Tilted Forum Project Discussion Community - View Single Post - 401k plan available at work.. Should I take advantage of it, and other questions...

gar1976 · 04-14-2005, 07:35 PM

Check the matching on the 401 plan - if it's through a union (you did mention "Teamsters") those can be fairly lucrative.

Having several grand in a Roth IRA by the time you're 20 can be huge - it will grow tax free over 40-50 years, and at 6-8%, do the math!

If your AGI is under $50k, you'll also get a tax credit for contributions to a 401k, Roth, or regular IRA, the credit amount is a tiered % based on your AGI, and can be up to 50% of your contributions if your AGI is under $30k.

Talk to your payroll department, or if you have a friend who is a tax CPA, hit them up for some time.

04-14-2005, 07:35 PM	#7 (permalink)
gar1976 Custom User Title Location: Lurking. Under the desk.	Check the matching on the 401 plan - if it's through a union (you did mention "Teamsters") those can be fairly lucrative. Having several grand in a Roth IRA by the time you're 20 can be huge - it will grow tax free over 40-50 years, and at 6-8%, do the math! If your AGI is under $50k, you'll also get a tax credit for contributions to a 401k, Roth, or regular IRA, the credit amount is a tiered % based on your AGI, and can be up to 50% of your contributions if your AGI is under $30k. Talk to your payroll department, or if you have a friend who is a tax CPA, hit them up for some time. __________________ Blistex, in regards to crappy games - They made pong look like a story driven RPG with a dynamic campaign.