[41396b]

I have never contributed to a 401K before and it is now offered to me. My paycheck is small, $330. A week. Is it worth enrolling? What if I only work a year or two? Can I withdraw without pentality?
Thanks.

[ebaines]

At age 60 you can indeed withdraw without penalty, although your employer may not allow in-service withdrawals at all. In other words, this is money you should plan on socking away until you are no longer employed. Is it worth it? Putting something away for retirement is always a good idea, and if there is a company match it's like free money. One thing you should look into is whether your plan has any vesting rules that might complicate matters - some plans require that money stay invested for a minimum number of years before you are allowed to make a withdrawal - ask your HR rep about this.

[41396b]

At age 60 you can indeed withdraw without penalty, although your employer may not allow in-service withdrawals at all. In other words, this is money you should plan on socking away until you are no longer employed. Is it worth it? Putting something away for retirement is always a good idea, and if there is a company match it's like free money. One thing you should look into is whether your plan has any vesting rules that might complicate matters - some plans require that money stay invested for a minimum number of years before you are allowed to make a withdrawal - ask your HR rep about this.

Thank you for the info. Very much appreciated.