PBS Frontline : The Retirement Gamble, sorta Must See (1 Viewer)

[mquinnjr]

So Capitalone360 is offering a pretty killer promotion where you can earn about 4.4% (can deposit up to $50,000) for the first 105 days by opening up a 360 savings account. Not too shabby if you have extra cash around. FWIW, I’m a current Capital One customer and still eligible. I called to verify, and they said “CapitalOne360” is the old ING, so as long as you didn’t have a legacy account with ING; you should be eligible. But you can call just to verify if you’re worried.

Anyway, here's a the link (disclosure, if you use my link I get a $25 referral ) - https://r.capitalone360.com/DoHEXGeF6u

Hmmm, I am intrigued. I keep my emergency fund with American Express savings, about 25k in there which covers my 6 month rolling average expenses and then a few K in excess. Amex Savings is at 0.8% APY, and Capital One is at 0.75%, so that's ~$12 of downside to switch. With the $200 + $25 bonus, coupled with the fact that since it's an emergency account it's never touched, I'd easily cover the 90 day requirements to get the bonus.

Does switching savings accounts constitute a hard pull on credit/any downside for switching banks? If not, and you keep your emergency cash in online savings, this is kind of a no-brainer.

TF

I would imagine there's a pull on credit (I had to put my SSN in), but I didn't mind b/c the .75% is better than what i'm currently getting

Confirmed no HP on credit on the phone with a rep

Just liquidated my Amex Savings account to my checking, and will signup to get this going once the funds are in my checking account and it's linked.

 

[Steve Tasker]

So Capitalone360 is offering a pretty killer promotion where you can earn about 4.4% (can deposit up to $50,000) for the first 105 days by opening up a 360 savings account. Not too shabby if you have extra cash around. FWIW, I’m a current Capital One customer and still eligible. I called to verify, and they said “CapitalOne360” is the old ING, so as long as you didn’t have a legacy account with ING; you should be eligible. But you can call just to verify if you’re worried.

Anyway, here's a the link (disclosure, if you use my link I get a $25 referral ) - https://r.capitalone360.com/DoHEXGeF6u

Hmmm, I am intrigued. I keep my emergency fund with American Express savings, about 25k in there which covers my 6 month rolling average expenses and then a few K in excess. Amex Savings is at 0.8% APY, and Capital One is at 0.75%, so that's ~$12 of downside to switch. With the $200 + $25 bonus, coupled with the fact that since it's an emergency account it's never touched, I'd easily cover the 90 day requirements to get the bonus.

Does switching savings accounts constitute a hard pull on credit/any downside for switching banks? If not, and you keep your emergency cash in online savings, this is kind of a no-brainer.

TF

I would imagine there's a pull on credit (I had to put my SSN in), but I didn't mind b/c the .75% is better than what i'm currently getting

If you opened an account, you'll need to provide an SSN for tax purposes.

 

[Tiger Fan]

Already have a CapOne360 account. Boo-urns.

savings or checking?

Savings.

it's worth a call to check

 

[Sand]

VA Loan all day, every day.

About to (after three offers that fell through) unload my house with someone that has a VA loan. I fully approve of these loans.

 

[Grahamburn]

General Question:

What amount/percentage is your company matching for your 401k?

 

[acarey50]

My company matches up to 6%.

 

[Sand]

My company matches up to 6%.

Very nice plan. Take full advantage.

 

[acarey50]

My company matches up to 6%.

Very nice plan. Take full advantage.

I definitely do. One thing I must admit is that we get fairly good benefits.

 

[xulf]

General Question:

What amount/percentage is your company matching for your 401k?

My company will put in 4% when putting in 5% (equal match on 3% and then 50% on next 2%). I also get 6% profit sharing (contingent on being employed on 1/1 of the following year)...for a total of 10%.

Completely awesome plan and a huge benefit of working for a small company where the owners want the extra distribution.

 

[rick6668]

Old job 3% if you contribute 5%.

New job 1% if you contribute 4%.

Wish it was more.

 

[FUBAR]

General Question:

What amount/percentage is your company matching for your 401k?

Zero

but they are considering changing that

 

[Random]

My employer matches 50% of what I put in. Up to 4% (to my 8%).

 

[slackjawedyokel]

Yeah it's generally a no brainer to max out up to what employers will match.

 

[ghostguy123]

50% of what I put in, up to 3%.

So if I put in 6%, they match 3%

If I put in 25%, they put in 3%

Seems crappy, but better than most it seems.

 

[xulf]

50% of what I put in, up to 3%.

So if I put in 6%, they match 3%

If I put in 25%, they put in 3%

Seems crappy, but better than most it seems.

403b?

 

[Slapdash]

5% with a 2% contribution at year end.

 

[ghostguy123]

50% of what I put in, up to 3%.

So if I put in 6%, they match 3%

If I put in 25%, they put in 3%

Seems crappy, but better than most it seems.

403b?

yes

 

[wilked]

They match 150% up to 6%, so I get 9%

 

[Steve Tasker]

3% safe harbor regardless of what I put in. If I put in 0%, ER puts in 3%. If I put in 20%, ER puts in 3%.

 

[Tiger Fan]

10% of my salary automatically contributed :flex:

 

[NutterButter]

10% of my salary automatically contributed :flex:

So if you're making 100k hypothetically and you max out your 401k at 18k, they're throwing in another 10k for a total of 28k? Sweet!

