Just on the main thread. I have media set to show on kbin so it's more like a reddit experience and I don't have to open images like you. Unfortunately that means video files load and autoplay. It would be better if video media was loaded as a thumbnail if they cant put a script on them to prevent it.
If you have any debt (credit cards, auto, student loans), I would pay that off before adding more than the 12% to retirement.
If you are debt free and have some short-term savings, I would contribute to a Roth IRA before adding to the 401k. At a mid 5 figure income level, the tax savings from the 401k aren’t that impressive. Meanwhile, the IRA gives you some flexibility to draw funds for a first time home purchase, major medical expense, or potentially the option to withdraw prior contributions without penalty. You then have the flexibility to invest according to your knowledge and risk tolerance.
I would probably only choose the 401k if the tax reduction was meaningful and I earned too much for a traditional IRA (those 2 things typically coincide). Another possibility is if your company has a good ESPP program, ideally one that allows you to sell shares immediately after they are purchased (no minimum holding period). If there is a holding period (my employer requires 1 year), you have to think very hard about how much risk you are taking on during that time.
Does your 401k allow you to invest in individual stocks? Does it let you invest in an index fund that matches your investment interests?(like one for just tech companies, or just solar companies, etc).
If you’re able to invest from within the 401k, do it. You’ll get tax benefits.
In terms of general advice though, I’d lean on the 401k here and invest in large index funds (total market, or at least tracking the SP500, or target date funds). This assumes you already have a fully funded emergency fund though.
12% even if you don’t put any in should set off alarm bells.
Like, who is managing that 401k? Is it related to someone running your company?
How’s the salary compared to similar jobs? Are you making 15% less and that’s where it’s coming from?
What is mid 5 digits? 50k? That means you’d be making 56k if you got it all in pay.
It’s not a bad wage, but something crazy like 12% 401k no matter what is usually for stuff at least twice your salary for tax reasons.
I get not wanting to put details online, but you should find a coworker who’s been there a long time and ask about what’s going on. If no one’s been there more than a few years, that’s another huge red flag
Most likely this is a category of 401k (or IRA) called a SEP IRA. It works to the company's tax advantage and they have the ability to force it on all employees. All employees is a requirement of this. I don't have a ton of knowledge about this, but about a decade ago I dug in to it because my wife's company did this to us at a time we really needed more flexibility on what she was contributing. I don't remember the nuances, but sadly I found it out that (at least at the time) while it seems sketchy as hell, it was legal if the company met all the requirements/followed all the rules to do this.
Also OP, what year was your house built? Assuming you’re in the US if it was built in the 70s or 80s that could be aluminum wire, which you absolutely should not connect to anything that is copper due to fire hazard. The aluminum and copper together cause corrosion which makes the wires not make good electrical contact and thus it heats up and causes a fire.
Please just replace the wire and don’t try to use it.
Edit: just saw your edit. Yeah, it was aluminum, glad you’re replacing it.
I just finished running the new wire. I really lucked out. My step dad has a 50’ fishing tape and a 10’ endoscope that I was able to borrow. I got a new 10/2 wire pushed through fine. I called whirlpool for the specifications and they said the dryer needs 30 amps and will work with 10/2 or 10/3 wire. I was gonna go for the 10/3 but both lowes and Home Depot were sold out so I went with the 10/2. Got a 25’ roll and it used most of it. Maybe a foot of slack
Awesome!! Glad to hear it. As long as the dryer doesn’t need the 4th wire for 120v separate from the 240v you should be fine. Hopefully whirlpool didn’t tell you the wrong thing. Kinda stinks for future upgradability though in case you wanted to get a dryer down the line that requires the 3rd conductor.
Since you went with 10/2 for a 240v outlet that means your cable will have two hots and a single ground. But the cable you bought will have a black, white and bare/green wire. Make sure that you wrap both ends of the white conductor with red electrical tape to indicate that it is also a hot wire. White normally indicates a neutral, but since you won’t have a neutral wire in this cable, it’s important to mark it. Otherwise someone else may work on this outlet in the future, see a white wire, assume it’s a neutral, wire something up with it as a neutral, and give themselves a pretty bad shock.
Yup, I already have the electrical tape to mark it. Though I was told I could mark it red or black and both are universal markings for hot wire. Is that wrong? It doesn’t matter here because I have red tape but for future reference it would be good to know
im just surprised that there weren't any checks that could have prevented an unknowing customer from exposing their devices. Nothing on the fiber modem was labeled, so im kinda worried how many things could be potentially exposed
I’m an electrician. It is too late but for future reference all new work must be done up to code. An electric dryer requires 10/3 on a 30A breaker that is listed for the panel.
While this is not code compliant, 10/2 will still work but requires you to install the jumper from the neutral to the ground inside the dryer itself.
Ya, I know I need to jump the ground when wiring to power cable for the dryer. I was going to do 10/3 since I had the money for it, but lowes and Home Depot were both sold out when I went to pick it up. Whirlpool told me 10/2 would work so I just went with that in the effort of saving time. New dryer is delivered Tuesday so I want the wiring done before then. The 30a double pole breaker was easy though. Probably the least questionable part of this process
Employers are limited in paying into 401ks for highly compensated employees, and are required to have a certain percentage of their normal employees putting money in if they want to go hog for their execs. That's why many give matches, to incentivize folks to contribute so that they can then funnel more to the C-suite.
Your coworker is right that the lack of match makes the 401k less appealing. That said, it's still the stock market, but you may have severely limited options.
You'll want to do what you're required to do, but then you should look into a ROTH IRA, which will give you a lot more control over that extra 5%.
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