401K's, retirement savings, oh my!

11/10/2014 10:17:52 PM	401K's, retirement savings, oh my!
dixie_dancer Kansas City, KS 29, joined Feb. 2013	i've had a 401k for a few years that is employer matched (free money!), but now they're changing the company that does the 401k stuff, and there are SOOOO many options, it's exhausting! what i really don't get, is why this stuff wasn't ever mentioned/impressed upon in school. they taught us how to run a sewing machine, made us learn how to bake a cake, balance a checkbook, build a clay pot, and run a mile, but never one mention of something as important as saving for retirement? crazy, i tell ya'. Meet singles at DateHookup.dating, we're 100% free! Join now!
11/11/2014 6:17:54 AM	401K's, retirement savings, oh my!
aladytoo Monroe, WI 61, joined Apr. 2006	I have a son 28,not sure where you went to school,but my son has been doing investments since 16.Had all his credits for hi school,and pre collage,by graduation.Maybe sometime learning starts at home,but carried out further in school,in a study group.As well he attended many meeting on investments,with brokers. Op it's not that hard to invest wise.Half the battle is knowing you should early in life.
11/12/2014 8:46:25 AM	401K's, retirement savings, oh my!
duchessa Yonkers, NY 64, joined Aug. 2008	You are young so it will work great for you; Save (as in direct deposit)a given amount from each paycheck; in no time you will be glad you did.
11/12/2014 8:49:27 AM	401K's, retirement savings, oh my!
sankie1 Irvine, KY 69, joined Dec. 2011	Dixie, you've got one thing on your side at your age and that is "You're thinking ahead". My rule of thumb when I was in the workforce and faced with options I didn't understand was. #1: Never put all your eggs in one basket. Spread it around so if one fails then the other may pull you out. #2: Learn who within your company has done well in their investments and go talk to them. I learned well from the management of my department and he is rich beyond description now. He gave me great advise for the options we had. #3: NEVER, and I repeat Never give an investment firm the power to make your decisions for you and bounce in and out of stocks, bonds, mutual funds, etc. without your written consent. Everytime they make an investment for you they get a percentage for doing so and will bleed off your money like it is nothing. Of course it isn't to them because they make their money regardless of how much they loose for you. #4: Talk to different investment firms, take notes and learn from what they say. BUT, don't go with them because they are in essence like a car salesman, they get the profit from bringing you on board and may not really have your best interest at heart. They don't have to know you are researching so just go along with the game and pretend you are interested, but be cautious before falling for their game. #5: Be sure you look at the charges they implement on mutual funds. There are things like sign up fees, download fees, anual fees, etc. which will eat into your profits and always be sure you can opt out when you want (without penalty) and not into it for a long haul contract. #6: Always insist they give you current info. When I was ready to retire and looking to change my mutual fund retirement this one company gave me a sheet that showed how great their investments had been. Upon further review I noticed they had gone back to the GOOD OLD DAYS of the 1980's and that was the results of growth they were showing me. I balked and called their hand on that. Was told it was the figures they had worked with and noone else had a complaint. Well, it didn't get pretty after that and the salesman called in his big boss. The Boss got kind of nasty about it as if I hadn't the right to question their ethics. I thanked them for their time, pulled together my paperwork, shook hands with them and laughed all the way out the door. Man sort of told me to not let the door hit me in the hindend as I went out. Still laughing. I ended up splitting my retirement into three catagories. One was with a guaranteed account in which I would not loose my principal amount of money, the second was slightly more aggressive, the third was really aggressive. I lucked up and after the first year started rolling over more money into the guaranteed account to secure it. Let some ride in the aggressive funds and just held my breath. It worked for me because if I had lost it wouldn't have been everything. #7: NEVER, NEVER allow someone to make your decisions without your written permission. I've already said that above but please keep this in mind. #8: Have you heard of Dave Ramsey? He has some great radio shows and is the master of saving and investing. He has several books on the market of which you should find at the local library. Reading his material will help you and if you had the chance to do one of his seminars, please do. He is the one with the common sense approach to handling money and that's hard to find in this world. Most want to throw terms at you that only confuse and it's for their benefit, not yours.
