Hi Mustachians,
I was hired on to my company in January of 2014, and was told at that time that I wouldn't be eligible for a 401k until Jan 2015 - which really rubbed me the wrong way at the time, since if I had been hired in December, I would have qualified... Well, anyways. On top of that, I haven't been able to get my HR person to provide me any information about the 401k program where I work.
What I DO know about it:
There is matching, but it's discretionary and the percentage changes from year to year; it comes down from the board of directors in January. For example, I know that in 2010, it was 7%, but at any time the company doesn't make enough extra profit, that could be 0% matching.
But that's all I know, and I won't know any of the other details until January when they enroll me.
Some questions I have:
Does anyone know of a good general primer about 401ks, a how-to article or something like it?
My HR department has been stubborn/evasive about providing information about the 401k program on the pretense that I am not currently enrolled - What information should I expect them to provide me once I am enrolled?
What questions should I be asking my HR department about their 401k plan?
How exactly does matching work?
Can I make 2014 tax deductible contributions in the beginning of 2015 to try to qualify for the saver's tax credit for 2014?
What is the saver's tax credit all about anyways? I think I qualify for it, since I make less than a certain amount...?
If I am planning on retiring 'extremely' early - as in, in my 30's some time - should I be contributing heavily to a retirement account I have to wait to withdraw from until I am 60+, or should I continue to put my current income towards taxable investments/goal of homeownership?
I'm kind of in the dark about it right now, but am looking forward to speaking with my company's financial advisor directly in January. I just like to know what to expect, and have information from a lot of different sources.
Thanks to anyone who answers!