I'm past my SS FRA age. I turned 67 a few months ago. I've been working at a firm for the past 2 yrs 10 months. I'm in their 401(k) plan. It's a 5% match. I upped my contribution to 10% very recently. I could up it a whole lot more. I don't have a lot saved for retirement. Questions:
1.) Does it make sense for me to even be in this plan? I ask while realizing that' it's free money they're giving me. However, I am 67 and so I wonder if it would be better to put the money towards outside investments or towards an annuity - or something else.
2.) If it does make sense to stay in it, do you feel I should contribute much more to it - even though there is no match for anything over my 5% (like with the extra 5% I just added)? I might not be at the company for a lot longer - but I have no plans to leave either.
1.) Does it make sense for me to even be in this plan? I ask while realizing that' it's free money they're giving me. However, I am 67 and so I wonder if it would be better to put the money towards outside investments or towards an annuity - or something else.
2.) If it does make sense to stay in it, do you feel I should contribute much more to it - even though there is no match for anything over my 5% (like with the extra 5% I just added)? I might not be at the company for a lot longer - but I have no plans to leave either.
Statistics: Posted by littlefuse — Sat Sep 21, 2024 12:48 pm — Replies 9 — Views 320