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<blockquote data-quote="brett636" data-source="post: 217308" data-attributes="member: 249"><p>An IRA may have more investment options, but you can only contribute $3k/yr. unless your over age 50 and then you can contribute $4k/yr. With a 401k the max you can contribute is probably more than you will make as a parttimer in your first year. I know some of these people are saying wait and see if you want to work at UPS before you start your 401k and I couldn't disagree more. The earlier you start saving the better off you will be. Remember that compounding interest is your friend, and even if you don't stay with UPS your 401k can be moved over to an IRA or a future employer's 401k later on. Just remember that with UPS's 401k if you have less than $3500 in it and you quit you have 30 days to move it somewhere before they close the account and send you the money. That is something you don't want to happen because you will owe taxes on that money plus a 10% penalty to the IRS. Make sure you rollover whatever you have into a different plan within that time frame. IF you have over $3500 in it you can let it sit until you decide to roll it over to another plan or just levae it there till retirement. Just remember to start as early in life as you can!</p></blockquote><p></p>
[QUOTE="brett636, post: 217308, member: 249"] An IRA may have more investment options, but you can only contribute $3k/yr. unless your over age 50 and then you can contribute $4k/yr. With a 401k the max you can contribute is probably more than you will make as a parttimer in your first year. I know some of these people are saying wait and see if you want to work at UPS before you start your 401k and I couldn't disagree more. The earlier you start saving the better off you will be. Remember that compounding interest is your friend, and even if you don't stay with UPS your 401k can be moved over to an IRA or a future employer's 401k later on. Just remember that with UPS's 401k if you have less than $3500 in it and you quit you have 30 days to move it somewhere before they close the account and send you the money. That is something you don't want to happen because you will owe taxes on that money plus a 10% penalty to the IRS. Make sure you rollover whatever you have into a different plan within that time frame. IF you have over $3500 in it you can let it sit until you decide to roll it over to another plan or just levae it there till retirement. Just remember to start as early in life as you can! [/QUOTE]
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