bhaw wrote:mac5155 wrote:Zing!!
I did just get my "statement" so to speak. In 6 months I have about a $1300 balance. I'm not contributing as much as I'd like just because of school loans, etc, but I am contributing the same as my employer's 100% match. I think they match 100% of the first 3% and 50% of the next 5%.
It's probably worded slightly different... 100% for the first 3% and 50% up to 5% is pretty standard. If they are going to give you 50% on the next 5%, take it. Actually, either way, bump it up to maximize their match. If it's up to 5% like I think it is, you will not feel that 2% in your net take home since 401k is pre-tax.
Also, as you build up the balance, consider taking out a loan to pay off some of your debt. You will be making the same payments, but YOU get the interest instead of the creditor.
*a loan on your 401k
What do you mean? Use the 401k as collateral?