401k's

Are you allowed to withdraw money early from your 401k? And if this isnt too mosy, may I ask how much ya'll contribute to yours each month? I'm not sure what a decent amount is....
You need to address your financial questions to a certified financial adviser or CPA. I notice that all of your posts are $$ related. If that is all you are interested in by joining the nursing profession, you will be sorely disappointed. Perhaps it will be wise for you to have some career counseling as well.

Depends on your company's plan. Some let you borrow money but and then it is paid back with a deduction from you paycheck. I'm not a nurse yet but I did do this with a previous job and 401k. However, if you decide to switch jobs, the loan is due in full or else it is taxed as regular income.

I think these are good questions and I don't fault you for asking. it would be best to consult a financial advisor, but I'll tell you what I know. In general, YES you can withdraw money from your 401-K, but you would never want to because there is a HUGE tax penalty if you haven't reached the appropriate age (62.5?). Some employers may offer some sort of a loan option, but this is not exactly the same. In that case you would have to carefully look at the details of that loan, and I can't help you there.As to how much should you contribute? Well, there are 2 avenues by which to answer that question...it depends on if the 401-K is your ONLY retirement savings vehicle. If it is, then I guess the general answer would be "as much as you can" but you need to seriously meet with a financial consultant to plan your retirement needs.What I recommend, and what I personally do is I contribute exactly as much as my employer is willing to match (in my case 6% of my gross earnings)...to contribute less than this is essentially throwing away money because your employer will GIVE you the money...for instance if you make $2000 in a pay period and you contribute 6% ($120) then your employer will also contribute $120...but if you only contribute 3% or $60, then your employer will only give you $60...so it is definitely in your best interest to contribute AT LEAST as much as the matching amount.If that is enough for you, then great, but for most of us to realize our retirement goals we will need to invest more. As a young worker (I am 26) I have been repeatedly advised to open a Roth IRA and contribute as much as I can to the ROTH IRA...the yearly maximum is $3000 I beleive (although it may have just gone up)...the advantage of a ROTH IRA is that you put in the money post-tax, but then the earnings grow TAX-FREE...as a young worker our biggest chunk of cash at retirement will be from the EARNINGS, not the actual contributions, so this is a great tax-shelter. The other nice thing about a ROTH IRA is that you can withdraw the amount of your actual contributions without a penalty (but you cannot withdraw the earnings, or you would pay a HUGE penalty)...so for instance if you have contributed $5,000 to a ROTH-IRA and several years later the account is worth $12,000 you could withdraw UP TO $5,000 without a penalty....also....that "earnings amount" of $7,000 can be withdraw tax-free when you reach retirement age. YAY!!!What has been recommended in my case is to first contribute the 6% to my employer matched 401-K and then contribute anything else that I can to the ROTH-IRA (at this point in my life only $100 a month is all I can afford). My ROTH-IRA is set up through a private investment broker, not through my employer. It comes out of my bank account automatically each month.The other reason why it's important to do the ROTH-IRA while you are young is that there are earnings caps...if you make too much money you are not allowed to contribute to a ROTH-IRA....as a young worker it's usually not a problem, but as you get closer to retirement you'll be earning more and may not be eligible for a ROTH...I can't remember what the cap is because I'm no-where near it, but it is something like $90,000 a year.Hope this helps!:spin::spin::spin::spin::spin:

As others have said, you really should be consulting financial experts in order to do your personal financial planning. But, here's what I do.As a single woman with no dependents, I have few tax deductions. So for me, it makes sense to put the maximum into my 403B (the same as a 401K, but for non-profits) before putting it in my Roth IRA. By doing that, it reduces my taxes now, when I am in a very high tax bracket. I'll have to pay taxes when I take it out, but then I will be in a lower tax bracket. So ... I put the maximum allowed by the government into my retirement plan at work ... and then put a little more into a Roth IRA.I don't want to have to work forever and don't want to be poor when I am old. So I sacrifce some luxeries now so that I will be able to retire comfortably in my early 60's.

It you're money. But there are taxes and fees to be paid when you withdraw. I "borrowed" $10,000 from mine several years ago when I was buying a house and really needed the money. I've been paying myself back $125 per paycheck. It wasn't the wisest decision to make because it's my future. It's a retirement account, not a savings account to withdraw from on a regular basis. Put in the maximum that they allow you to put in, if they are providing some sort of matching program. I currently do not do that, but I do contribute 10% of my pre-taxed salary, so it's between $200-300 per two weeks depending on the hours I work. I also contribute a $150 a month to a RothIRA and and more to a a savings. I actually have two savings one internet bank (ING) is a "do not touch" savings, and other regular savings that I dip into when I need cash, such as for vet bills or buying a car, etc. Of course it's tough during these hard times to watch my 403B loose $5,000 this last week, so I'm just not going to look at it anymore. Good luck.

I contribute the maximum of my salary into my 403b and my employer matches 2:1 what I put in. I also contribute the maximum to a Roth IRA every year.

What if I did $200 to the 401k and $100 to a ROTH IRA?

Quote from BiologyNerdWhat if I did $200 to the 401k and $100 to a ROTH IRA?

Good advice above. Most advisors will tell you to max out your 401 first before going to a RothIRA, if your employer has a match.

would it be bettter to start with a traditional roth account if you plan on going to graduate school when your 28yrs old? cause by then it would put us above the IRAroth cap? jus suggestions, i know i need to talk to a financial aid advisor

Quote from BiologyNerdAre you allowed to withdraw money early from your 401k? And if this isnt too mosy, may I ask how much ya'll contribute to yours each month? I'm not sure what a decent amount is....