401k question
 
 

       The Horse Forum > Life Beyond Horses > General Off Topic Discussion

401k question

This is a discussion on 401k question within the General Off Topic Discussion forums, part of the Life Beyond Horses category

    Like Tree1Likes
    • 1 Post By Phly

     
    LinkBack Thread Tools
        05-16-2013, 01:20 AM
      #1
    Started
    401k question

    Short story, I've had jobs when I was younger, that paid into a 401k. I went self employed after and never even thought about that money.

    Is it still somewhere????? I know very little about such things and have been self employed for some time now. At least 12 years. So I was young and Didnt even think twice about it.

    I don't wanna hear about what I should do for my retirement! I'll die working. Just who I am.
    Posted via Mobile Device
         
    Sponsored Links
    Advertisement
     
        05-16-2013, 01:49 AM
      #2
    Super Moderator
    Oh yes! That money better still be there! Do you have account numbers? You need to track it down and roll it into an IRA.

    If you roll it into a regular IRA you will pay no tax on it at all. If you roll it into a Roth IRA, you will have to pay some taxes on it, but when it comes time to withdraw it , when you either retire or die, you pay no taxes on it.

    ASk Faceman, he knows a lot about these things.
         
        05-16-2013, 01:58 AM
      #3
    Started
    Thank you. I don't have account numbers, well maybe I do but my filing system would make them lost somewhere in time. I'm the kind that stashes mason jars out back.

    How can I find faceman? Is he a member?

    If I can't find the numbers am I up the creek?
    Posted via Mobile Device
         
        05-16-2013, 02:10 AM
      #4
    Super Moderator
    Faceman is a member here. You can PM him with his name "Faceman".

    Your old company would have the information. You would contact their Human Resources deptartment, if they are large enough to have one.

    Do you have any old paystubs? You surely must have SOME piece of paper with the account info on it, or was this ALL done digitally ( I HATE doing every darn thing digitally!!!!)

    Once you find the name of the brokerage firm that holds the account, and the account number, you contact them and tell them you want to roll it over into ?
    You should open an IRA somewhere. Your bank will have simple IRA choices. Or , you can open one with Fidelity online. It is not hard to do. Once you have it openned, there is probably a way to make the transaction all digital. The bank might even do it for you, once you have openned an IRA with them.

    When you do open the IRA, start contirbuting to it PRONTO! The sooner you do, the easier it is to get anywhere near what it takes to retire. AND, there are tax benefits to making deductiable contrinbutions to an IRA.

    If you are self employed, you can do something called a Keogh (or some name like that). It's LIKE a 401k in some ways, but, again, ask Faceman.

    If you set the IRA up to take an automatic deduction from your checking account, like a $100 per month, or whatever you can manage, you will be better off in the long run. It has to do with how you invest themoney in the IRA, and if it's in the stock market, the process of buying on a regular , monthly basis will give you a better overall price/purchasing ability than making one lump sum purchase, where you "guess" the best time to purchase stocks. Timing is important, but only the very knowledgeable can do it well. Us everyday schmucks just do it monthly, and in the long run, we win. IT's called "dollar cost averaging".

    An IRA, if you didnt know this, is simply a type of account, like a checking account is a type, as is a savings account. What is actually IN the IRA is up to you. YOu could literally have Gold in your IRA, if you wanted. Or cash, or stocks or bonds, or Mutual funds (which are just a bunch of stocks bundled together by a certain manager, and by a certain type or focus (i.e. International, or small companies, or emerging markets , or big co's.)

    Is this helpful or am I telling you things you already know?
         
        05-16-2013, 02:25 AM
      #5
    Started
    Yep, I'm lost. I'm a VERY simple man. I know how much money I have, well, because I have it. This is all very confusing to me.

    So I can go to the company's I worked for and ask them? I started full time real job at 16. It's only 2 company's that are both still open.

    I'll send him a PM. Thank you so much. I'm kinda slow when it comes to such things. But if you ever need to re-align the piston coolers on a Mack e7 I'll help ya out. Lol.
    Posted via Mobile Device
    tinyliny likes this.
         
        05-16-2013, 02:37 AM
      #6
    Super Moderator
    I am a city girl, so don't have the machinery, but I very much respect the skill involved in keeping a car running well.

    I am not expert, but there was a time when I was kind of interested in "investing", back when you could make some crazy money. Now, well, we just keep pluggin the money in to some IRA's and stuff. I no longer mess around with it at all.

