I'm looking to start a 401k. I've been with Kroger 3 years, but I'm not sure how long I'll be there. Does Kroger's 401k transfer and how much do they match?
Note: I've done research and I can't find much information on it.
-- Edited by DanielleNicole94 on Monday 30th of October 2017 08:18:03 PM
I also thought about setting up a 401k, until I found out that Kroger no longer matches. Then whats the point. Thank your local union. They fight for benefits for people that will not be with Kroger more than a year or two, and screw over the people that have put many years into this company.
[Click here to start writing your quick reply.]I dont't know but you gotta be full-time too I imagine. Check with a Union Rep from your store for details.
I also thought about setting up a 401k, until I found out that Kroger no longer matches. Then whats the point. Thank your local union. They fight for benefits for people that will not be with Kroger more than a year or two, and screw over the people that have put many years into this company.
For all hourly employees...
Kroger puts money into a pension fund administered through the trust fund. This is not a 401k. This is a traditional plan
You are still able to join a 401k, but because Kroger already puts money into your traditional plan, through the union, this is the reason they do not contribute to the 401k.
Everyone should do both
I worked 40 years as a clerk and just retired. My pension through the union trust fund is $2350 a month
I also have contributed to the 401k since its inception and have about $450,000 in this
I am 60 yrs old. At 62, my Social Security is $1800 a month
I also have $400,000 in my IRA
So.... Stop buying Starbucks, save 15% of your income by putting this in a 401k
Kroger will still pay into your pension plan through the union
I'm looking to start a 401k. I've been with Kroger 3 years, but I'm not sure how long I'll be there. Does Kroger's 401k transfer and how much do they match?
Note: I've done research and I can't find much information on it.
-- Edited by DanielleNicole94 on Monday 30th of October 2017 08:18:03 PM
I'm looking to start a 401k. I've been with Kroger 3 years, but I'm not sure how long I'll be there. Does Kroger's 401k transfer and how much do they match?
Note: I've done research and I can't find much information on it.
-- Edited by DanielleNicole94 on Monday 30th of October 2017 08:18:03 PM
Do a Roth IRA instead. Kroger 401k is junk.
Based on income, tax deferred is better, not to mention my 401k is up 23% YTD!!!!
Since Kroger does not match the only advantage of the 401k over an IRA is higher contribution limits. You can contribute a max of 5,500 annally to an IRA. With a Roth IRA you contribute after tax income and will not be taxed on earnings in the account if you withdrawal at an eligible age. With a traditional IRA you are deferring tax utill you withdrawal the funds and you can declare a deduction on your tax return and W4. If you want a traditional IRA make sure to update your W4 so less tax is withheld. Korger's 401k has setup fees but there are many brokerages that do not charge set up fees for an IRA.
