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Started By
Message
401K???????????
Posted on 9/28/09 at 3:09 pm
Posted on 9/28/09 at 3:09 pm
Heres the scenerio:
I am 26 years old have about 35K in my 401K. I am wanting to take about a two year break from contributions. At this time it would be nice to have a little extra income each week. I am currently contributing 9% which is about 450 a month. my question is how much will this hurt me in the long run? I do not want to jeprodize my future for the sake of just having a few extra dollars a month, however with times getting tight a few extra dollars now does not hurt either.
I am 26 years old have about 35K in my 401K. I am wanting to take about a two year break from contributions. At this time it would be nice to have a little extra income each week. I am currently contributing 9% which is about 450 a month. my question is how much will this hurt me in the long run? I do not want to jeprodize my future for the sake of just having a few extra dollars a month, however with times getting tight a few extra dollars now does not hurt either.
3
Posted on 9/28/09 at 3:17 pm to SinksEveryConference
quote:
I am wanting to take about a two year break from contributions.
If your employer provides any matching funds, you should always be contributing at least the minimum required to get all the matching funds that are available. It just doesn't make sense to pass up free money.
Posted on 9/28/09 at 3:20 pm to SinksEveryConference
Bad idea.
Does your company match your contributions? If so, how much?
Does your company match your contributions? If so, how much?
Posted on 9/28/09 at 3:33 pm to SinksEveryConference
First, I would like to congratulate you on your fiscal responsibility thus far. You have saved more than most people your age, but that is no reason to slack off.
What the two previous guys said.
Also unless you really have a need, stopping your contributions is a bad idea. That extra money is like an addiction and once you get it, you will never want to give it up.
At your age, there's probably no reason to stop contributing. Save those years off for when you have a sick kid, or need to pay for their college. I am sure you don't want to be working until you are 70 because you didn't save enough for retirement. Especially if it was just to have some extra money to blow in your 20's.
You will probably never have an easier time saving money than you do now, so seize the opportunity.
What the two previous guys said.
Also unless you really have a need, stopping your contributions is a bad idea. That extra money is like an addiction and once you get it, you will never want to give it up.
At your age, there's probably no reason to stop contributing. Save those years off for when you have a sick kid, or need to pay for their college. I am sure you don't want to be working until you are 70 because you didn't save enough for retirement. Especially if it was just to have some extra money to blow in your 20's.
You will probably never have an easier time saving money than you do now, so seize the opportunity.
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