401k contribution - Yay or Nay

[Gideon]

Ignore Dave Ramsey here, ALWAYS contributed at least the company match. That’s free money, if you would have put in 6 they would have put in 6 (12% of your income saved pre tax) you’d still be ahead even if the stock market dropped 49%.

Dave Ramsey says contribute up to the employer match.

 

[dparton]

Good ol enrollment came up at my work for everything. Last almost two years of being here I haven’t contributed to my 401k and I wish I would have but was worried about the election at the time of starting this new job and my fears were true that The Big Guy got the job, although a Democrat in that seat is good for oil and gas prices, and that means we are making a lot of money, all I’ve heard from everyone else in my office is that their 401k’s have taken a lot of damage this last year.

Is the time right to contribute if I haven’t been contributing or should I wait. Company matches up to 6%… I somewhat listen to Dave Ramsey on financial advice and he says don’t contribute to retirement until all debt is paid off.. He also says to sell everything and eat rice and beans but I ain’t about that life.

So what say ye, OSA? Should I start contributing to 401k or put that money towards guns and ammo instead and bet on the odds I don’t even reach retirement age.

Yes join. you start with a 6% gain from the company's match, it is pre-tax money and saving for your retirement. It worked for me.

 

[Shoot Summ]

Yes join. you start with a 6% gain from the company's match, it is pre-tax money and saving for your retirement. It worked for me.

It's a 6% match, gain is 100%.

Call the 6% contribution $100, a 6% gain would be $6, the employer is matching the contribution so it is $100, that is a 100% gain.

 

[El Pablo]

I max mine out. You can’t makeup time. My 401k is down this year, but still worth far more than I put into it. Trying to time the markt, not a wise idea. Nor would it be a wise idea to be all in high risk as one gets older.

You should really talk to financial advisors…

Retirement savings should be the first thing out of each check. You flat out can not make up for time.

 

[emapples]

Dave Ramsey says contribute up to the employer match.

I have only listened to him a very few times and it’s been years….. but if he said pay your debt off in full before saving anything for retirement I would Ignore him 100% of the time. Granted I don’t know if he said it but anyone who would say it I would ignore 100% of the time hahaha.

 

[magna19]

Good ol enrollment came up at my work for everything. Last almost two years of being here I haven’t contributed to my 401k and I wish I would have but was worried about the election at the time of starting this new job and my fears were true that The Big Guy got the job, although a Democrat in that seat is good for oil and gas prices, and that means we are making a lot of money, all I’ve heard from everyone else in my office is that their 401k’s have taken a lot of damage this last year.

Is the time right to contribute if I haven’t been contributing or should I wait. Company matches up to 6%… I somewhat listen to Dave Ramsey on financial advice and he says don’t contribute to retirement until all debt is paid off.. He also says to sell everything and eat rice and beans but I ain’t about that life.

So what say ye, OSA? Should I start contributing to 401k or put that money towards guns and ammo instead and bet on the odds I don’t even reach retirement age.

Depends mostly on your age and how long you have before retirement. If you have a long way to retirement I would put at least the 6% plus some if you can. 2/3 of it going to high risk and the other 1/3 safe to moderate risk. If the market goes lower try to increase contribution
etc. to high risk. The lower it goes increase more at the lower rate. If you happen to get a decent run during your retirement and a large return then jump ship and take your earnings to the safest place you can and don't be greedy with leaving it in the high risk. Worked for me

 

[Shoot Summ]

I have only listened to him a very few times and it’s been years….. but if he said pay your debt off in full before saving anything for retirement I would Ignore him 100% of the time. Granted I don’t know if he said it but anyone who would say it I would ignore 100% of the time hahaha.

It is all situational, if you are burdened with high interest debt, then I would focus on paying that off. Most people cannot manage debt well, so the Ramsey method works for them.

I equate Ramsey to diets, works for some, doesn't for others, sometimes you take bits and pieces and make it work for you.

 

[Michael M]

Good ol enrollment came up at my work for everything. Last almost two years of being here I haven’t contributed to my 401k and I wish I would have but was worried about the election at the time of starting this new job and my fears were true that The Big Guy got the job, although a Democrat in that seat is good for oil and gas prices, and that means we are making a lot of money, all I’ve heard from everyone else in my office is that their 401k’s have taken a lot of damage this last year.

Is the time right to contribute if I haven’t been contributing or should I wait. Company matches up to 6%… I somewhat listen to Dave Ramsey on financial advice and he says don’t contribute to retirement until all debt is paid off.. He also says to sell everything and eat rice and beans but I ain’t about that life.

So what say ye, OSA? Should I start contributing to 401k or put that money towards guns and ammo instead and bet on the odds I don’t even reach retirement age.

Agree with those saying to do up to the 6% company match.
There are different options for you to choose.
I currently have mine in one called Stable Options which is mostly bonds and cash but pays around 1%+.
I haven’t lost any money and with me being retired I would rather make a few dollars than lose a lot.
I did this during 2008 and 2015 downturns and as market stabilized, started moving monies back into the stocks offered in my 401k.
Have done quite well doing this.

 

[TANSTAAFL]

I built a spreadsheet with each paycheck, showing my pay and the amount of withholdings. I was able to calculate the exact amount of taxes that I will pay over the year and the amount of 401k withholding to keep me in a lower marginal rate. If my calculations are right, I will get an immaterial
refund and I’m saving the higher marginal tax rate by contributing more to my
401k.

Glad to here "bracket creep" may have benefitted you.

 

[Raido Free America]

I know some folks who don't put in to where the agency matches, to me this is loosing out on potential cash for them to be matching what their employer contributes. Then again, I know a lot of people who don't contribute at all.

I know a lot of people that are spending their golden years working at Wal Mart!!