How to Invest Surplus Cash
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 30 April 2019
⏱️ 9 minutes
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Summary
Due to a variety of IRS rules and regulations, it's not always possible to max out your workplace retirement plan, even if you have the cashflow to do it. That's what happened to Joe from Texas. So what should you do in such a situation? Here's a hint...all is not lost!
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call of the Week. We are presented by Marcus by |
| 0:08.4 | Goldman Sachs. Now of course you've got a couple chances every week to get on the |
| 0:11.7 | air. On Tuesdays we drop this call of the week and if we have time after our longer show on Thursdays, we'll also do a call. So if you want to get on the air with us, it very easy simply send us an email ask Jill at |
| 0:25.6 | Jill on money.com that is what Rob did so Rob welcome to the. What can we do for you? |
| 0:33.4 | Hello, Jill, thanks for having me. |
| 0:34.6 | It's a pleasure and an honor. |
| 0:35.8 | Oh, you're very sweet. |
| 0:37.2 | So what's up? |
| 0:37.9 | Well, here's a situation. |
| 0:39.6 | I've been listening to your show quite a bit lately and I realized I'm 39 now and during my |
| 0:47.1 | 20s I did okay saving for retirement but then during my 30s I kind of put that aside |
| 0:52.4 | and I started doing other things paying down the house probably |
| 0:54.7 | more than I should have paying off debt, paying off student loans, paying off cars. |
| 0:59.2 | Basically to get to a point where I was dead free. |
| 1:01.7 | Now that I'm getting back to retirement in the meantime I've gotten some raises and I hadn't |
| 1:06.4 | really caught up with my 401k so I go to sign up and I realize the website |
| 1:10.8 | doesn't allow me to go past 6% on my salary and I thought it was a mistake. |
| 1:15.5 | So I made some phone calls and I got back and forth between my employer and the provider |
| 1:22.4 | and the provider told me that my employer |
| 1:24.4 | have basically put me as a highly compensated employee which I didn't know at the |
| 1:28.9 | time what it meant and they said it was IRS rules that you're not allowed to go past 6% of your salary. |
| 1:35.0 | My salary is 150,000 now, so 60% of that is about 9,000. |
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