Comments on: Just doubled my 401(k) contributions

By: Andrea

Andrea — Mon, 13 Oct 2008 15:49:56 +0000

I just increased mine last week as well – glad to see I’m not alone!

By: Bob S

Bob S — Sat, 11 Oct 2008 09:42:11 +0000

CleverDude,

I don’t think that klein334 is implying that your picks would be better than a 401K manager, what he is saying is to use the recommended strategy of first invest up to your 401K match, then work on maxing out your Roth IRA, and after you have done that increase your 401K up to the IRS maximum, and any additional savings beyond those you could put into a regular taxable account.

By: Aaron

Aaron — Fri, 10 Oct 2008 16:43:06 +0000

I increased from 4% (the match) to 10% (the maximum). I’ve already been maxing out my Roth.

By: Clever Dude

Clever Dude — Fri, 10 Oct 2008 14:40:11 +0000

@klein335, I don’t think anyone would guarantee my own picks in an IRA are any better (or worse) than those of a 401k manager. Plus, my 401k contributions are still pretax, thus saving me tax money this year.

By: klein335

klein335 — Fri, 10 Oct 2008 14:12:50 +0000

I always heard it was foolish to contribute more than your company would match to a 401k. Wouldn’t you be better off contributing the extra 5% to an IRA where you might get a better rate of return and could access your monies without the tax debt at some point, perhaps before you retire?

By: kitty

kitty — Fri, 10 Oct 2008 02:21:40 +0000

I’ve always been maxing out my accounts, but because I am older (49) I keep over 40% in secure investments. Now it’s likely no longer 40% but more like 50%. At the moment I am afraid to look at my 401K, but I am thinking of moving a bit more from stable income into stocks just to buy more of them cheap. Will see.

One thing that worries me is that new investors may be scared for a while.

By: Matt @ Steadfast Finances

Matt @ Steadfast Finances — Thu, 09 Oct 2008 23:34:01 +0000

Smart move! I’ve maxed out my retirement accounts and plan on buying as much as I can while stocks are on sale.

By: low cost insurance

low cost insurance — Thu, 09 Oct 2008 21:46:10 +0000

YOu may want to make sure most of your contributions are going to a fixed type account. My advice is to use an investment company where you can research and pick your own funds. I think you’ll be just as successful as these supposed advisors.

By: J. Money

J. Money — Thu, 09 Oct 2008 18:24:45 +0000

About time i read about people taking advantage of the market! GOOD F’ing work my friend 10% is a perfect number, esp. considering you get a nice match of 5%.

I hope everyone else reading this pumps ups there’s as well!

By: BSCC

BSCC — Thu, 09 Oct 2008 16:34:38 +0000

Smart move. I too thought the bottom was 1,500 points ago. You’re right on saying it’s a buyer’s market.