11/12/2014 12:20:26 PM	401K's, retirement savings, oh my!
dixie_dancer Kansas City, KS 29, joined Feb. 2013	all great stuff to think about, thanks! how would you suggest approaching #2, asking those i work with who have made good investment options, without sounding, i dunno, greedy? obviously i'm not asking for their money, just having a hard time wrapping my brain around approaching someone to ask for that conversation
11/12/2014 3:02:55 PM	401K's, retirement savings, oh my!
duchessa Yonkers, NY 64, joined Aug. 2008	Quote from dixie_dancer: how would you suggest approaching #2, asking those i work with who have made good investment options, without sounding, i dunno, greedy? And what is wrong with sounding 'greedy"? Is your future
11/12/2014 4:30:00 PM	401K's, retirement savings, oh my!
dixie_dancer Kansas City, KS 29, joined Feb. 2013	I guess from my over analytical mind I don't want to come across is the only reason I'm at work is for money. I truly do love the job I have and career I'm building. To me it means more to progress and work up the chain and make something more of myself, rather than simply making more money. I guess that's what I meant by greedy. I want to show that I am vested in the companies interests, and in my future with the company while still being interested in investing in my own financial future
11/12/2014 4:41:50 PM	401K's, retirement savings, oh my!
duchessa Yonkers, NY 64, joined Aug. 2008	Quote from dixie_dancer: I guess from my over analytical mind I don't want to come across is the only reason I'm at work is for money. I truly do love the job I have and career I'm building. To me it means more to progress and work up the chain and make something more of myself, rather than simply making more money. I guess that's what I meant by greedy. I want to show that I am vested in the companies interests, and in my future with the company while still being interested in investing in my own financial future Everything you said is great...but remember...whenever the guys in charge decide you are not longer useful to them... they won't care about how vested you are in the company.
11/12/2014 8:05:14 PM	401K's, retirement savings, oh my!
pickygirl72 Picher, OK 47, joined Sep. 2011	You're lucky! I got nothing. I am 44. Never had a job with those kind of benefits. I am great with saving money...but don't have enough to save each month.
11/13/2014 5:20:40 AM	401K's, retirement savings, oh my!
duchessa Yonkers, NY 64, joined Aug. 2008	Quote from pickygirl72: You're lucky! I got nothing. I am 44. Never had a job with those kind of benefits. I am great with saving money...but don't have enough to save each month. Not even 10 bucks each week? it may sound worthless but, trust me, it isn't.
11/13/2014 8:13:15 AM	401K's, retirement savings, oh my!
sankie1 Irvine, KY 69, joined Dec. 2011	Quote from dixie_dancer: all great stuff to think about, thanks! how would you suggest approaching #2, asking those i work with who have made good investment options, without sounding, i dunno, greedy? obviously i'm not asking for their money, just having a hard time wrapping my brain around approaching someone to ask for that conversation Dixie, if you ask for someone's advise they cerainly won't take it as your being greedy. Most will think you're valuing their knowledge and feel good about it. Please don't quote your amount when you're asking for advise but be prepared for some to want to know to the exact penny. Now that's greed on their part as well as being nosey. Just approach someone you respect and say "I'm just trying to learn how to do this and thought you may have some good suggestions". Good Luck
11/13/2014 8:16:39 AM	401K's, retirement savings, oh my!
sankie1 Irvine, KY 69, joined Dec. 2011	Quote from pickygirl72: You're lucky! I got nothing. I am 44. Never had a job with those kind of benefits. I am great with saving money...but don't have enough to save each month. Everyone has a different situation but as Duchessa commented, $10 a week can take you far. Trouble is most people can't leave it alone once they get their start. Known people to cash in for the purpose of a new car when there was nothing wrong with the one they had. If most of us will just look at our expenditures for the week we can come up with a few dollars by shaving off the spur of the moment purchases, cutting back on soda's etc.
11/13/2014 10:07:18 AM	401K's, retirement savings, oh my!
dixie_dancer Kansas City, KS 29, joined Feb. 2013	at first, a few years ago, i didn't think i could afford putting into one, but then one of my coworkers asked me about my tax withholdings, i was getting a sizable tax return back, that by re-adjusting my tax withholdings, i was able to start one then, and as you said, $10 over the course of ten, twenty, thirty or more years multiplies exponentially, it's almost too good to be true
11/14/2014 6:33:27 AM	401K's, retirement savings, oh my!
duchessa Yonkers, NY 64, joined Aug. 2008	Quote from dixie_dancer: and as you said, $10 over the course of ten, twenty, thirty or more years multiplies exponentially, it's almost too good to be true Is known as "pay yourself first"....and, yes, it's good.

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