Comments on: Should You Stop Saving for Retirement to Pay Off Debt? http://www.doughroller.net/money-management/stop-saving-retirement-pay-debt/ Money Management and Personal Finance | The Dough Roller Sat, 21 Nov 2009 01:10:27 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: etrade http://www.doughroller.net/money-management/stop-saving-retirement-pay-debt/comment-page-1/#comment-14813 etrade Wed, 02 Sep 2009 13:09:45 +0000 http://www.doughroller.net/?p=3835#comment-14813 My husband and I had been working on a good company for years. Good thing we have some money to pay for our debt while saving for our retirement as well. My husband and I had been working on a good company for years. Good thing we have some money to pay for our debt while saving for our retirement as well.

]]> By: reinkefj http://www.doughroller.net/money-management/stop-saving-retirement-pay-debt/comment-page-1/#comment-12278 reinkefj Thu, 14 May 2009 15:48:37 +0000 http://www.doughroller.net/?p=3835#comment-12278 Disclaimer, I worked on Wall Street but I am not an investment adviser. Nor do I play one on TV. When asked for investment advice, I give people the sure doubling formula, "fold it and put it in your pocket"! One caveat on the 401k match. Almost BEFORE you get into the discussion. Remember Enron! What are the investment options after you take that match? If it's a bunch of choices like S&P500, bonds, or other mutual funds, that's OK. (You may find that there are other warts but that's a different discussion. You can suffer a lot of warts with a good match.) If you are restricted to the company stock like Enron did, then that is a giant RED flag for ALL participants. (ENRON also required one to put all your retirement money in their 401k to participate. And, ENRON had horrendous withdrawal policies that went on even after you left the company.) So, taking the 401K AT ALL should be premised on whether or not it is a GOOD 401k or a BAD Enron like one. (In chatting with family and friends, there are more Enron-like ones out there than you would suspect.) Just my not so humble opinion. fjohn Disclaimer, I worked on Wall Street but I am not an investment adviser. Nor do I play one on TV. When asked for investment advice, I give people the sure doubling formula, “fold it and put it in your pocket”!

One caveat on the 401k match. Almost BEFORE you get into the discussion. Remember Enron! What are the investment options after you take that match? If it’s a bunch of choices like S&P500, bonds, or other mutual funds, that’s OK. (You may find that there are other warts but that’s a different discussion. You can suffer a lot of warts with a good match.) If you are restricted to the company stock like Enron did, then that is a giant RED flag for ALL participants. (ENRON also required one to put all your retirement money in their 401k to participate. And, ENRON had horrendous withdrawal policies that went on even after you left the company.)

So, taking the 401K AT ALL should be premised on whether or not it is a GOOD 401k or a BAD Enron like one. (In chatting with family and friends, there are more Enron-like ones out there than you would suspect.)

Just my not so humble opinion.
fjohn

]]> By: SavingDiva http://www.doughroller.net/money-management/stop-saving-retirement-pay-debt/comment-page-1/#comment-12277 SavingDiva Thu, 14 May 2009 14:34:17 +0000 http://www.doughroller.net/?p=3835#comment-12277 I paid off my debt while saving for retirement. My former employer offered an amazing match, so I took full advantage of it while I was working...when my debt was paid off I increased my retirement savings. I paid off my debt while saving for retirement. My former employer offered an amazing match, so I took full advantage of it while I was working…when my debt was paid off I increased my retirement savings.

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