Archived 401k worth it?

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It's written down there in all that paperwork they give you, and also online.
 
Saul Goodman said:
I just recently started it even though I don't plan on being at target a long time from now. But I do wish I started it back when I first started about 4 years ago.

I had no clue about it and certainly that target doesn't match 5%. It would be a nice thing for them to tell you during the hiring process
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I think you get a packet in the mail when you become eligible and that explains it pretty well.
 
Saul Goodman said:
I just recently started it even though I don't plan on being at target a long time from now. But I do wish I started it back when I first started about 4 years ago.

I had no clue about it and certainly that target doesn't match 5%. It would be a nice thing for them to tell you during the hiring process
Click to expand...

It's in the orientation paperwork that most people gloss over.
 
HRZone said:
It's in the orientation paperwork that most people gloss over.
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Probably "glossed over" more often by people at the beginning of their work years. People tend to focus on that stuff the closer they get to retirement. Unfortunately, that's too late for most people. @pinktea, you are smart to inquire about this now. Never too early to save, but often too late for most people to make much of a difference to their retirement savings.
 
You don't need to worry about it because (as said earlier) when you're eligible you'll receive a package explaining all about it.
 
When do you become eligible for a 401k loan? Do you have to have a minimum amount saved in your 401k first?
 
Planosss said:
When do you become eligible for a 401k loan? Do you have to have a minimum amount saved in your 401k first?
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From targetpayandbenefits.com:
Who is eligible?
You are eligible to participate in the TGT 401(k) after you
meet the following requirements:
• You are classified by Target as an employee; and
• You are age 21 or older; and
• You complete and have been paid for 1,000 or more
hours of employment; however, if you have one full
calendar year in which you have no hours of employment
and if you previously did not complete at least 1,000
hours of employment, then you must complete 1,000
hours of employment during any subsequent period of
employment without having another full calendar year in
which you have no hours of employment.

Once you are eligible you are automatically enrolled at a 5% (the maximum match) contribution, though you will definitely want to go in and change the distribution. There is no real incentive to get Target stock, and you would generally be advised against getting it at all. The managed funds should be fine for most people. Make sure you change the company match to your preferred fund otherwise I believe it defaults entirely to company stock.
 
It's automatic? Are you sure?

I don't remember it being automatic. It seems like I had to sign something orrrr something.
 
For sure, but is it automatic?

Imma find out tomorrow...
 
Hardlinesmaster said:
You complete and have been paid for 1,000 or more
hours of employment; however, if you have one full
calendar year in which you have no hours of employment
and if you previously did not complete at least 1,000
hours of employment, then you must complete 1,000
hours of employment during any subsequent period of
employment without having another full calendar year in
which you have no hours of employment.
Click to expand...
Sweet! As long as I'm reading that right, that means I don't have to wait to start contributing to my fund again!

As for the OP, I'll add that when I left Target I just let my 401k sit right where it was and I didn't have to do anything to it.
 
There is never too early to start saving...but there is TOO LATE.

You have 2 options:
1. Start investing your paycheck into the Target 401k. On the event you leave Target, you will roll your 401k over to another eligible account. Never take the payout.
2. Draft funds from your paycheck to go into a bank/credit union IRA.

I would got with the 401k for the matching benefit.
 
401K with matching I think its the first %5 is a smoking deal. I also think its vested so you keep that matching money when you leave. That is a huge plus.. It's free money - take it!
 
Hardlinesmaster said:
From targetpayandbenefits.com:
Who is eligible?
You are eligible to participate in the TGT 401(k) after you
meet the following requirements:
• You are classified by Target as an employee; and
• You are age 21 or older; and
• You complete and have been paid for 1,000 or more
hours of employment; however, if you have one full
calendar year in which you have no hours of employment
and if you previously did not complete at least 1,000
hours of employment, then you must complete 1,000
hours of employment during any subsequent period of
employment without having another full calendar year in
which you have no hours of employment.

Once you are eligible you are automatically enrolled at a 5% (the maximum match) contribution, though you will definitely want to go in and change the distribution. There is no real incentive to get Target stock, and you would generally be advised against getting it at all. The managed funds should be fine for most people. Make sure you change the company match to your preferred fund otherwise I believe it defaults entirely to company stock.
Click to expand...

By the way guys, the age is now 18 years or older. All but 1 or 2 documents say 21 or older but it’s actually 18 or older. I prepared the investments before the 1,000 hours of employment and it automatically started deducting from my paycheck after the pay period passing 1,000 hours of work. I’m still under 21 years of age but preparing for the future.
 
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JohnSith373 said:
By the way guys, the age is now 18 years or older. All but 1 or 2 documents say 21 or older but it’s actually 18 or older. I prepared the investments before the 1,000 hours of employment and it automatically started deducting from my paycheck after the pay period passing 1,000 hours of work. I’m still under 21 years of age but preparing for the future.
Click to expand...
You are correct. The policy changed recently.
From targetpayandbenefits:
 
pinktea said:
So I'm 27, going on 28. I've been working part-time since I was 19, but never thought about saving for retirement until recently. Now that I'm back with Spot, I'm wondering if it makes sense to set up a 401k. I've graduated college without debt, and now I'm working on my "life".

Here's the catch though...I don't think I'll be with Spot very long (a year or less), and I might not stay in the States after that. I'm thinking of studying abroad for a few years. Eventually I do see myself back in the States for the long-term, but for the next 2-5 years, I have no idea.

So with that in mind, knowing that there will likely be a gap in my employment, does it make sense to start a 401k, or would I just lose it/be penalized when I stop working in the States for a little while? I'm not sure how it all works; I'm still young and I haven't thought much about this before, lol.
Click to expand...

Its free money if you do up to 10% they match what you put it. Now there is stipulations on getting that matched funds but its always worth it as its investing in your future.
 
Spot only matches 5%.

Unless I'm wrong? I hope I am!
 
Ikm So I just checked out my 401k after being let go last month and it seems to still be growing. What sucks is money' really tight so I was thinking about just taking it out. Then I noticed I have stocks aswell. The stocks are tied up to my 401k correct? I couldn' take the my money and leave my stocks could i?
 
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