Thoughts on 401K plans for a new staff? Not planning to stay long term. Should I just not start one & save on my own? I've been reading but I just want to hear thoughts from others.

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You don't need to call me retarded. I'm just asking for professional thoughts/ comments. Some of You EY people can be so damn rude.

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If you don't take advantage of the firm match free money you are retarded. Guaranteed 100% return

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Sensitive much?

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I'd say start it, you can always rollover to something else, also think about maxing out your contributions. As far as free money from the company, you have to be vested first and at my old place it was 5 years, I left after a year so I lost whatever they put toward it.. and just rolled over what I did save into another 401k plan.

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EY1 not everyone knows about personal finance which is why they ask.....no need to be rude

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Thanks @Associate 1. I just read through the doc and the company matches are immediately vested quarterly. I think I was just more concerned about what would happen after I leave and if it was beneficial to start now. Thanks again!

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Your welcome .. if you are vested immediately , start and do whatever the match percentage is plus whatever percentage you can afford

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@EY1 it's kind of retarded to jump into a 401K plan if you don't plan on staying until the free money is vested. OP didn't give a timeline of how long they plan to stay, he may be better doing his own thing.

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Even if there isn't an immediate match, I've found getting in the habit of putting at least 10% to a traditional 401k is one of my best saving habits. You are always vested in your contributions and earnings so even if you leave in a year, you can roll it over and hopeful have started a good saving habit.
If you are just starting, a Roth is also a good idea. It's a post tax contribution but if you are just starting you may be in a higher tax rate by the time you retired so you have saved.

I recommend 401k for dummies. I read it a few years ago and it helps define some of the common terms and saving methods.

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I'm not, general statement.

Seriously ^
It amazes me how many accountants know nothing about personal finance

Hey I wont use "bad" words, but feel free to send your employer match to me!

Yeah I agree, but if you vest immediately you're lighting money on fire by not investing

U gotta be a retard to ask that. Seriously... 😂

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