Archived Who Has A Target 401K Enrollment Plan?

[Kartman]

I just received the forms to sign up for Spot's 410k plan.

How many of you are signed up? Are you happy with it? Any complaints?

I'm on the fence, but it seems like s good idea to me.

Thoughts?

 

[sigma7]

If you have the option of enrolling in a 401k I highly recommend you do it. It's never too early to start saving for retirement. You might have to do some research on what is the best option and strategy for you, but saving and investing is usually a smart move. You contribute what you want from your paycheck and Target will match dollar for dollar up to 5% of your pay. I didn't enroll for several years because I kept thinking I wouldn't be here much longer. Well let me just say that I would love to have 6-7 years of my 401k contributions growing versus the 14-15 months I currently have. Wish I would've enrolled the minute I had the chance.

 

[RedMan]

It's free money from Target since they will match up to 5% of your investment. I invest in Target stock but there are other options.

 

[Hardlinesmaster]

Go for it! It's a pay raise for retirement!

 

[Kartman]

I'm liking the free money part.

 

[tgtguy]

I started putting money in the tgt 401k a year after I started...so I have been in it for about 17 and a half years. I highly recommend taking advantage of the 401k, you will be surprised at how it adds up over time. Plus, like others have said Spot will match up to 5% of what you contribute. Just keep in mind that 401 ks ride the Stock Market so there can and will be ups and downs. However, the risk is worth it in the long run.

 

[Kartman]

I just signed up, it was easy! Because I don't know squat about all of this, I chose the option that lets them decide how to spread it around.

Good idea? Bad?

 

[tgtguy]

I just signed up, it was easy! Because I don't know squat about all of this, I chose the option that lets them decide how to spread it around.

Good idea? Bad?

I think that's the best thing to do....that's what I do as well.

 

[Amaazingdude]

I just signed up, it was easy! Because I don't know squat about all of this, I chose the option that lets them decide how to spread it around.

Good idea? Bad?

Very good idea. They only take us like .40 cents a month....I make over $200 a month in interest.

 

[Kartman]

HuH??? 40 cents? $200 interest?
Derp?

 

[APredux]

I definitely recommend contributing at least 5% of your pay so you get Target's match, that's basically free money. Personally I contribute 20% but I hope to increase that in the future once I get some debts paid off. I want to be able to retire at 55, not be working well into my 60's. And investing in this 401k is one way to make sure I reach my retirement goals. The fund fees are very low. Just make sure you are 1) Diversified (when in doubt, invest entirely in one of the retirement date funds (the ones with a year, like 2045 or 2050)), and 2) Don't take the money out just because the market drops. It will go back up. It might seem like a roller coaster ride, but it always trends upwards over time!

 

[Kartman]

20%? Holy sheepshit!

 

[POGguy]

I wish I could put in 20%.....

I suggest anyone that can put at least 5% in so you get the 5% match from spot. That's like a extra pay raise. Actually better raise than you'll get on a review.

 

[redeye58]

^This.
I put in 5% & spot matches it.
It's a small amt that I haven't missed over the yrs & it's piled up quite nicely; about the only perk that's kept up.

 

[sigma7]

I put in 11% right now, increasing by 2% each year until I hit 15%. I also direct deposit 30% of my pay straight into savings. I've got to save up for tuition, fees, and textbooks each semester.

 

[Kartman]

You must still be living with your parents?

 

[sigma7]

Nope. I do live with family, but not my parents. I want to move out, but why pay more bills than I have to while I'm trying to finish school? There are cheap places to live around here, but they're the kind of places where you sleep with one eye open. I'm not about that life. So basically I'm saving a lot of money and already have a sizable nest egg for when I'm done with school and find a job in my career field. Although, now I'm planning on joining the military, so I figure I'll just keep saving while I'm in.

I've always been a saver though. I also don't buy anything I can't afford. I pay off my credit card at the end of each month. I budget out my expenses each month. I give myself a spending limit each month and each week. I always know how much money I actually have (bills coming out soon, other payments etc.) versus what is in my bank account. This is why I have money to go on trips and buy the things I want and need. Sure, not fully paying rent and utilities frees up a lot of my income, but I'm living off 59% of my pay. I consider that 30% going into savings to be a bill that I pay each paycheck for my future.

 

[Jill of All Trades]

The one thing I would recommend is to invest target's matching portion in something other than the default, which is target stock.

 

[IHeartCarts]

Highly recommend at least 5% to get the match. Also if you're a bit of a spender like myself it's a way to save something so you never go broke.

 

[Hardlinesmaster]

I pay a total of 7% on top of the 5% from spot.

 

[APredux]

The one thing I would recommend is to invest target's matching portion in something other than the default, which is target stock.

Great point Jill! I changed it so Target's match is invested the same as the rest of my 401k. I don't invest any money specifically into Target's stock. Diversification is important, and putting a huge chunk of your 401k into Target's stock is the opposite of that.

 

[POGguy]

How do you go about changing it? I can't seem to find where to do it.

 

[Hardlinesmaster]

Under targetpayandbenefits.com, go under finance tab. You are given info on how to change with your quarterly statements too.

 

[livetocry]

absolutely do it. the sooner the better!

 

[WinterRose]

I used to work for a company where I had set up a 401k with but I'm not with that company anymore. I was thinking of opening one with Target. My question is, the old one is asking me if I want to withdraw the money I invested in the 401k or should I rollover to another one. I was thinking of withdrawing and then set up a new one with Target. If I withdraw, I can still set up a new one with Target, right? I know there are penalties but not sure what those penalties will be. Any advice would be greatly appreciated.