Do Most Retail Jobs Offer 401k Plans And Do I Really Need One?
I’m 22 and just got offered a job as a full time cashier at a department store. They offer health insurance but don’t have any savings plans such as 401k or anything similar. I want a job I can stay at for several years so I’m wondering if a 401k plan is even necessary and if any retail stores or entry level jobs do offer 401k plans. What do you guys think?
Next important thing in this life next to God & Family is to realize in this life it is important to SAVE. Before the economy went bad people didn’t save and went into debt do not wait until a crisis to occur for you to realize that saving is important. You are 22 so I think that it is time for you to do it and try to get into school to better yourself. I know you are 22 and like to buy all the latest things which it is OK to treat yourself but do not go over board just remember “Old” struggling to pay bills plus still working to make ends meet or “Old” not worrying about monthly bills and retiring beautiful is your choice Take Care
I would be extremely surprised if a retail job offered a 401(k). Maybe at the management level they might, but as a cashier, you’re not going to see a lot of benefits and definitely not a retirement plan.
It is very good to have a retirement plan. You may not think abou tit at 22, but this is the best time to contribute. Not only does the money have a lot of years to earn interest before you would retire, but with the market as bad as it is now, it’s a great time to invest. You are buying low and by the time you retire, the market will be better — essentially selling high.
Since your employer doesn’t offer a 401K, it isn’t even something to be concerned about at this time. You can’t do it without your employer subscribing to it.
Definitely open a Roth IRA and start paying yourself each month before you go to the shows, and etc. with your disposable income.
Don’t be afraid to put your IRA in aggressive growth plans. You have a lot of time before retirement to make a bundle.
Your young now and don’t understand your needs in 40 years…..I invested 25% of everything I made……..and when a 401 was available I saved 25% and my employers match………I retired at 50………living on the beach…….not a care in the world………….its easy to start a plan at 22………..really difficult at 42………..you need to determine how you want to live when you retire…..start now……and you may be able to watch the sun set from the beach every night……..just like tonight…………
At your age it would be the best favor you can do for the future you is to get a job with a 401K. Health Insurance is the number one requirement… 401K should be right next to it. Don’t cheat yourself and settle for a job without one.
Most retail jobs do not offer 401k plans. If you are looking for a job to have for several years you should set your goals a lot higher than department store cashier.
I would recommend a 401k but not right now with how the economy is…a lot of people lost their 401ks and you might lose yours so i would wait untill things get a little better.