Friday, August 24, 2007

401K at the second gig

Apparently I am eligible to participate in the 401K plan at my part-time gig. I am sure some where I was told this a year ago when I started but I did not pay attention. This is how it works. You are automatically enrolled unless you opt out. I was sent a packet in the mail and threw it in the garbage because I figured it was sent by mistake. Then today I got a card in the mail informing me to return the crap that was in the package. Huh??

My question is should I participate in the 401K at the second gig?

Just some additional information:
I resigned from my full-time job a few weeks ago, and am waiting to start a new one. In the mean time I am 'full-time' at the second gig. Which is now technically my only gig.
I will definitely be keeping the part-time, now full-time gig once I start the new job in a few weeks.

Did I mention there is a match, I like free.

7 comments:

everythingiseverything said...

I think you should do it, ESPECIALLY since they match it. Why not? Once's its automatic, you won't miss it...and think about how good you'll feel when your 401 K balances total 10K

Single Ma said...

I certainly wouldn't turn down FREE money. Just keep in mind, the contribution limit for 2007 is $15,500. This is the total max from all sources combined.

Ms. MiniDucky said...

Yeah, totally do it, lady!

Ms. Behaving said...

Once your finances allow, I'd say go for it. How can you not if you've everything to gain and nothing to lose?

Moneymonk said...

It depends on how long you plan to stay at the job.

There is nothing wrong with directing that money to a Roth IRA

Your 401k may have a match but they may provide horrible mutual funds with expensive fees.

With a Roth you pick the funds. If I had alot of debt I will just throw my money to the debt.

Bklyn's Finest said...

as long as you wouldn't max out between your full time and part time once you start workign again I would say go for it!!!

check the max for contributions and make sure you wont go over..

then when u start the other fulltime gig.. check to see which plan is BETTER and offers a match like the one you mentioned LOL FREE MONEY IS DA BEST

Organized Noise said...

I think we are unanimous on this one. Go for it.