Ironeagle here is my # 856-982-5448 or send me a mail. I would appreciate any info . I was able to do the same when i was pushing a handtruck . I am grateful for your reply.

 

dads check your pm

 

Ironeagle you got mail at home.

 

I have to just add my 02 on roth or 401(k) or 403(b) since I was in banking for 5 yrs before I got with Maverick. First off yes you are very correct about paying taxes on the front and not the back, but in the long run you will not catch up on cost to inflation in the long run. How much did a gallon of gas cost 10 yrs ago? How about that gallon of milk? three things about 401(k), usually, usually there is a company match involved which will offset most of the capiital gains tax you incure, and 2 you will be able to decide out of the funds the co. has available which one works for you and stand to make more money with the money you are investing, and 3 is the fact you will make more money than with a roth.
I like to diversify anyway and roth is not a bad way to go along with a cd or 2. But the money is in mutual funds and stock which is where 401 is in line with.
The choice is up to the individual and I highly recommend you talk to a financial advisor and talk about your specific goals and that will get you a foundation of where to start.

Another thing, I am a HUGE supporter of Dave Ramsey (if you have heard of him) I live by his rule of wealth building and it really works, I digress. Anyway, on his website he has a list of ELP (endorsed local providers) which are financial, real estate, etc providers that he endorses in your local area. Or call his show on xm 165 I think from 2 to 5 pm and ask dave himself what he recommends. (Hes on serius as well)

I would at least contribute to 401 up to the co. match. Hey its free money, and do whatever with the rest. BOL to you

 

Steveb28 yesterday i found this book in in the library by this dude ED SLOTT about retirement planning. He did reiterate some of the points raised on this thread. Also he indicated that after 2008 rolling over a 401k into a roth would not be penalized . However that is a very legit point you raised about the inflation and taxes over the long run. I will be speaking to my cpa soon about it. This thread has proven to be very
educational for me . Thank you all! :roll:

 

Ill just add this, Its a little more personal than I get but youll get the point. In 5 yrs with the bank, they matched 100% up to the first 6% of money put into 401. I put it in international stock and growth and mid cap gowth mutual funds. I finished that 5 yrs with 9,255 which I dont see anyway I could have done that without 401k. I put in 6% the whole time so between co match and interest I put in way less than half that amount.
I hope you get a cpa or advisor that wants to help because most are commission driven and they will want to put your money where they get the best commission, so just be careful.

 

OK, ummmm......it's probably too late now, since it is thursday and you are probably in Minesota by now but, and i'm addressing you and steve 28 at this point but,

I just found out that Western Freightways has just been bought out by New century (in december actually, but that's close enough).

So, first off all for you they are called WEstern Freightways----which i would bet 2 weeks pay-----THEY RUN WEST?!?!.

Secondly, since they are now part of New Century they have their 401K program which you were also very concerned about.

Which is, i think:
25% company match on the first 6% contributed by the employee.

Now does this mean that:
The federal limit for maximum contribution to a 401K plan by an employee (that's you and me) for this year is $15,500.


So does their plan mean they will take the first $930 you contribute (6% of $15,500 is $930) and match it by 25%? Which is $232.50? (25% of $930 is $232.50)

Help me out.

 

That's correct

 

As stated be for 401k you can contribute up to $15500.00 per year. If you are over 50 you can contribute $5000 more a year for a catch up. With Roth IRA you can contribute $4000 per year ($5000 if over 50).

 

OK i am back . i took the job with Trail wood. I signed up for the 401k . the sales person was pushing diversification but i choose to invest in the only fund that the actual owners managed it . i followed the Yale policy of only investing in funds where the managers are the owners. However i stuck with regular 401k as i believe it is a better bet than Roth IRA. This is due to double taxation upfront IE : taxes and fees. Secondly, if i lose money then the IRS also loses. I firmly believe there should one day be a financial section on this great board. Yes and while i am at it there should also be a Backing and a Shifting section as well but that is another thread. :!: