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re: 401(k) discrimination testing
Posted on 3/16/15 at 9:54 am to Will Cover
Posted on 3/16/15 at 9:54 am to Will Cover
I don't know how much you are contributing, but considering you got back 10K after taxes, and considering what the contribution limits are... my guess is your company failed testing by a wide margin.
I would definitely 401K to the match, then Roth, and see where that gets you. If you have other buckets like a HSA you can use, fill that up. Then go back to the 401K.
As someone who volunteers with personal finance classes, I'm saddened that so few of your employees are taking advantage. Do they just not have any extra money to invest, or are they just not knowledgeable?
I would definitely 401K to the match, then Roth, and see where that gets you. If you have other buckets like a HSA you can use, fill that up. Then go back to the 401K.
As someone who volunteers with personal finance classes, I'm saddened that so few of your employees are taking advantage. Do they just not have any extra money to invest, or are they just not knowledgeable?
3
Posted on 3/16/15 at 10:39 am to LSUFanHouston
quote:
Do they just not have any extra money to invest, or are they just not knowledgeable?
i think it is both. The company i work for had a company wide dinner meeting to explain the new 401k changes after switching investment companies.
The owner said that participation was lower then he wanted in the field, so he gave everyone in the field a 6% raise. Our company matches up to 6%, so he was basically telling them to start contributing, he would match the 6% they put in, and they would see no change in their take home pay.
Still not many wanted to contribute....
Posted on 3/16/15 at 12:04 pm to LSUFanHouston
Most people don't think of Ron White as a financial guru. However, he said it best "you can't fix stupid".
Posted on 3/16/15 at 2:04 pm to LSUFanHouston
quote:
As someone who volunteers with personal finance classes, I'm saddened that so few of your employees are taking advantage. Do they just not have any extra money to invest, or are they just not knowledgeable?
Most of my company, i.e. field workers make a low hourly wage and these people represent the majority of our work force.
This post was edited on 3/16/15 at 7:06 pm
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