Im able to start a 401k, and my employer doesnt match.. right now its been set at 3%, but I don't know what I should set it at. Whats yours?

Also, when I leave this job, how do I take it with me?

Educate meh plz o:

(search sucks)

 

Most will agree that 10% is best. Taking it with you requires paperwork.

 

Well hows that work, do I have to cash it out or can I roll it into something else? What happens when I start with a new employer, can I combine them together?

 

10% is pretty standard.


If you cash it out, the feds rape you up the bum.

You have to transfer it somehow.

I would ask HR.

 

put what you knwo 100% you can afford to live without, then if you are okay at that point, you can increaes it by 1% increments until you find a good balance.

 

I'm at 13%. Contribute what you can afford and what you're comfortable living with. If you can tighten your belt a little bit without sacrificing TOO much, give it a try.

edit: as far as taking it with you when you leave, 401ks are eligible to be rolled over into an IRA account. Your 401k plan should have more details but I'm pretty sure they're legally required to allow you to roll it over.

 

I can choose from a stock purchase plan or a profit sharing plan... ?

 

they do - what i did recently - was roll over my ex company 401k into an IRA account at vanguard (or where ever you like). What happens is the old company will just liquidate your 401k - write you a check and you send it over to the new IRA or you can see if they will send a wire this way you dont get taxed (for now)

 

I contribute 20% right now.

 

If you get taxed on the liquidation of the 401k account, you would roll the proceeds into a Roth IRA account. This would prevent double taxation.