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LibDemAlways

(15,139 posts)

17. I stand corrected. I have nothing against

Tue Jul 1, 2014, 01:46 AM

Jul 2014

putting money into a 401K. What i don't appreciate is being auomatically enrolled unless I go to the trouble of opting out, and some of these outfits make opting out unnecessarily difficult. Other employee benefits require that the employee opt in. A 401K should be no different.

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"Automatic" 401K enrollment & deductions [View all] BuelahWitch Jun 2014 OP

Ooh, they might invest in things you object to on religious grounds. MohRokTah Jun 2014 #1

Hm, that's an idea BuelahWitch Jun 2014 #2

"Most of all I object to them taking money out of my check" - TBF Jul 2014 #43

I think it's more like paying your Wall Street dues. n/t mattclearing Jul 2014 #27

Or, like every Fidelity account, they don't invest in anything... brooklynite Jul 2014 #80

Before you do that Demobrat Jun 2014 #3

Nope, no match BuelahWitch Jun 2014 #4

Well it still can't hurt to save for retirement when you have the chance. Demobrat Jun 2014 #5

Actually, It really can quakerboy Jul 2014 #24

or you roll it over into an IRA Travis_0004 Jul 2014 #29

no - the account can be rolled-over to an IRA - with another financial institution if DrDan Jul 2014 #31

And it stays tax sheltered when you roll it over into an IRA eallen Jul 2014 #64

Lots of companies have moved to passive enrollment abbeyco Jul 2014 #6

My husband started with a new company LibDemAlways Jul 2014 #7

I know they passed the law back in 2006 BuelahWitch Jul 2014 #8

Oh, for crying out loud A HERETIC I AM Jul 2014 #11

Since the job isn't supposed to last long, I would definitely question being "automatically enrolled MiniMe Jul 2014 #14

401(k)'s are portable. A HERETIC I AM Jul 2014 #15

Painless for you, maybe BuelahWitch Jul 2014 #21

So....the difference between $100 and $97 is a deal breaker for you? Is that it? A HERETIC I AM Jul 2014 #50

So you worked for the Wall Street Casino? BuelahWitch Jul 2014 #58

See? Right there. That bullshit response is exactly what I expected. A HERETIC I AM Jul 2014 #61

I give back what I get BuelahWitch Jul 2014 #73

Everything you say is true; however, on principle I would argue against compulsory association. Nuclear Unicorn Jul 2014 #33

As Skittles said in post #19 below.... A HERETIC I AM Jul 2014 #54

It's hard to argue with you when everything you say is true. Nuclear Unicorn Jul 2014 #60

You have to opt out of many things Lurker Deluxe Jul 2014 #66

Are you sure about that? quakerboy Jul 2014 #25

her contributions are 100 hers Travis_0004 Jul 2014 #30

employer contributions may or may not be "yours" based on the vesting requirments DrDan Jul 2014 #34

This message was self-deleted by its author A HERETIC I AM Jul 2014 #37

oops - meant employer contributions - will change it DrDan Jul 2014 #39

Fair enough. n/t A HERETIC I AM Jul 2014 #40

Yes I am quite sure. A HERETIC I AM Jul 2014 #38

Most people go with the default option mythology Jul 2014 #9

401k vadermike Jul 2014 #10

I understand that. I would still like to make my own decision BuelahWitch Jul 2014 #12

No one shoud be put in the position of having LibDemAlways Jul 2014 #13

No, it's not. A HERETIC I AM Jul 2014 #16

I stand corrected. I have nothing against LibDemAlways Jul 2014 #17

they tried that and it did not work Skittles Jul 2014 #19

Indeed, the US Department of Labor even encourages automatic enrollment plans... PoliticAverse Jul 2014 #26

they could be taking cues from Australia Skittles Jul 2014 #28

Automatic enrollment isn't designed to benefit people who aren't saving for retirement. Gormy Cuss Jul 2014 #47

I'm not an idiot Skittles Jul 2014 #69

I don't believe that I called you an idiot. Gormy Cuss Jul 2014 #70

Thank you! n/t BuelahWitch Jul 2014 #74

BuelahWitch, find out what the company match is Skittles Jul 2014 #18

There is no company match BuelahWitch Jul 2014 #20

why all the outrage? This is not uncommon - simply opt-out. DrDan Jul 2014 #22

This is DU, it runs on outrage n/t BuelahWitch Jul 2014 #42

well . . . you have a good point there DrDan Jul 2014 #53

Yes many companies do that, but a lot of companies do not. They should NOT automatically enroll you lostincalifornia Jul 2014 #52

I really have no problem with it . . . DrDan Jul 2014 #56

I was surprised it was legal too BuelahWitch Jul 2014 #57

My employer madville Jul 2014 #23

5% is a nice match. badtoworse Jul 2014 #46

The match was put tree when the pension was reduced madville Jul 2014 #65

Is there an employer match? Don't opt out until you know. badtoworse Jul 2014 #32

apparently there is no match, per posts above, however, there are still tax advantages DrDan Jul 2014 #35

You don't need to sell me on 401k's. I'm a big believer badtoworse Jul 2014 #44

You have to sign a statement officially opting out HockeyMom Jul 2014 #36

Never had to do this BuelahWitch Jul 2014 #41

Just out curiosity, how are you set up for retirement? badtoworse Jul 2014 #45

I know how much this sucks tech3149 Jul 2014 #48

Yeah, too bad you don't have a pension (lol) cbdo2007 Jul 2014 #49

Actually I do have a pension BuelahWitch Jul 2014 #59

Hope it remains fully funded Lurker Deluxe Jul 2014 #67

Frankly, I don't know that I'll live to see any of it BuelahWitch Jul 2014 #75

A lot of companies do that, and it is not right. I am surprised that practice is legal. Yes, you lostincalifornia Jul 2014 #51

I did, first thing this morning. BuelahWitch Jul 2014 #55

Actually, the reason they do "Automatic" nowadays is because a lot of people that could benefit from Xyzse Jul 2014 #62

Translation: Saving for retirement sucks because I need to buy some Big Gulps and Chalupas today. FSogol Jul 2014 #63

No, translation: thirty dollars a paycheck buys me gas for my old car and some groceries BuelahWitch Jul 2014 #72

$30 a paycheck just might save your ass when you get old. It also reduces your tax burden. FSogol Jul 2014 #76

Apples and oranges BuelahWitch Jul 2014 #78

Agree. n/t lumberjack_jeff Jul 2014 #77

been there. at my call center job, I had to opt out of an automatic 401k magical thyme Jul 2014 #68

That's terrible BuelahWitch Jul 2014 #71

Thanks to those who were nice to me even if you disagreed with my post BuelahWitch Jul 2014 #79