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CQQ
New Orleans Saints Fan
Member since Feb 2006
13977 posts

New Job, 1st 401K..Questions

Company matches $1 for $1 to 6%. Did I make my selections correctly? I want to do a Roth 401K, right?


Contributions
BEFORE TAX SAVINGS 0% 0%
ROTH BASIC 6% 6%
Pre-tax and Roth Subtotal 6% 6%

NEW START AFTER TAX 0% 0%
After-tax Subtotal 0% 0%

Contribution Amount Total 6% 6%








Chris4x4gill2
Alabama Fan
North Alabama
Member since Nov 2008
2265 posts

re: New Job, 1st 401K..Questions
do you have the option of both a standard 401K and a Roth 401K?


CQQ
New Orleans Saints Fan
Member since Feb 2006
13977 posts

re: New Job, 1st 401K..Questions
This is what I can see.

Contribution Amount


BEFORE TAX SAVINGS
Current Election 0 %
Desired Election %
(2% to 25% in increments of 1%)




ROTH BASIC
Current Election 6 %
Desired Election %
(2% to 25% in increments of 1%)

Pre-tax and Roth Subtotal
Current Election 6 %
Desired Election %


NEW START AFTER TAX
Current Election 0 %
Desired Election %
(1% to 25% in increments of 1%)

After-tax Subtotal
Current Election 0 %
Desired Election %


Contribution Amount Total
Current Election 6 %
Desired Election %
(2% to 25%)





Your changes will generally take effect in 1 to 2 pay periods depending upon when your employer makes your requested payroll change.




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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41847 posts

re: New Job, 1st 401K..Questions
What is your salary?

(It matters for Roth consideration)

Odds are if it is your first 401k offering position, you want a Roth, exclusively
This post was edited on 2/11 at 9:47 am


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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41847 posts

re: New Job, 1st 401K..Questions
quote:

do you have the option of both a standard 401K and a Roth 401K?



Why would you want this?

The employer contributions into the Roth 401k is pretax like a standard 401k

So you get both in one within a Roth.


CQQ
New Orleans Saints Fan
Member since Feb 2006
13977 posts

re: New Job, 1st 401K..Questions
quote:

Volvagia


So you're saying I have it right? Starting salary is $45000 with a 2-4% raise and 2-4% bonus yearly, depending on how the company performs.


Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41847 posts

re: New Job, 1st 401K..Questions
Im saying its rather complex and highly individualized.

If you think that you will be paying a higher tax rate in retirement than you are paying now, then the Roth 401k is a godsend.

It is good for diversifying your tax exposure though either way.

Remember, you are paying 25% on the money you are contributing to the Roth, vs being able to deduct that money by contributing to the traditional 401k.

I am personally a big fan of Roths...but that is me.


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