Originally Posted by
AirbusRetard
I hear that some captains don't even contribute today to their 401k!!!! Along with new hires being to broke...
So negotiating even a 9 percent dc isn't as easy as it seems.
Anything less then 16 dc is a NO vote for me. Been at a 121 for a decade and the 50 grand in my 401k won't do much good. Speaking off, any way to roll that into my Roth so I can get some "compounding interest"?
When I was new hire, that first year I managed to put 18,000k into the Roth 401k. and then put 5,500 of the remaining 7,000 takehome into my own personal Roth IRA. But the company match was nowhere near 18,000. as 9% of 25,000 is only 2,250.
As far as your own 401k, you can't do anything with Spirit's 401k until you leave. But any other 401k from any other previous employer you can rollover into your own personal IRA / Roth IRA. If you don't switch it, i.e. 401k to a conventional IRA - Roth 401k to a Roth IRA, there should be no tax penalty as you're not touching the money. But going from 401k to Roth IRA, you'll have to pay taxes on the 401k and if you make too much money, you can't rollover to a Roth. it's best to do that while you're not making very much money, i.e. first year FO pay.
But even if you don't roll it over into your own Personal Roth or personal IRA, you should still be getting compounding interest leaving it in your old employer's 401k. You just have to keep track of where all of your retirement assets are.