I read that one must work for Swift for one year to participate in the 401K. Does this mean that you must have one year before they will make company contributions on your behalf? This is an important issue for me. I would like to contribute even without a company match.
I'm not a financial expert or anything, but that just seems logical to me.
i like the vanguard roth ira
you can withdraw your contributions tax free
the 401k will lock your money up until your 70 years old
many truckers dont live that long
early 401k withdrawals will take half of your money in taxes and penalties
i have been in our 401k forever for the matching money but have 2 ira's and a scottrade account
What they said open tour own retirement account. Yes it's nice when a company contributes. But why worry with them managing your money. Think of all of the people that have lost their company managed 401ks due to mismanagement from the company. Just something to think about.
i checked tax free withdrawal fron 401k at age 59 if your done working
you can roll 401 into traditional ira when you quit swift tax free
vanguard ira has lots better mutual funds than my principle 401k
20 years ago i was automaticly enrolled in swift retirement plan and always received statements saying i had like 1500 dollars vested
when i quit after 2 1/2 years i continued to receive statements for 10 years
a year after i quit i called swift and said i want my money and she said since i did not work at swift 5 years they were keeping it and i never called swift again
thats alot more cash for swift as the had many thousand trucks even then
You can start contributing to the 401k after six months of employment. They won't start matching till about a year after that so don't expect a "vested 401k with employer match" until about two years after your start date.
If you want to open up your own account that's fine but it's unanimous amount financial planners that you should always use your own company's 401k to get their matching funds. In Swift's case that would be 3%.
Also, pretty sure that max on an employer 401k is 18k a year while the max on a Roth or standard IRA is $5500 each. Depends on how much you want to save.
Obviously I'm a truck driver and not a finance expert. Do your own research before making any commitments.TequilaSunrise Thanks this.