Tuesday, December 27, 2011

401K Update

I enrolled in my first 401K ever the beginning of October.  I started by contributing 5% with a 5% match from my company.  I have contributed $1259.98.  Hence, with the company match, I will have $2519.96 going into my 401K.  I definitely plan to stay at my company so I will hopefully be getting the full amount.  If I continue at this pace for 2012, I will have over $10,000 going into my retirement. 

I quit making contributions to my Roth IRA this year.  With switching jobs, it wasn't in the budget.  I will take another look at this after we build our house.  I'm happy that my new 401K is taking some of the place of my Roth IRA in terms of retirement investing. 

I will also be increasing the amount that I put in as of January 1st to 6%.  Every January 1st thereafter, my contribution will increase by 1%.  I really love that option.  Now I just need a statement to find out the balance.  I'm not sure if I've received anything in the mail about logging in online. 

2 comments:

  1. That is really awesome. That 5% with the company match makes for a killer retirement plan. $2500 in three months is awesome. I think the company I work for has something similar but I can't enroll till next August.

    Everything about your new job so far is awesome. I am so happy you made the change successfully.

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