if work offers a 403b and 401k can I do both and what limits on contributions are there?
88417
First, it seems odd that a single company would offer a 403b and a 401k. Typically a 403b is available to employees of a non-profit organization and 401k to for-profit.  The limits are the same.
137060
It depends on the investments available in your 401(k). If it's not an investment you would otherwise consider, I would look for something else.
151315
All plans have rules to become eligble first. When can I enroll in the Plan?\nYou must be 21 years old and have completed at least one year of service with the Company to join the Plan. Then you contribute savings and the company usually has a sliding matching scale  How much can I contribute?\nThrough automatic payroll deduction, you can contribute between 1% and 25% of your eligible pay on a pretax basis, up to the annual IRS dollar limits.  Does the Company contribute to my account?\nThe Company helps your retirement savings grow by matching your contributions.\n(This is from my plan yours will be different)\n"Your company" will contribute $1 for every $1 on the first 3% of pretax pay you contribute, and $.50 for every $1 on the next 2% of pretax pay you contribute. You can access it on-line and change how it is invested  What are my investment options?\nTo help you meet your investment goals, the Plan offersyou a range of options. You can select a mix of investment options that best suits your goals, time horizon and risk tolerance. The  investment options available through the Plan include conservative, moderately conservative, and moderately aggressive funds. A complete description of the Plan's investment options and their performance, as well as planning tools to help you choose an appropriate mix, are available.\n\ngo to link to learn more and talk to your benefits manager where you work!
5437
Section 401(a) plans are similar to 401(k) plans and are available to any for-profit and nonprofit employer. Unnlike 40l(k) which are defined contribution plans they can also be defined benefit plans. They are typically funded exclusively by employer contributions
209580
IRAs generally have some advantages over a 401K.\n\nThe biggest one is that you aren't as limited in your investment choices.  The typical 401k may have 9-10 funds to select from.  IRAs are pretty much unlimited.\n\nHowever, without knowing what costs your company covers for you in the 401K, this is a pretty difficult question to answer.
350599
Suzanne,\n\nLets take it from the basics. As you have already been told by many. The 401k varies per company policy. But most companies match 4% of the money you invest. So at minimum you want to invest the same percentage of your salary the company matches. Reason being the company will be matching 100% of your investment. \nNow the 401k will consist of different funds such as stock, mutual, commodoties, fixed income, etc ... You upon enrollment will have to decide how you want to allocate your 4%(persay) of your salary amongst each fund. So lets say you invest 4% = 200$(of your salary), you would have to allocate 100% of the 200$ plus the company match into the funds. For example 10% fundA, 10% fundb, 80% fundc. \nPrior to investing in any fund do some research, each 401k plan will have history relating to each funds performance since it was created. Look for the best performers and choose wisely. Wisely meaning how aggressive or passive you want to invest. Each method involving Risk, Risk meaning your can earn alot and lose alot in short or long periods of time invested.\nYour 401k plan will have historical investments plans already in place for you to follow if it fits your lifestyle.\nLifestyle, now this is the most important detail for you to think about. As you know from what we talked about you can invest the minimum or the maximum. Maximum being I think 15% or 13,000$ per year of salary. (Inquire, I am just taking a guess here)But anyways, depending on how much your salary is a year your investment can change your lifestyle tremendously. But by matching the minimum your making 100% of your investment with company match. Anything more than that and your saving without company match, but making more  on your investment than if you would put that money into a savings bank account for the long term. \nWith that in mind I would suggest you and your family if any sit down with a financial planner to give you other options on how to save your excess money (if you have more to invest over the company match) amongst other options such as IRAs, CDs, etc... This taking into account after you have agreed upon what kind of lifestyle you want to live.   \nThe final outlook is this ... Your company is giving you free money for savings in the future. FREE MONEY. Nothing beats that unless you win the lottery.\nGood luck...
397967
as much as you can! you should get a pension asap, compamny schemes are good as the company puts in aswell. see your financial advisor asap
132052
A 401k is an employer sponsered retirement account.  Employers will offer severel differet mutual funds that you will pick from to invest your money.  The money is taken from your paycheck on a weekly basis and put into the mutual fund for you.  The good part of a 401k is that an employer usually matches your contribution.  Sometimes a dollar for dollar match.  Meaning that for every dollar you put into your retirement account, your employer will also put in a dollar.  And other times your employer will match only a fraction of what you contribute, (ex. You put in a dollar, employer puts in .35 cents).\n\nThe money you put into your 401k goes in tax free.  So you won't have to pay taxes on the your income that went into the account.  However, when you're retired and you begin to withdraw money from your 401k, that is when you'll have to pay the taxes, on all your withdrawls \n\nBe warned, if you leave the company, you may not be able to keep the money that your employer put into your account for you unless you've been with the company for a certain number of years.  This is called being vested.
