401K and other retirement accounts

Easy Runnin

"How do I get 19,100 back into a pretax 401k account?"

You don't, but what you want is another $19,100 in you take home pay. So have them gross it up so you net $19,100. Assuming 40% for taxes your salary increase should be $31,833.

cfrizz

Quite honestly Joey, you are sitting pretty. most of us are not that lucky.

The lady I sit next to just discovered today that UHS decided to drop their matching contribution from 8% down to 5%. And they didn't say a damn thing to anybody! If she hadn't gone in to check her account, she & I would never have known. Considering that I doubt she even makes 40K a year, this is going to have a tremendous impact on her 401k.

Fortunately both of us worked at other jobs for years, and will have pensions from there when we are ready to start collecting them.

I feel sorry for the kids just starting out these days. Already burdened with school loans, and making crap for salaries. they are really going to have it rough.

Joey_V wrote: »

You guys are right. Count the blessings.

We are having a partnership meeting this Tuesday and I along with others will be voicing our displeasure. We used to have a great 401k plan. The company gave 15% of our income to a max of 265,000 so that would mean $38,000 into a 401k account per year and I would put in the remaining 13,000$ to hit the max of 51.

It was good.

There was a vesting period where you go from 33% ownership of your 401k to 66% to 100%. I am fully vested and it was cool.

Then I get this email that now it goes down to 6% company match up to the first 265,000 earned. I was like WTF. Who gets to keep the remaining 9%?? Corporate??

Board members voted on it without consulting the partnership or associates.

Must be nice to up top. Private jets and all.

But yes, you guys are right. Perspective, I'm still good. But I just don't like being sorta swindled.

Atleast they are transitioning some of that 401k money into a "raise". My thinking is that they want to advertise a higher salary or per your rate to attract younger help. Everyone wants everything NOW now now... No one wants to wait 3 years to get vested in the 401k plan...

Joey_V

Easy Runnin wrote: »

"How do I get 19,100 back into a pretax 401k account?"

You don't, but what you want is another $19,100 in you take home pay. So have them gross it up so you net $19,100. Assuming 40% for taxes your salary increase should be $31,833.

That was my argument on the phone today, but you can't yell at the CEO and the Board of Directors when you're on speaker phone.

Joey_V

cfrizz wrote: »

Quite honestly Joey, you are sitting pretty. most of us are not that lucky.

The lady I sit next to just discovered today that UHS decided to drop their matching contribution from 8% down to 5%. And they didn't say a damn thing to anybody! If she hadn't gone in to check her account, she & I would never have known. Considering that I doubt she even makes 40K a year, this is going to have a tremendous impact on her 401k.

Fortunately both of us worked at other jobs for years, and will have pensions from there when we are ready to start collecting them.

I feel sorry for the kids just starting out these days. Already burdened with school loans, and making crap for salaries. they are really going to have it rough.

Joey_V wrote: »

You guys are right. Count the blessings.

We are having a partnership meeting this Tuesday and I along with others will be voicing our displeasure. We used to have a great 401k plan. The company gave 15% of our income to a max of 265,000 so that would mean $38,000 into a 401k account per year and I would put in the remaining 13,000$ to hit the max of 51.

It was good.

There was a vesting period where you go from 33% ownership of your 401k to 66% to 100%. I am fully vested and it was cool.

Then I get this email that now it goes down to 6% company match up to the first 265,000 earned. I was like WTF. Who gets to keep the remaining 9%?? Corporate??

Board members voted on it without consulting the partnership or associates.

Must be nice to up top. Private jets and all.

But yes, you guys are right. Perspective, I'm still good. But I just don't like being sorta swindled.

Atleast they are transitioning some of that 401k money into a "raise". My thinking is that they want to advertise a higher salary or per your rate to attract younger help. Everyone wants everything NOW now now... No one wants to wait 3 years to get vested in the 401k plan...

I hear you Cathy - I count my blessings every day.

I hear you too about student loans.... I had to burn through $250,000 of loans that I just paid off last month. To say that was a burden off my shoulder would be an understatement.

I lived like a college student for the first 3 years that I was out in the work force. 600 sq feet for me and my wife. We were fine having boxes in our living room and we sat on the floor and ate on our coffee table from Ikea for dinner.

We still live meagerly at this time, we live like we make 1/4 of what we make.

.... except the audio gear of course.

I wasn't a trust fund baby... and I'm not wealthy anyway. I just know what it feels like to have 5,000$ credit card debt and $12 to your name in your checking account.

tonyb

Joey_V wrote: »

[ I just know what it feels like to have 5,000$ credit card debt and $12 to your name in your checking account.

Unfortunately Joey, many are in that situation still, even after leaving college for many years....and for various reasons we won't get into.

Never forget what it's like though, keeps you grounded in reality and counting your blessings.

As far as your tax situation goes, you need some professionals who specifically deal in these things to get involved. Laws change yearly, tax liability changes yearly. The more you make the more they will take, and they figure out new ways to do that every year. That's why you need the pro's involved. Audio forums should not be used for investment or tax advice.....if you want to keep as much of your hard earned dollars as possible anyway.

Erik Tracy

Joey - you can try to post your situation over at https://www.bogleheads.org/forum/index.php

There are some members who are tax experts over there to at least get some input from professionals willing to share their advice. It's a good resource site for financial questions.

Joey_V

Erik Tracy wrote: »

Joey - you can try to post your situation over at https://www.bogleheads.org/forum/index.php

There are some members who are tax experts over there to at least get some input from professionals willing to share their advice. It's a good resource site for financial questions.

Got it. headed there.

Joey_V

tonyb wrote: »

Joey_V wrote: »

[ I just know what it feels like to have 5,000$ credit card debt and $12 to your name in your checking account.

Audio forums should not be used for investment or tax advice.....if you want to keep as much of your hard earned dollars as possible anyway.

You're telling me man....

I just post here because I find that it's like we're just at a bar and we're just shooting the you know what.

Just amongst friends.

tonyb

In that case pal, TONYB investments is expanding.

We are now expanding into Feather Boa's, rat powered generators, bikini's that disappear when wet, and banana hammocks for men....well women too, it is 2015.

Future expansion could be, but not limited to....

Bottled milk from stray cats, scratch-n-sniff TV screens, and possibly....in the preliminary stages of.....resurrecting Benny Hill.

Joey_V

Crazy tony

[Deleted User]

I would buy property around where they are expanding and become
a slum lord. (wish I did and bought around the Cleveland Clinic and
Case Western Reserve University)
Luxury Home on the gulf side of Florida...
Gold ... Silver... Guys who own countries are in to that...

I have to agree that it is best not to ask how to SAVE money here!

Joey_V

rednedtugent wrote: »

I have to agree that it is best not to ask how to SAVE money here!

I agree... This place is a bunch of enablers.