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What to do about a horrible 401k
Posted on 7/15/17 at 5:34 pm
Posted on 7/15/17 at 5:34 pm
My plan is horrible. Our company is super cheap and all fees get passed down to us. On top of that we don't get a match. That being said I'm happy as hell with the money and hours I work.
We already max my wife's plan which is great with a great match. And we already max two roths. What can I do to substitute for not contributing to our 401k. It's that bad. Even the index funds offered have fees in excess of 1.35%
We already max my wife's plan which is great with a great match. And we already max two roths. What can I do to substitute for not contributing to our 401k. It's that bad. Even the index funds offered have fees in excess of 1.35%
9
Posted on 7/15/17 at 5:36 pm to Skeezer
Switch jobs 
Posted on 7/15/17 at 6:04 pm to Skeezer
That is garbage. Switch jobs or take the money and invest it yourself. Do you have an HSA and HSA Dependent Care option at work? Max those out to move more money out of your gross income
Posted on 7/15/17 at 6:16 pm to Skeezer
I read in WSJ this week about suing your employer for oppressive 401K fees and plans.
Google a 401K lawyer and get the last laugh on your employer.
Google a 401K lawyer and get the last laugh on your employer.
Posted on 7/15/17 at 6:19 pm to Skeezer
My old job had crappy fees and no match. I think the best return I ever saw was 6.5%. I switched jobs and now have a 7% match and 10% profit share. My return is about 13% right now.
Posted on 7/15/17 at 8:19 pm to Skeezer
Max IRAs then start a taxable account with tax efficient index funds
Posted on 7/15/17 at 8:57 pm to Skeezer
How big is your company? Do you have access to an HR rep (in a larger company) or the boss (smaller company) so that you can inquire as to whether it would be possible to switch the 401k to a different provider?
It's not like they are making any money off it, so there's no reason for them to go with someone with super low fees.
It's not like they are making any money off it, so there's no reason for them to go with someone with super low fees.
Posted on 7/15/17 at 10:56 pm to Skeezer
Jesus these are some horrible responses. Even at 1.35%, the tax savings on a 401k are way better then investing in taxable accounts. Since you're already maxing out your other tax advantaged accounts I would say to just continue contributing to your 401k. It's obviously not worth quitting your job as others are suggesting.
Posted on 7/16/17 at 8:58 pm to Skeezer
One of the issues I have with our tax system in the US is how we handle health insurance.
If you are an employee and have coverage through your employer, 100 percent of your premium cost comes out pre-tax.
If you own your own business or are a partner in a partnership, you still get an OK deal - as long as you have self-employment income, you can take a front of page tax deduction. It doesn't reduce your S/E tax, so it's not as good as not having to pay payroll tax, but it's ok.
If you don't get your insurance through work, the best you can do is take your premium as a medical itemized deduction, which is very hard to do.
Same with retirement.
If you work for a company with a 401K plan, you can put away much more than if you work for a company that doesn't offer one, and you have to do an IRA.
That's why a terrible 401K is still better than no 401K. It's insane.
If you are an employee and have coverage through your employer, 100 percent of your premium cost comes out pre-tax.
If you own your own business or are a partner in a partnership, you still get an OK deal - as long as you have self-employment income, you can take a front of page tax deduction. It doesn't reduce your S/E tax, so it's not as good as not having to pay payroll tax, but it's ok.
If you don't get your insurance through work, the best you can do is take your premium as a medical itemized deduction, which is very hard to do.
Same with retirement.
If you work for a company with a 401K plan, you can put away much more than if you work for a company that doesn't offer one, and you have to do an IRA.
That's why a terrible 401K is still better than no 401K. It's insane.
Posted on 7/17/17 at 10:39 am to Skeezer
I'm in your position as well. In fact, my employer just shared some great news with us last week. They are going to start matching! $0.10 per $1.00 for the first $10.00. So pitiful. 
Anyway, I contribute to the 401k to lower my tax burden. Also, max Roth and put a significant amount in a taxable account.
Anyway, I contribute to the 401k to lower my tax burden. Also, max Roth and put a significant amount in a taxable account. 
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