    I tried to make my explanation in "simple man" terms, becuase I actually think that way ,too, more or less.

    I do support saving, however, and even modest saving will help.
    I remember this story about the King of Babylon, or some other ancient country, who asked one of his wise men how to become the richest man in the world. The wise man said, "save 10% of every bit of money you ever make. Just 10%, but it must be of EVERYTHING"
    So, you make 20 dollars, you put 2 away. No matter what. You "pay yourself first". Easier said than done, I am sure. But, it does SOUND easy, doesn't it?Go talk to the old company. The money you put in there should still be there.

    They may have moved it from one holding company to another, but it should be there.

    I am not sure about this, but there is also a government site where they list "unclaimed property" . It's things like dead accounts , like yours, and unopenned safety boxes after the owner has died and no one came to claim, and prizes won but unclaimed, and all kinds of things. There is supposed to be millions of dollars waiting for the right person to claim it. Not sure how that works, but it might be an interesting path to explore.
         
        05-16-2013, 02:53 AM
      #7
    Started
    I appreciate all your help. I truly do.

    But my mind scatters when this kinda stuff comes up. It's just not how I think sadly. I had totally forgot about all the years I put into WORK. Well because I keep working. This was kinda a random holy crap moment. I suppose I'm getting old, lol.

    I'm definitely looking farther into this. And into Educating myself on such things. I know they probly teach all this in high school now. Heck I probly coulda asked my boy.

    Honestly and truly thank you.
    Posted via Mobile Device

    Edit. I do save. It just happens to be at home. I blame my polish and hill jack raising :)
         
        05-16-2013, 03:02 AM
      #8
    Super Moderator
    No, they DON"T teach this in school , but they should!

    And why would you EVER walk away from money that you earned.?

    I gotta sign off, so i'll be interested to hear one of these days if you ever find it. I hate doing that kind of stuff and have let things like that slip away from me all the time. Things like sending in medical reciepts for reimbursement from insurance. I hate doing all that paper work, or jumping through digital hoops. Believe me, the insurance companies purposefully make it difficult so that a certain percentage of people will just give up and they never have to pay those claims. It is a well known business strategy to "baffle 'em with , . . . You know, starts with B."
         

    Quick Reply
    Please help keep the Horse Forum enjoyable by reporting rude posts.
    Message:
    Options

    Register Now

    In order to be able to post messages on the The Horse Forum forums, you must first register.

    Already have a Horse Forum account?
    Members are allowed only one account per person at the Horse Forum, so if you've made an account here in the past you'll need to continue using that account. Please do not create a new account or you may lose access to the Horse Forum. If you need help recovering your existing account, please Contact Us. We'll be glad to help!

    New to the Horse Forum?
    Please choose a username you will be satisfied with using for the duration of your membership at the Horse Forum. We do not change members' usernames upon request because that would make it difficult for everyone to keep track of who is who on the forum. For that reason, please do not incorporate your horse's name into your username so that you are not stuck with a username related to a horse you may no longer have some day, or use any other username you may no longer identify with or care for in the future.

    User Name:
    Password
    Please enter a password for your user account. Note that passwords are case-sensitive.
    Password:
    Confirm Password:
    Email Address
    Please enter a valid email address for yourself.
    Email Address:

    Log-in

    Human Verification

    In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.


    Old Thread Warning
    This thread is more than 90 days old. When a thread is this old, it is often better to start a new thread rather than post to it. However, If you feel you have something of value to add to this particular thread, you can do so by checking the box below before submitting your post.

    Thread Tools

    Similar Threads
    Thread Thread Starter Forum Replies Last Post
    Saddle fit/girth question--long complicated question RhondaLynn Horse Riding 15 03-30-2013 11:29 PM
    Honest question but kind of silly question about Fjords. Thyme Horse Breeds 13 11-18-2012 12:12 PM
    Question MNCOWGIRL Horse Health 3 10-24-2011 10:08 PM
    Double thread: Riding question and mental question Tymer English Riding 16 11-09-2010 06:28 PM
    height question--someone please answer this question. Gidget Horse Breeds 8 09-21-2010 08:53 PM



    All times are GMT -4. The time now is 10:26 PM.


    Powered by vBulletin® Version 3.8.5
    Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
    Search Engine Friendly URLs by vBSEO 3.6.0