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for those still wo*king, are you still putting $ in your 401K?
Old 11-11-2008, 12:05 PM   #1
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for those still wo*king, are you still putting $ in your 401K?

Just wondering, with the current bloodbath, for those who are still in the accumulation phase and have been contributing to their 401K. Have you make scale back the amount or even stop your contribution?

I have another 23 yrs until 59 1/2, so I'm still maxing out. Just wondering what others are doing...
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Old 11-11-2008, 12:16 PM   #2
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Maxin it out of course! I have heard of some friends and family that are considering reducing the contribution. But the reasons are legitimate. In one case a layoff has created a temporary cash flow issue. In another, increased costs and stagnant income has lead to outgoes exceeding income, and a high % contribution to 401k is unnecessarily hampering this individual's lifestyle.

So far I haven't heard of anyone I know actually reducing or eliminating 401k contributions in spite of getting killed in the market. A number have asked my opinion as to whether it makes sense to keep throwing good money after bad, and I have to give them the one minute lecture on why buying equities cheap is better than paying a lot for them like a year ago. And that long term, cheap markets are the BEST thing young people can hope for, ceteris paribus. I don't know if the rationale is persuasive or they trust me because they think I know what I am talking about. But so far it has worked (to the best of my knowledge).
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Old 11-11-2008, 12:26 PM   #3
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Thrift Savings Plan (TSP) here - military without matching fund program. I got cold feet and stopped contributing for a couple of months, but will catch up this month and next month with contributions in order to max out $15,500 for the year. Will also try to buy early in Jan 2009 in the TSP as well as my ROTH. This is my last full year in the Army. Might as well max out on everything while I can. Not sure if I'll return to work after 2009.
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Old 11-11-2008, 12:31 PM   #4
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Still contributing, but at a lower level. New employer doesn't match . Plus, I've increased after tax savings, to diversify my "buckets", and increase the emergency fund.
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Old 11-11-2008, 12:48 PM   #5
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After changing jobs.... will be putting in most of my paycheck for the rest of the year... then back it down to a reasonable percent starting next year... enough to get the match

But, I have a new family and we are still working on what we should spend.... I am losing so we will see where it ends up...
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Old 11-11-2008, 01:02 PM   #6
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I'm still maxing out my 403(b) contribution, and I'll be making my full Roth IRA contribution in January.

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Old 11-11-2008, 01:08 PM   #7
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Still contributing and my raise Jan 1 will increase my contribution or my wife's. Plan is to get both 401ks maxed within 5 years.
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Old 11-11-2008, 01:13 PM   #8
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Maxing it of course, my future plan is to have a balance of 401k and taxable funds so that I can draw from the taxable during the earliest portion of my retirement.
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Old 11-11-2008, 01:25 PM   #9
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Maxing out!
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Upped our contributions
Old 11-11-2008, 01:56 PM   #10
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Upped our contributions

We upped the contibutions trying to max both 401k and 457 plans. To me, it does not make any sense to cut contributions when equities are the "cheapest" in years.

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Old 11-11-2008, 02:14 PM   #11
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DW and I still Maxing, no intention to stop. Al
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Old 11-11-2008, 02:34 PM   #12
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I am still maxing out my TSP (401K) putting $15,500 plus $5000 for over 50 catch-up (plus 5% match) all into "G Fund" which is guaranteed not to drop in value. The G Fund is only available within the TSP and doesn't yield much, but my contributions are safe until inflation eats away at it.

Frank has discontinued his 401K contributions for the year.
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Old 11-11-2008, 02:38 PM   #13
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Still putting in as much as we can afford. Will max 401(k) but not enough extra to max IRA, at least not quite yet.
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Old 11-11-2008, 02:41 PM   #14
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Quote:
Originally Posted by Want2retire View Post
Frank has discontinued his 401K contributions for the year.
Not meaning to pry - but what was the rationale for this decision?
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Old 11-11-2008, 02:47 PM   #15
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Originally Posted by FUEGO View Post
Not meaning to pry - but what was the rationale for this decision?
He has already contributed the $20,500 max, but his 401K allows further contributions to a taxable account. So, his contributions at this time of year are fully taxable.

Given the market and the limitation of funds available in his 401K, he thought he could do better by putting the money in the bank for now. Beyond that, he will have to speak for himself (and I am not sure he is reading the forum much - - I think he has only posted 3 times here up to now).

We had a discussion about investing in mutual funds (as I prefer) or just saving money in the bank (as he prefers), over lunch. It evolved into a discussion of bookies and horseracing. Basically I can't really tell him how to invest, nor can he tell me how to invest, as we are both extremely independent people who don't like being told what to do!

Luckily we are not married, nor are we living together, and our finances are not mixed in any way. We both like it this way. Our emotions and commitment are the main bond in our relationship.
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Old 11-11-2008, 02:49 PM   #16
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Presently contributing 6% to get full match. We're using remaining excess funds to pay off a few small debts, then we'll max out retirement contributions starting some time next year. I have a DB pension (non-COLA) plan at work. All present contributions are going to stock MFs.
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Old 11-11-2008, 02:49 PM   #17
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DW and I are still contributing the max. If we didn't have a sizable emergency fund, I'd probably ramp down our retirement contributions to get that funded.
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Old 11-11-2008, 02:52 PM   #18
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Not maxing it out(need to build up e-fund) but putting the same % in as I have been the last couple years. I will max out my ROTH on Jan 2nd.
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Old 11-11-2008, 03:34 PM   #19
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Originally Posted by Want2retire View Post
He has already contributed the $20,500 max, but his 401K allows further contributions to a taxable account. So, his contributions at this time of year are fully taxable.
Ok - sounds legitimate in my book! Thanks.
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Old 11-11-2008, 04:25 PM   #20
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Maxing out. Why would I want to make the high prices of the past permanent? Going for a better overall price per share.
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