1103584
Contact the employer or the company that administers the plan or the union.\n\nNote that there are 2 types of pensions:\n\nDefined benefit plans guarantee a certain monthly income at retirement based on things like years of service, income while working, etc.  The value of these accounts would be something like if you stop working now and start getting checks at age 65 your monthly payment will be $2,000.\n\nDefined contribution plans are a promise by the employer to put a certain amount into the account.  The monthly checks at retirement depend on how much the account is worth when the payout starts.  These accounts have a cash value so the value would be an actual dollar amount.
114442
Yes, see a tax adviser on your contribution limits however and to see if a Roth may be right for you.  Also, if your company offers a match, make sure you contribute up to the match limit before contributing to an IRA, otherwise you're leaving money on the table.  When you leave your company, roll the money into an IRA.  Expenses are lower in IRA's than 401(k)'s.  A lot of people like to keep their assets together, but since fees eat a huge portion of your returns, I strongly suggest rolling to an IRA rather than your new company's plan.  Plus, that way you're not limited to whatever investment offerings are in the 401(k), you can choose to invest with whomever you'd like.\n\nGood luck!
321157
Pretty much any provider CAN offer them, it is just a question of whether or not they have decided to move ahead with the amementments.  Some have not since the proposed final distribution regulations were only recently released and the final amendment guidlines have NOT been released at all.  \n\nThe benefits of a Roth 401(k) could be great, but just a word of caution, make sure you are fully aware of the transportability restrictions and 5-year waiting period associated with the Roth portion of your savings.  Also, there is some question related to loans/hardships with Roth assets that could cause administrative issues.  Talk to your current provider.\n\nGood luck!
103673
She's right if that is as much as you can invest.  Your best bet is to max out both if you can afford to.\n\nHere's the order:\n\n401K to match:\nROTH IRA max\n401K max
1038869
A 401(k) plan is a company-sponsored qualified retirement plan for employees. Contributions and earnings in a 401(k) plan are not subject to federal and most state income taxes until the funds are withdrawn. A 401(k) plan allows you to save money on a pretax basis, and most employers will contribute matching funds to make the plan even more lucrative. Usually you will have the option to decide how much you contribute (up to the maximum allowed by the government) and where you will invest your contributions (from a list of funds provided by your plan sponsor).\n\nOnce you are eligible to start participating in your company’s 401k plan, you will be given a list of funds in which you can invest. You can invest a maximum of $14,000 in your 401(k) plan in 2005 and $15,000 in 2006. If you are over the age of 50, there is a catch-up amount you can invest in addition to the maximum for each year.\n\nYour contributions will be deducted from your paycheck before taxes are withheld. \n\n\n\nIf you’re lucky enough to work for a company that provides the benefit of a company match, it’s like earning free money. Enroll in your employer’s 401(k) plan, and then contribute enough to earn your employer’s maximum matching 401(k) contribution. Like I said, it’s free money!\n\nBefore your 401(k) plan money earns the first dollar of interest, you’ve already had a 100 percent growth if your employer matches you dollar-for-dollar. Even if the match is only 50 cents on the dollar, that’s still an instant 50 percent growth, guaranteed! You can’t get that kind of growth anywhere else.\n\nEach company has a vesting schedule, and it is to your benefit to understand exactly when you will become vested. The vesting schedule outlines how much of the company matching contributions and earnings on those contributions you own at any given time. If you leave the company before you are fully vested, you will lose some of the money in your plan.
393236
It depends.  Do you have a Roth IRA?  You can use that money without a tax penalty.  A regular 401K through an employer will have some penalties usually.
596907
Do things in the following order:\n\nMake sure you have an emergency fund that you can access equivalent to 3 months of expenses (not 3 months of income).\n\nPay off high-interest debt (if you have any).\n\nThen, if you have money that you won't need for a long time, you can take the following steps:\n\nIf your company offers a 401(k) with matching funds, participate in it up to the full matching amount (free money is good).  Put half into a total stock market index and half into an international index.\n\nFully fund your Roth IRA.  Use the same asset allocation as for your 401(k).\n\nIf that doesn't max out your savings, go back to the 401(k) and contribute up to the limit.
76073
I agree somewhat with "melvin", BUT a company offering a 401k normally deposits money into the account of it's employees based on a percentage of their individual contributions.  For example, an employee elects to withhold 5% from each paycheck.  His employer matches the first 3% dollar for dollar, and then they pay 50 cents on the dollar for the next 2%, not to exceed 5% total contribution from the employer.\nOn the other hand, traditionally, a 403b is a retirement account whereby an employee deposits his own money through payroll deductions.  The account is an interest-drawing account, with no contribution from the employer.\nBoth the 401k & 403b are retirement accounts, and they are both important to anyone planning for the future.  One can transfer the balance of a 401k to a 403b or vice-versa.\nYou may also want to look into mutual funds, annuities, IRA & Roth IRA's, CD's, stocks and a handful of other types of retirement-oriented investment strategies.  Best of luck to you.
62381
If the employer provided a match, then yes.  If not and they have a match with the traditional 401k I would contribute to that.  If no match to either, then I would invest outside of my employer.  First in a Roth IRA and then in I bonds and mutual funds.