Saturday, June 21, 2008

2008 Grads

I have recently read (and been directed to) an article for those recent 2008 graduates who have entered/are entering the workforce. It's from the New York Times: "A Primer for Young People." The piece certainly reiterates what many pf bloggers say about personal finances - start early in retirement savings, etc etc. And, of course, we have to be happy that we even HAVE jobs in the current market!

Beginning of July, I will be signing up for my company's HMO health insurance plan. The PPO plan is much more costly, and since I am young/healthy, I will be going with the cheaper option that still provides great coverage. There is also a Flexible Spending Account (FSA) benefit, and I will be using this, too - yay for pre-tax health money!

In terms of retirement, my 90-day introductory period is up on September 8th, 2008 and you can bet I am looking forward to that! I will then be meeting with the retirement coordinator in the HR department to learn about the company's profit-sharing plan and 401(k) - there is a Roth option, hooray! What I do know so far is that for both the profit-sharing and 401(k) plans, there is a vesting period of 6 years which starts with 20% vested in year 2 and increases by the same amount until 100% is reached in year 6. Also, the 401(k) offers a 50% match on up to 6% that I contribute. Is it September 8th yet?? ;)

2 comments:

Penny June 21, 2008 at 10:22 AM  

That's so exciting!! I don't have a vesting period on my Simple IRA (employer provided), but I don't receive the account until a year after employment (so, may 2009)...

and yes, dates are great for the frugal! ha!

SavingDiva June 24, 2008 at 9:28 AM  

I don't have a roth option at work...but luckily, I was immediately vested. However, I'm leaving behind my awesome job to go back to graduate school.

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