 

[Tiger Fan]

10% of my salary automatically contributed :flex:

So if you're making 100k hypothetically and you max out your 401k at 18k, they're throwing in another 10k for a total of 28k? Sweet!

yep. i'm lucky and i know it

 

[Sand]

I get 3% automatically and another 3% 100% match. Not the best out there, but a pretty darn good plan.

 

[tommyGunZ]

My company matches 50% up to 6% (so 3% match), then matches .2% for each additional %, until they max at 4% total. Overall, you have to save 11% to get the full 4% match. Kind of lame.

There is also a 7.5% pension program, so that softens the weak 401k.

 

[ShaqAttaq]

General Question:

What amount/percentage is your company matching for your 401k?

Zero

but they are considering changing that

this, unfortunately

 

[Johnnymac]

I put in 5% they put in 10%

 

[Steve Tasker]

Damn, I thought 3% was pretty decent, all things considered. Guess not.

 

[purplehaze67]

Automatic 4%, regardless of my contribution and 100% match up to 4%.

 

[audiophile]

Straight 50%. 18K contributions + 9K match = $27K max. No match on catch up contributions.

 

[eoMMan]

Damn, I thought 3% was pretty decent, all things considered. Guess not.

It is.

My current employer does not have a 401k plan so I'm on my own with IRAs, regular investments, more towards house, etc. In the past, I had an employer not match anything and then a different employer match 100% up to 4% of salary.

You really need to look at everything (salary, work hours, other benefits, etc.). An employer might have a great match but be low on actual salary (a lot of government jobs are great examples of this).

 

[Dentist]

100% of the first 4%, 50% of the next 2%

So the total match is really just 100% of the first 5% really.

Amounts to about 5-6K i think

 

[Tom Hagen]

Damn, I thought 3% was pretty decent, all things considered. Guess not.

I'm surprised at how generous some of these are also. For the record, we have a SIMPLE so we are capped at 3%.

 

[Gawain]

Damn, I thought 3% was pretty decent, all things considered. Guess not.

I'm surprised at how generous some of these are also. For the record, we have a SIMPLE so we are capped at 3%.

I'm also amazed by some of these plans. 50% no cap, over 100%...I'm in wrong industry.

I get 1.5% over a six year vesting schedule and my wife gets 4% year-end contribution.

 

[xulf]

100% of the first 4%, 50% of the next 2%

So the total match is really just 100% of the first 5% really.

Amounts to about 5-6K i think

Thanks for letting us know how much you make.

 

[Spin]

I get 100% on the first 3%, then 50% on the next 2%, so 4% match on my 5%.

Some of these matches are crazy.. I need to go work there.

 

[Grahamburn]

Thanks for the replies. Straight 10% of my contribution here.

Are most of you saying 100% match of your contribution up to 3% of salary, etc? Great plans.

 

[xulf]

Thanks for the replies. Straight 10% of my contribution here.

Are most of you saying 100% match of your contribution up to 3% of salary, etc? Great plans.

10% of your contribution, in that if you max it out at 18,000 they put in $1,800?

 

[Jackstraw]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

 

[Tiger Fan]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

 

[Binky The Doormat]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

Federal employee?

 

[FUBAR]

Thanks for the replies. Straight 10% of my contribution here.

Are most of you saying 100% match of your contribution up to 3% of salary, etc? Great plans.

They sound good but like others said, you need to look at salary and other benefits.

I'll take my zero match plus other benefits over almost any matching plan (assuming salaries are comparable)

 

[FUBAR]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

 

[Tiger Fan]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

 

[Tiger Fan]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

Federal employee?

oil and gas

 

[NutterButter]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

christ, I'm not sure I'd be saving anything for retirement. At an average of 150k, thats a cool 90k per year. That would do me just fine.

 

[Tiger Fan]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

christ, I'm not sure I'd be saving anything for retirement. At an average of 150k, thats a cool 90k per year. That would do me just fine.

yeah, i'm really lucky...honestly it was a right place right time sort of thing just to get the job.

Wonder why Wilked ever quit

 

[FUBAR]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

christ, I'm not sure I'd be saving anything for retirement. At an average of 150k, thats a cool 90k per year. That would do me just fine.

yeah, i'm really lucky...honestly it was a right place right time sort of thing just to get the job.

Wonder why Wilked ever quit

How many years total do you work to get the 60%?

 

[wilked]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

christ, I'm not sure I'd be saving anything for retirement. At an average of 150k, thats a cool 90k per year. That would do me just fine.

yeah, i'm really lucky...honestly it was a right place right time sort of thing just to get the job.

Wonder why Wilked ever quit

Young and foolish

 

[Tiger Fan]

100% match up to ten percent of my salary.

Crazy good plus pension plan. They take 6% our of my pay and pay an employer contribution.

I'm effectively saving around 30% of my salary.

They're going to have to drag me out of here kicking and screaming.

I get 60% of the average of my last 3 years salary annually til I die. 16 more years.

christ, I'm not sure I'd be saving anything for retirement. At an average of 150k, thats a cool 90k per year. That would do me just fine.

yeah, i'm really lucky...honestly it was a right place right time sort of thing just to get the job.

Wonder why Wilked ever quit

How many years total do you work to get the 60%?

Once I get 80 points Age + years of service with company. I'm eligible at 52, I'm 36 now.....not sure what I'll do at this point...but I'm planning like I'll quit as soon as I'm eligible. For the most part, I genuinely enjoy what I do....and I'm not the type to sit idle we'll see

 

[NutterButter]

How do I get into this whole oil and gas party? It sounds like it pays better than a living wage which is nice. I'm not a big fan of commuting so something close would be nice.