401 k doubt

[Konebhar6]

49 minutes ago, vatchesa said:

Vesting period 3 years, nuvu 2 years company vodilesina, if you leave the funds for one more year,, avi vested avutayi at the end of 3rd year even though you are not employed with the same company. Atleast that was told from my side of previous employers. 

Wrong information bhayya. Once you leave the company, account is settled at that time. You wont get anything more from employer side. Anytime you look into your 401k most vendors clearly show Vested and unvested amounts. If you leave the company unvested amount never becomes yours's. 

[Konebhar6]

1 hour ago, LakshmiParvathii said:

401k ki employer contribution vuntunda or individual contribution add cheyacha

Depends on whether your employer offers 401k. Some employers do a match upto 5-6% and some employers do profit sharing. 

401k Matching -> They will match your contributions to 401k upto 5-6% of your salary. How much % depends on the employer

Profit sharing -> Whether you contribute or not, some employers deposit some % of your salary into 401k.

If you do not have 401k, you can contribute to Traditional IRA and of course ROTH IRA.

[Pandubabu]

2 hours ago, JANASENA said:

nenu 2019-2021 oka comp lo job chesa aa 401 k account - Vanguard. (16k balance)

2021-2022 inkoka comp lo job chesa aa 401 k account - Fidelity.(6k balance)

My current employer's 401k account - Empower.

Question 1: Can I transfer the above 2 accounts (Vanguard & Fidelity) into Empower account so I can have all at one place? 

Thank you all in advance.

Yes

[Sonu_Patel]

2 hours ago, JANASENA said:

nenu 2019-2021 oka comp lo job chesa aa 401 k account - Vanguard. (16k balance)

2021-2022 inkoka comp lo job chesa aa 401 k account - Fidelity.(6k balance)

My current employer's 401k account - Empower.

Question 1: Can I transfer the above 2 accounts (Vanguard & Fidelity) into Empower account so I can have all at one place? 

Thank you all in advance.

anna... Motham IRA loki transfer chei $JNUG and $DRIP lanti stock koni mingu anna. 

[anandam2012]

2 hours ago, JANASENA said:

nenu 2019-2021 oka comp lo job chesa aa 401 k account - Vanguard. (16k balance)

2021-2022 inkoka comp lo job chesa aa 401 k account - Fidelity.(6k balance)

My current employer's 401k account - Empower.

Question 1: Can I transfer the above 2 accounts (Vanguard & Fidelity) into Empower account so I can have all at one place? 

Thank you all in advance.

best thing is to rollover that money to rollover IRA account...Don't move that money to current employer 401K account

[capitalist]

2 hours ago, JANASENA said:

nenu 2019-2021 oka comp lo job chesa aa 401 k account - Vanguard. (16k balance)

2021-2022 inkoka comp lo job chesa aa 401 k account - Fidelity.(6k balance)

My current employer's 401k account - Empower.

Question 1: Can I transfer the above 2 accounts (Vanguard & Fidelity) into Empower account so I can have all at one place? 

Thank you all in advance.

Yes, call your old 401k providers and ask for a Rollover into new 401K, they will send you a check or sometimes they send directly to Empower

[LakshmiParvathii]

28 minutes ago, Konebhar6 said:

Depends on whether your employer offers 401k. Some employers do a match upto 5-6% and some employers do profit sharing. 

401k Matching -> They will match your contributions to 401k upto 5-6% of your salary. How much % depends on the employer

Profit sharing -> Whether you contribute or not, some employers deposit some % of your salary into 401k.

If you do not have 401k, you can contribute to Traditional IRA and of course ROTH IRA.

company provides a matching contribution of 100 % of the first 3 % deferred ante entha istaru anna

[LungiLingaraju]

1 hour ago, LakshmiParvathii said:

401k ki employer contribution vuntunda or individual contribution add cheyacha

Both uncle … usually you can contribute irs limit this year I think it is 20,500… employer contributes 3-5% of your salary(Idi pakka kaadu they may or may not)

[LakshmiParvathii]

5 minutes ago, LungiLingaraju said:

Both uncle … usually you can contribute irs limit this year I think it is 20,500… employer contributes 3-5% of your salary(Idi pakka kaadu they may or may not)

Uncle 120k Salary ki 5% employer contribution ante employer 6k amount 401k lo vestada ?

6k deducted from 120 k or not dedected from annaul salary ?

[Konebhar6]

51 minutes ago, LakshmiParvathii said:

company provides a matching contribution of 100 % of the first 3 % deferred ante entha istaru anna

For simplicity sake, if your salary is 100k, if they do 3% match, it means if you contribute at least $3000 into your 401k, company will contribute $3000 into your 401k. If you contribute $2000, company will match only $2000. If the vesting period is 3 yrs. It means company will contribute $3000 each year and it will be yours only after year 3. If you leave company before that, the money is never yours. After 3 yrs its all yours and further contributions vest right away.

[Funkops]

3 hours ago, JANASENA said:

nenu 2019-2021 oka comp lo job chesa aa 401 k account - Vanguard. (16k balance)

2021-2022 inkoka comp lo job chesa aa 401 k account - Fidelity.(6k balance)

My current employer's 401k account - Empower.

Question 1: Can I transfer the above 2 accounts (Vanguard & Fidelity) into Empower account so I can have all at one place? 

Thank you all in advance.

Why don’t you move them to IRA instead. Gives more options to trade

[BrotherBairagi]

if you move from an employer with 401k you will have 3 options

1. cash out - pay tax, penalty of 10% - worst of all
2. roll into an IRA account. ee IRA account mee kotha employer 401k maintain chese vadithone vundalani rule ledu. you can have IRA account with any company like fidelity, vanguard, charles schwab etc. Pros entante you will have many options to invest into not limited to employer's provided option. Cons entante, in case you need to go bankrupt for medicals or insurance etc, IRA is not protected assett - medium option
3. roll into your current employers 401k. deeniki tax or penalty emee vundadu. only issue is you will be limited to investing options that your current employer offers. protected from banrupt, legal cases. best of all, IMO.

 

[capitalist]

1 hour ago, LakshmiParvathii said:

Uncle 120k Salary ki 5% employer contribution ante employer 6k amount 401k lo vestada ?

6k deducted from 120 k or not dedected from annaul salary ?

Nope 1:1 match for first 5% of your base.

 

If you contribute Zero employer contributes Zero as well.

 

If you contribute 10%(12k), employer contribution max out at 5%(6k)

 

 

Employer match is above the base pay offered. 

[capitalist]

1 hour ago, LungiLingaraju said:

Both uncle … usually you can contribute irs limit this year I think it is 20,500… employer contributes 3-5% of your salary(Idi pakka kaadu they may or may not)

22,500 for 2023. Thanks to Inflation 

[vatchesa]

2 hours ago, Konebhar6 said:

Wrong information bhayya. Once you leave the company, account is settled at that time. You wont get anything more from employer side. Anytime you look into your 401k most vendors clearly show Vested and unvested amounts. If you leave the company unvested amount never becomes yours's. 

Naku recent ga ayindi bro, ma previous company tho 3 yrs  undali ti get vested, but recent ga layoff ayya within 16 months of employment with them. Nenu vesting gurinchi adiginapudu, they mentioned whatever employer matched till then, it would be vested after 3 years if I leave the funds in same account