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Investing/Strategies / Retirement Investing
|Subject: Re: investing schedule??||Date: 1/11/2000 9:40 AM|
|Author: TMFPixy||Number: 17639 of 76397|
Greetings, Rob, and welcome. You wrote:
<<I am having 12% per week taken out of my pay for my 401k with MFS. I just discovered that my company only buys shares of our MFS funds every quarter. Is this normal and am I losing out this way? and would I be better off investing a portion of that money on a weekly basis on a seperate IRA?
I feel like I could have that money working for me for that quarter instead of it siting with my company before they send it to MFS.>>
You employer must deposit your contributions to your account no later than the 15th business day of the month following the month it was deducted from your paycheck. If the money reaches your account in that period, then your employer is following the law.
It sounds as if your plan has an old proviso that says investments and any changes thereto may be made only quarterly. In the interim, the default investment is probably a money market account. If that's not the case, then something is radically wrong with how the money is being handled, and you should start screaming long and loudly. Check with your plan administrator to see what's going on and why.
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