ask Latrell Sprewell the same question....he made over 98 MILLION DOLLARS over a 12 year NBA career...And at age 34 the Min. Timberwolves offered him a 3 year 21 MILLION dollar contract which would have brought his career earnings to about 120 MILLION FUCKING DOLLARS.....he turned down the 3 yrs 21 million because " i have to feed my wife and kids".... last week the bank started to forclose on his house and boat....ya think he doeans't regret throwing 3-5 milllion in a 401k??????? DOn't ever expect to make more next year or to think that things will only get better.
That would have been rather difficult for him to do, considering the $15,500/year cap on 401K contributions... but your main point is still valid.
You have to be 21 to open a 401K? I just finished working 6-mo for a company and was 20 the entire time. This was for a mid-cap public company as well, so thats a significant boo-boo by HR if thats true. SIDENOTE: excellent reply Rearden
It might be worth a $500 buck (and the rest) trip to your lawyers office. There are ways that you can get around the 'have to be 21' problem but it means having someone like your parents (or someone you trust with your life) being a nominee director. I consider myself in a similar situation to you. I'm 23, planning for retirement at 35, set up the Australian equivalent of the 401k in Australia. Before I was old enough to be a director in my own group of companies I had my parents down as nominee directors but the shares in the company were held in my name. Also had a contract to say that my parents would sign resign as directors when I became of age just for added security. Why spend all your cash when your younger just for the sake of being able to say you did? Your storys aren't going to mean shit to anyone else other than you. Why not buy yourself some 18yr old gina when your 40, cashed up and you know how much it costs at the time? She probably wont be able to pronounce "Pre-nup"...
No age minimum for a roth IRA as long as you have earned income, you will need your parents to sign on if you are under 18 though.
The minimum age is not a statutory requirement, the company can choose any minimum age (no greater than 21 years old) when they set up the plan. I think it's shitty that they chose 21 not 18. Morreo, if I were you, I would complain. They probably can't amend the plan but it's worth pointing out their "age-ism." Martin