Quotes About 401(k)

People with 401(k)s need to be very conservative. Picking bottoms should be for insiders and traders.

We had also created 2,500 401(k) millionaires because employees had invested in Honeywell, with 95 percent of them below the executive level and the lowest compensated earning an annual salary of only $43,000.

But, at the end of the day, we need to represent the taxpayers who have made enormous sacrifices. Many have lost their jobs. Many of them have seen their companies - they don't have a pension - they have seen their companies cut the match for their 401(k). They have seen their health care benefits be shredded.

There's a laundry list of reasons why not to borrow from your 401(k). While the money is on loan, it's not working for you - and if you leave your job, you'll have to pay it back in 60 days or treat it as a taxable withdrawal.

But, at the end of the day, we need to represent the taxpayers who have made enormous sacrifices. Many have lost their jobs. Many of them have seen their companies - they don't have a pension - they have seen their companies cut the match for their 401(k). They have seen their health care benefits be shredded.

401(k) industry "the largest dark pool of assets where nobody really knows how or whose hands are getting greased.

And this speaks to the importance of taking advantage of every tax-advantaged investment opportunity that you can. You should maximize your contributions if you've got a 401(k), or a 403(b) if you work for a nonprofit. You should take every opportunity to invest in a tax-deferred way.

In his report, titled The Retirement Savings Drain: The Hidden & Excessive Costs of 401(k)s, he calculated that the average worker will lose $154,794 to 401(k) fees over his lifetime

The average plan administrator charges 1.3% to 1.5% annually (according to the nonpartisan Government Accountability Office). That's $1,300 for every $100,000 just to participate in the 401(k). So when you add this 1.3% for the plan administration to the total mutual fund costs of 3.17%, it

I said it before, but it's worth repeating: most of today's 401(k) plans allow you to simply "check a box," and your contributions will receive the Roth tax treatment. This decision means you pay tax today, but you never pay tax again!

Small business owners that are making a lot of money and want to reduce their taxes today can benefit greatly from the addition of a cash-balance plan on top of their 401(k) plan.

Throughout the Great Recession of 2008, the average 401(k) balance lost anywhere from 25 to 40 percent of value. Nobody was more harmed than baby boomers or recent retirees, who, unlike younger workers, didn't have the time for the market to rebound or were no longer contributing and therefore unable to invest when stocks were cheap.

Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid.

My biggest obligation is to serve the people of this organization, and to serve them well. I serve them with the best benefit packages, whether it's health care, dental or a 401(k) plan. I support them with the tools they need to be the very best they can possibly be.

Take free money. No matter how in debt you are, if your employer offers a matching contribution on a 401(k) or other retirement vehicle, you must sign up and contribute enough to get the maximum company match each year. Think of it as a bonus.

Social Security is a social insurance program - it is not designed to be the same thing as a 401(k).

Social Security is a tax and an insurance program. It's not a 401(k) program.

STEP 1. Save in a 401(k) plan if your employer offers a matching contribution. Contribute enough to qualify for the maximum company match.

If you contribute to a 401(k) up to the point of the match:

Most people are motivated by the economy. And if you've lost your job, lost your mortgage, lost your 401(k), you're angry. And if your brother-in-law has lost one of those you're angry still. And when you're angry you take it out on people who are in office. Which is natural.

That's it: work longer, fix Social Security, save more through 401(k)s, and consider using home equity. These steps are all doable, and they should all seem familiar.

You never cash out a 401(k) or IRA to pay off debt, unless it's to avoid a foreclosure or bankruptcy.