Estes | 401k information?
- Thread starter dokman
- Start date
They match up to 7%,
steercrazee
TB Veteran
- Credits
- 506
A lot of drivers that have been with Estes for a lot of years have taking a beating on their 401 k. The market has not been good
- Credits
- 500
They match 50% of up to 7%. If you contribute 4% they put in 2%. If you put in 7% they put in 3.5%.
They do offer a Roth option.
Thanks
Thanks
Market goes up and down, long term you are okay. Best thing to have for young workers, SS may be reduced or changed drastically in 30 years.
Songremainsthesame
TB Legend
- Credits
- 352
I have no faith that Social Security will be there for me… which pisses me the **** off because of all the money I’ve been taxed for it…
steercrazee
TB Veteran
- Credits
- 506
Same here. I feel like the govt has stolen from us. That should have been secured and not touched but the govt took a little here and a little there and now it may totally dissolve one day.
Songremainsthesame
TB Legend
- Credits
- 352
I don’t think there’s any maybe about it…it’s turned into the CSPF before the bailout…
And George Bush got scorched when he wanted to privatize social security.
Stress Inducer
TB Lurker
- Credits
- 83
They stole & pissed all of that away the 1st year Lyndon Johnson decided to lump SS into the general fund in 1964 to build his great welfare state. Its been pay as they go ever since. They saw billions of dollars laying there and could not keep there filthy hands off of it !! Criminals have ruled over us for way to long !!!!
Songremainsthesame
TB Legend
- Credits
- 352
Of course they did, it it were privatized then the government would lose control over their personal piggy bank… can’t have that…
Not exactly. They put in 50% of what you put in per wk. up to 7% OF YOUR INCOME for that wk.
Stress Inducer
TB Lurker
- Credits
- 83
So, if you put in 7% of $2500 a week = $175 they will put in 7% of $1250 = $87.50? For a total of $262.50 am I right?
If you put in 3% of $2500 = $75 they will put in 3% of $1250 = $37.50 - Total = $112.50 and so on? Is that the way it works?
- Credits
- 500
That’s what I said
I don’t think anybody expected them to match money that wasn’t your income.
- Credits
- 500
There are different ways to get to those numbers but yes that is correct.
7% of $2500 = $175
7% of $1250 = $87.5
3.5% of 2500 = $87.5
Whichever way you prefer the outcome is the same.
Yes and no. I wrote a detailed example about it once but can't find it. Forget about the 3.5 percent. That has nothing to do with anything.
Your examples came up with the right answer but the 2nd one was figured wrong up to the 3% part you said they put in. Your 2nd one should be figured like this.
2500×3%=75$
They put in 50% of 75=37.50 and then..
75+37.50=112.50.
Forget about multiplying 7%×50%.
That has nothing to do with anything. Everybody wants to do that's. It's like apples and oranges. That's why it's confusing.
Your gross income for that wk. × the % you put in. Then, they put in half of that for a max of 7% of your income that wk. Then add the two. That's what goes in you 401k. FYI, they don't match the Roth 401.
The outcome is not always the same past a certain point. 3.5% is irrelevant and has nothing to do with anything. Get 3.5% out of you mind.
- Credits
- 500
They don’t match anything past 7% so yes the match (their contribution) does max out at 3.5%. If you put in 20% Estes puts in 3.5%, which is half of 7%. You must have went to school in the common core era.
They do match if you choose the Roth option, but the match is not “rothed”. It goes into a traditional 401k. Your roth contributions are taxed going in but won’t be coming out. The company’s contributions are treated as a traditional 401k contributions and will be taxed when you draw them out.