I just increased my 401(k) contribution for 2009. Basically, I decided to put my tiny 1% salary increase toward my retirement. I wish I am one of the lucky few who regularly hit the
401(k) contribution limit. It would be super nice if I can save that kind of money each year.
Also, I noticed that my company just gave us the option of investing in Vanguard Target Retirement Funds. I have been looking into these and I think invest in one of the target-date funds is a good choice for someone like me.
Tags: 401(k), Target Retirement Funds
This entry was posted on Thursday, January 22nd, 2009 at 8:52 pm and is filed under Investing. You can follow any responses to this entry through the RSS 2.0 feed.
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As a participant in 401k funds since the early 90′s – I have lost thousands of dollars. But the crucial wrench was because of my deferral amount and my meager earnings, my federal withholding taxes were lowered and I ended up owing money for the past several years – for 2007, I quickly did an estimate of my actual federal tax liability and was fortunate enough to get in in before January 31, 2008 in order to not have IRS penalize me for a federal tax underpayment. I have lowered my deferral to 5% and plan on doing another $6,000 IRA for 2009 – this will be at least three to four years of IRA’s I have set up – one may have been before the laws changed and I reported to IRS as a non-taxable deferral. I just can’t seem to get anything right.
Sue