We made it this far,without our 70 cents an hour. now is the time to pump up that 401k plan. You lived without thus far, so why not just put it in to your 401k?? Besides we will be getting another 70 cents an hour,in three months!
retro checks and your 401k.
- Thread starter IVE GOTTA PACKAGE 4U
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bleedinbrown58
That’s Craptacular
I wanted to ask my financial advisor about this. How exactly do I do that...and can I just put a percentage of my retro check in my roth...say 60%?
It would be great If they gave us that option. I havent heard anything about it. Thats what I Do with my personal days(if I have any left) I put Percentage of them in my 401k.
even if that is not an option, now is the time to "up" your percentage on a weekly basis!
Overpaid Union Thug
Well-Known Member
Without my calculator I'm guessing $0.70 is like a 2% raise. So....moving the contribution rate up two percentage points.
bleedinbrown58
That’s Craptacular
Ohh..We don't get that option? That sucks. Yeah i used up my personal days on snow days...otherwise they were going into my 401k. But thanks. And yes, I'm planning to increase my % contribution now that we got the raise.
bleedinbrown58
That’s Craptacular
One more stupid question...lol. Will our % contribution be deducted out of our retro check just like it is out of our paycheck?
Brownslave688
You want a toe? I can get you a toe.
No clue my guess would be no.
Here's an idea for anyone who wants a large percentage of your retro to go into your 401k.
Just hold onto the retro check until your option week of vacation. You can manually change your option week to put up to 100% of your check into the 401k
bleedinbrown58
That’s Craptacular
Option week...meaning our personal days?
Or if you have a ROTH. IRA, you could just add that money to it.
bleedinbrown58
That’s Craptacular
What is an option week (never heard of that)..our 5 personal days?
Yes, some supplements have personal days, others have the option of taking an extra weeks vacation. Or something like that. As for myself I get ,personal days.
Now go put some more money,in your 401k......Right now!
PT Car Washer
Well-Known Member
Our optional week is paid as 25 hours. Regular vacation are paid 20 hours.
bleedinbrown58
That’s Craptacular
Not in my local. I get 3 weeks vacation..which shows up as 65 vacation hrs on my paystub. Two weeks at 20 hours and my 3rd week at 25 hrs. Plus 5 personal and 5 sick days.
I just bumped it up 2% more..thank you for the info, sir
Brownslave688
You want a toe? I can get you a toe.
Yeah here we get 2 optional holidays and an option week of vacation. Basically a week if vacation you can split up or choose to work.
I usually work 4 days out of the week take a 3 day weekend and buy myself something nice.
I usually work 4 days out of the week take a 3 day weekend and buy myself something nice.
Brownslave688
You want a toe? I can get you a toe.
With the wife finally making some money I'm hoping to have mine bumped up to max out in just a few years.
These numbers only work as a full timer but anyone not putting much in your 401k think about this. Say over a 7-8 year period you get $5 in raises over all. Take 46 hours a week as average. If you did nothing more than up your percentage going to your 401k equal to your raise every year. At the end of that time frame you'd go from putting zero dollars into your 401k to putting almost 13k a year into it and bringing home the same size check as before.
These numbers only work as a full timer but anyone not putting much in your 401k think about this. Say over a 7-8 year period you get $5 in raises over all. Take 46 hours a week as average. If you did nothing more than up your percentage going to your 401k equal to your raise every year. At the end of that time frame you'd go from putting zero dollars into your 401k to putting almost 13k a year into it and bringing home the same size check as before.
You can put $17,500 dollars away,In your 401k in 2014 and an additional $5000, if age 50 or older.
Isn't the catch up contribution for old people $5500? $23k is 401k max contribution per year for the 50plus crowd?
Brownslave688
You want a toe? I can get you a toe.
Yeah $17500 is a nice chunk but ups can put a stupid amount into our 401k for us. I would give up my pension for a large match. I know I know. No way it's gonna happen but i am one that would gladly do it.
[quote="purplesky, post: 1315686, member: 23628"isn't the catch up contribution for old people $5500? $23k is 401k max contribution per year for the 50plus crowd?[/quote]
This almost old person, stands corrected!...yes Its. 5500 age 50 or older on the "catch up".....sonny boy...lol
This almost old person, stands corrected!...yes Its. 5500 age 50 or older on the "catch up".....sonny boy...lol
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