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DAP Forums > DREAM Act > The Lounge

Employer 401K plans

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#1
10-14-2018, 05:21 PM
Senior Member
From South Florida
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ECW
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I just started a new job and my company offers a pretty good 401K match. Any DACA holders enrolled in their company's plan. I still haven't signed up yet, I'm kind of undecided on what to do. In the long term, it's a good plan putting that money aside for the future and then there's the unknown of what's going to happen to DACA or any relief for us. So what ya'll think?
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APPLICATION RECEIVED: 9-19-2012
I-797C RECEIVED: 9-26-2012
BIOMETRICS LETTER RECEIVED: 9-27-2012 for 10-16-2012
Walk-In Done: 10-2-2012
EAD/DACA Approve: 12-7-2012
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#2
10-14-2018, 05:40 PM
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Quote:
Originally Posted by ECW View Post
I just started a new job and my company offers a pretty good 401K match. Any DACA holders enrolled in their company's plan. I still haven't signed up yet, I'm kind of undecided on what to do. In the long term, it's a good plan putting that money aside for the future and then there's the unknown of what's going to happen to DACA or any relief for us. So what ya'll think?
I signed up for my companies 401k the moment I could (~ five years ago). No matter what happens with DACA the money is yours and you will still be able to access it (though if you do it before retirment age, you'll have to pay a fine). If you think that money you are putting aside will be needed if DACA ends without a solution then it might be best not to sign up. If you have a large enough savings already for a backup then that is less of a concern.
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#3
10-14-2018, 05:57 PM
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EMejia
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I signed up for it almost 4 years ago. Do not regret it yet.
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#4
10-14-2018, 07:00 PM
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DreamerSD23
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No reason to not at least get the 401K match, you are leaving money on the table if you don't get at least that.
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#5
10-14-2018, 08:49 PM
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araceli427
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I would totally recommend signing up for the 401k if your company matches it. It's been around 2 months since I opened a 401k account with my company. I have been working with the company for almost 5 years now and I regret not opening an account sooner when I first started working there.
If I had opened the account when I first started then my company would have matched 50%.
Better late than never though so don't make the same mistake as I did.
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#6
10-15-2018, 01:29 AM
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TexasDreamy
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My company matches 4%. Over the last ~4 years that's been like $15K in "free" money towards retirement.
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#7
10-15-2018, 01:02 PM
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No taxes + company match, you can't lose.
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#8
10-16-2018, 01:16 PM
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justgreened
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Sign up. My company doesn't match but my eyes light up every quarter how much money it gains. It's better than money just sitting in the bank.
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#9
10-16-2018, 09:06 PM
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Quote:
Originally Posted by ECW View Post
I just started a new job and my company offers a pretty good 401K match. Any DACA holders enrolled in their company's plan. I still haven't signed up yet, I'm kind of undecided on what to do. In the long term, it's a good plan putting that money aside for the future and then there's the unknown of what's going to happen to DACA or any relief for us. So what ya'll think?
Two options:

1. Max 401k plus max company's contribution

2. Max company's contribution only.

I did #2 because I need more money now and I have more in the ETF and stock than 401k.
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