401k Retirement Account - How to manage?

0.10 Dollars($)

I have contributed to the 401k retirement plan sponsored by my employer. After changing the job, i received the total amount in the plan account. can I continue with the plan?

Sam · Posted: Sun Jun 26, 2005 1:11 am Post subject: 401(k) Retirement Plan

Hi, Guest
Welcome to MortgageFit forum.

Let me assure you that although you have terminated the 401(k) Plan with your previous employer, you can still continue with it. For that, you have to roll over the Plan amount with your present employer within 60 days of termination with your former employer.

Hope this information will help to clear your doubt.

For further reference, go through http://www.mortgagefit.com/401k.html.

Please feel free to post any further queries.

Regards,
Adonis

Guest 0.10 Dollars($)

we are a couple, both 28 and having decent jobs. We contribute enough towards our 401k account so that we are able to match our employer contribution. also we are putting a large amount of income towards repaying our mortgage. are we doing the right thing or should we invest more in the 401k account?

Sam · Posted: Sat Aug 06, 2005 12:05 am Post subject: Re:

Hi Nick

Welcome to MortgageFit forum.

It seems that you and your wife don't want to keep any debt unpaid for a long time and therefore you are intending to pay off the mortgage before its repayment period. Probably you want to gain by getting rid off the interest required to repay the mortgage for its total term. But since you are quite young, I would advise that you contribute more towards your retirement plan. You and your wife may be earning more with inflation in the long run. So your mortgage payment at that time may be a part of your monthly salary. Therefore it is better to focus more on your contribution towards the 401(k) Plan account rather than your mortgage payment.

Hope you have benefited from our advice.

Regards,
Sam

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