FrankN wrote: There is no limit to the number of 401Ks a person can have. There is a limit in the amount you can contribute to a 401k each year, but you could have in theory as many 401k accounts as you want.

So, based on that, would it be hard to manage? I see all this talk about rolling over 401Ks and "old 401Ks" and it led me to believe that most people don't like the idea of having multiple accounts. It gave me the impression that having more than one could be problematic.

FrugalFran wrote: Is there a limit to how many 401Ks a person can have? The reason I ask is because my husband does mostly temporary contract work and a 401K isn't usually offered; however, once in a while he works for a company that has one. Would it make sense to sign up for that when he may only be with the company for six months to a year? What would happen is that a year or two later he'd work for another company that has a 401K and then we'd have two...and then three and so on. Does that make any sense?

What you say makes sense, and it makes sense to contribute to the 401Ks, especially if they are companies that offer matched contributions because that's free money! If you are worried about the admin of multiple 401K's, it is possible to combine multiple 401K accounts into one which reduces the admin costs. A brokerage or accountant could tell you more about how to do it, because it isn't something I have ever done.

There is no limit to the number of 401Ks a person can have. There is a limit in the amount you can contribute to a 401k each year, but you could have in theory as many 401k accounts as you want.

Is there a limit to how many 401Ks a person can have? The reason I ask is because my husband does mostly temporary contract work and a 401K isn't usually offered; however, once in a while he works for a company that has one. Would it make sense to sign up for that when he may only be with the company for six months to a year? What would happen is that a year or two later he'd work for another company that has a 401K and then we'd have two...and then three and so on. Does that make any sense?

I think this would be a personal preference. If you know that you could handle all of that money at once, then taking out the lump sum and getting all of the taxes out of the way in one shot would be the way to go. However, some people are used to getting paid a certain time each week or month so for them having it paid out in installments would be the best option. Plus, this way you don't see as many taxes taken out since it is spread out over a longer period of time. Have you ever considered rolling one of them over into the other 401K?

I have 2 small 401Ks. I am retired but I haven't touched them yet. Although I didn't pay taxes on that money I will have to when I draw it out. Is it better to do it in a lump sum or receive a monthly check?

I am currently contributing 12% of my paycheck each month. My company also matches up to 4%, which over time should help me save for retirement.

I am doing some research on 401Ks and would love to get people's information on if you contribute and typically what % of your salary do you contribute to? Does your company match?

I was just reading a website about Rollover 401k's, has anyone heard of this? Is it a better option from the traditional 401k?
https://www.americancentury.com/rollover/rollover_benefits.jsp

What exactly is a 401 K? I know the basis of one but other than that I have absolutely no idea. Should I get one now (even though I'm only 22 and right now I'm making minimum wage?)

yes but i have heard that you can not draw your money from your retirement account at any random time.So, this is a big drawback.

You should save the maximum allowed in your retirement accounts,because you don't have to pay taxes on gains each year, money will grow faster than in taxable accounts.