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Where is my 401k?

Posted By Sam Dyer, Tuesday, October 31, 2017

I don't know about you, but one thing I follow closely is my benefit package and money. I don't mind getting an extra Saturday, or requirement to change scrub colors, or a new EHR system, or a new law regarding opiate prescription regulations. These types of things are just par for the course and part of our jobs, you just have to roll with it. But when someone starts talking about changes to my benefits or compensation package, I bristle. If you follow the news, you know that congress has been batting around the idea of limiting the amount you can contribute to your 401k as part of a tax restructuring plan, and possibly substituting Roth IRAs in its place. This would be exceedingly painful for me personally. I think it is just bad policy. I have this number in mind, and if the 401k deduction goes away, well, that number changes. What can we do about this? I'm not sure how much influence we as PAOS members would have, but I do plan to contact the AAPA to see what their stance is and if they can advocate for this not to happen.

This discussion provides a segue into another issue. I would like to talk about retirement issues at some point. There are many of us who have more working years behind us than in front, and I think it a worthwhile topic to discuss. Do any of you have any thoughts on the matter? I think I will start a forum on it. What topics would you like to discuss? I think financing retirement, long term care insurance, social security and others are all relevant issues. What do you think?

 

 

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Trent Lyman says...
Posted Friday, November 24, 2017
disability insurance if unable to work, does what your employer offer meet your actual needs. Balancing working part-time or per diem as you transition to retirement.
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Elizabeth Spinney says...
Posted Thursday, January 4, 2018
I thought that there already is a max contribution for 401k plans of $18k per year.
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Shane Spurlock says...
Posted Friday, March 30, 2018
Hello all,
This is my first comment on anything as I am a new member. In my previous career I worked with insurance and investments, but I am in no way an expert, however this 401k revision is certainly disturbing, though I don't see why congress wants to mess with it. Whether the money is 401k or Roth IRA, the taxes are not that different, as for percentage. We were always told that no matter what, our first suggestion to our financial clients was to maximize their 401k, no matter what, because any employer match is free money and regardless of tax structure, that free money will always outperform any mutual fund or other product out there. That being said, nothing is guaranteed. Markets collapse, government defaults on guarantees, fund managers steal from their clients and move to the Cayman Islands. Personally, as someone who started saving very late in life, my path is to maximize my 401k but the bulk of my retirement comes in the form of real estate. Whether you buy cheap foreclosure houses, fix them up with sweat equity and develop a rental portfolio or team up with other investors in more grand scale ventures, real estate, when done properly, is the least volatile.
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