Current Events > So I thought my job was matching my 401k but they aren't wat do

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Balrog0 04/03/20 9:42:18 AM #1:	They do a one-time yearly contribution equal to 6% of my salary whether or not I contribute. So it's literally free money. Should I keep contributing any way or is there a better way to use that money given that I don't need it for my employer to contribute? Yes I feel p dumb --- But to you who are listening I say: Love your enemies, do good to those who hate you, bless those who curse you, pray for those who mistreat you. <cite>Balrog0 posted [p:936701640] in So I thoug... [t:78537261]...</cite> <quote>They do a one-time yearly contribution equal to 6% of my salary whether or not I contribute. So it's literally free money. Should I keep contributing any way or is there a better way to use that money given that I don't need it for my employer to contribute? Yes I feel p dumb </quote> ... Copied to Clipboard!
Squall28 04/03/20 9:49:36 AM #2:	If you aren't already filling up the max on a Roth IRA do that. I would say keep contributing though because it deducts from your taxes, and you still need to be saving for retirement. --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:936701885] in So I thoug... [t:78537261]...</cite> <quote>If you aren't already filling up the max on a Roth IRA do that. I would say keep contributing though because it deducts from your taxes, and you still need to be saving for retirement. </quote> ... Copied to Clipboard!
HydraSlayer82 04/03/20 9:53:31 AM #3:	Id be throwing another 9% of my own money on top of it TBH. --- Sigless user <cite>HydraSlayer82 posted [p:936702023] in So I thoug... [t:78537261]...</cite> <quote>Id be throwing another 9% of my own money on top of it TBH. </quote> ... Copied to Clipboard!
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deupd_u 04/03/20 9:57:44 AM #5:	I don't know what your options look like, but the funds available for 401ks are typically very poor performers. They are designed to sell to dumb money. I ran the numbers on all my 401k options, and the best one had a 99.8% correlation to the S&P500, and their downside volatility did not account for the subpar upside. There's no reason to go through the hassle and massive withdrawal penalties when you could now easily open a RobinHood account for free, and do whatever you want with your money. --- Snipers don't shoot at paper, they shoot watermelons. https://imgur.com/jo511lG <cite>deupd_u posted [p:936702183] in So I thoug... [t:78537261]...</cite> <quote>I don't know what your options look like, but the funds available for 401ks are typically very poor performers. They are designed to sell to dumb money. I ran the numbers on all my 401k options, and the best one had a 99.8% correlation to the S&P500, and their downside volatility did not account for the subpar upside. There's no reason to go through the hassle and massive withdrawal penalties when you could now easily open a RobinHood account for free, and do whatever you want with your money. </quote> ... Copied to Clipboard!
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