401k
Out of context: Reply #5
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Would post a link to a Newsweek article if their site wasn't one of these that has to make $$ of their archived articles. ALL OUT HATRED OF SUCH THINGS.
Anyhow, I am eligible for one through my employer, but I don't think I make enough to feel like I'm contributing what I'd like to, especially considering, that, yes, people lost a good deal of their funds in the past few years.
At this point, being 25, I'm more concerned with building a savings account with the bank to work towards investments of some kind.
The article I was going to post talked about three different options to a traditional 401K, through the government, that looked like they provided more security and better results. I can't remember if these are active plans or ones that are about to be introduced. I'm going to look for the article, I may have the magazine somewhere around here.
Before I was done with college my Dad and I did some math on 401K investment over the course of a career. If you can average, over 35 years, around $1,500 a month (keep in mind later in a career you'd be making more, putting more in) at 12% interest, you'd be looking at around $600,000 saved, and this is not including potential employer matching.If anyone has any good links, please post them, this is good to know for plenty of people here I'm sure.