver a long period of time your rate of return for the typical balanced fund should settle around the historical 6-8% return. \n\nConsidering it's the end of the year and about time to think about taxes, now would be a good time to evaluate your portfolio and figure out a good way to lock in some of those gains in your retirement portfolio, which includes your 401k.\n\nI would rebalance my portfolio so that some of my gains are transferred over into underperforming parts of my account, as well as consider whether those underperformers still provide balance in your overall investment strategy. Just because some portion lost money doesn't mean that, one day, they won't provide support when those high-flyers take a hit.\n\nI'm no professional, so my experience is all personal. But I can at least say I pay enough attention to my investments w/o being obcessed by it. And they've been doing pretty nicely, even through the rough spots a few years ago.
43751
first know exactly what the funds go for and tell them when you call/contact them, also give them suggestions of what they may contribute, tell them how successiful it was in past years. Hope this helps
565494
I'm so sorry about your loss.  I've been there and I know it's tough.  Talk to the funeral home and see if they have payment options.  I would advise against taking money out of you company's retirement plan - 401(k).  The penalties (10%) and taxes (15-28%) make it unprofitable.  Plus you lose all the interest/time the money would be working for you.\n\nCheck with your bank.  If you're a good customer, they may make you a personal loan.
137060
It depends on the investments available in your 401(k). If it's not an investment you would otherwise consider, I would look for something else.
955222
Way too complicated for an answer here, me thinks.  Spend the cash for a good CPA or Comptroller.
436743
You should invest your life savings. Truly, you should. Just send it to me and I will handle that for you.
57714
This is just my opinion :)...\n\n401K reasonable. Couple of things may happen...where the company contribution goes and where your contribution goes. Also, generally takes 3 to 5 years to be fully vested so you "get" the entire company contribution. If you go this way, take advantage of the maximum employer contribution. It's free money!\n\nROTH IRA  Taxed before you put it in so you aren't taxed when you take it out (Traditional IRA's are the exact opposite). Suggest you contact a broker, start a monthly contribution to a ROTH in a solid mutual fund. A good broker will sit with you and discuss your risk tolerance.\n\nIf you can afford to do a 401 and an IRA, do both.\n\nRegardless of what plan you choose, get started now and make monthly contributions.
409788
No one can answer that question unless they know how old you are now and how old you will be when you retire. Also,one would have to know what kind of investments you chose for your 401K...\n\nAlso, whatever brokerage house you use for your 401K, usually have a free service to assist people with questions like this. \n\nAs soon as I retired (at 57) I rolled over my 401K from Chase(where it was performing dismally and being eaten away with hidden fees) to Fidelity, where it has continued to grow and without all the sneaky fees.And now at 62, I haven t had to touch the principal..just the interest..and I am making more now than when I worked!!\nProduct connected investment counselors should be avoided. I work with a person who takes a percentage of what I make! So, the better I do, the better he does. Its in his best interest to make me more money..
256128
Start by asking your bank what you can do to save $ for the long run. Maybe a IRA plan? Do you have a full time JOB...if so, ask your employer if they have a 401K plan or anything similar. Stocks too me is just like gambling your money. But whatever suits you
1009597
Roger and Jean gave the basics.  Go to your HR department and ask specific questions.  If that doesn't help, call Fidelity or T. Rowe Price or Strong Funds.  They explain everything in very easy terms.
369277
If the company is still in existence you should be able to call them and request a transfer to a new account (you will need to set a new account up).  Or you get a full distribution, but I don't recommend that, the Federal Withholding Taxes will eat up your money!  Also, if you have a statement from the bank or company that manages the Pension Plan, you may be able to skip contacting your previous employer and just send a transfer request to them.  When you open a new IRA (at the place of your choice, their are many on line places) they should have a form that can be sent to have your old Pension rolled over.  Let me know if you have any additional questions.