Hello, I worked for Microsoft for 6 1/2 years already and this year, they gave me another 600 of stock share, last year was 400.. I am practically new to USA and work pretty much with MS. At first, I really dont care about stocks at all and I feel embarrased to ask from my officemate. Now, I am thinking of getting 401k through my company, and they told me that they will match it 100%. I guess my question is, what is really stocks for? I have a little knowledge about 401K, but maybe lots of people here are more experienced. I am 27 and single female.
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March 19th, 2010 at 9:37 am
Put as much money into your 401k as they will match. Its free money. If you put $50 a week into your retirement account, they will give you another $50. You can’t beat that. There is a limit on how much money they will match so you need to check. Your retirement money needs to be in several mutual funds, not Microsoft stock. A lot of people lost all of their retirement money when Enron and many other large stable looking businesses collapsed.
March 19th, 2010 at 10:13 am
Hey, swallow your pride and go to the personel department. They should be able to explain to you everything about the 401K scheme and what it means to you. MS may also give you access to a Financial Advisor. If not go and talk to someone who is recommended to you.
Not knowing about all this stuff is totally understandable and forgiveable as it is not taught anywhere. Not asking about it to the right people (people who can take the time to understand your personal and individual circumstances) is not forgiveable. This is a good forum to get a steer from but you’ll need to spend a good amount of time with a professional to get a grasp on what you have, where you are going and where you want to be and when.
Good luck.
March 19th, 2010 at 10:20 am
A 401k plan is an investment plan. The money is taken out before taxes, so it can actually increase your take home pay a little if you invest, which is a win/win. You can access the money you invest (and what it earns) without penalty when you are 59 1/2 years old. If you start investing now, you could retire before you’re 60!
For a very detailed, clear and easy to read explanation of 401ks, check out this page my coworker wrote:
http://www. mahalo. com/How_to_Manage_a_401%28k%29