Wednesday, May 06, 2009

Upping my 401K Contributions

I just decided to up my 401K contributions. The reason I’m doing this is because: I’m going to be ending employment with my company shortly. My division is being purchased by another company. I’m not sure if I’m going to be going to the new company, but either way I will have a new employer since if I don't go to the new company, I'll be laid off.

I hate participating in multiple 401K plans. Also I’m not even sure who my new employer is going to be and they might not have a 401K plan (then again, I might be giving up a great employee match with my future, yet-to-be-determined, employer.

So I just decided to up my contributions to 50% of my salary per paycheck, which is the max my plan allows. If I stay with my company until the mid July, I will put the full $16,500 maximum in for this year. If I get to the end of June. Which is when the sale is supposed to go through, I’ll have put in about $500 less than the max for this year. Not sure what to hope for, but more savings for retirement has to be good!