I have never been offered a 401K from an employer until recently. I have one in my regular job, they match up to 4%. I have a second part-time job, I now have it offered there too. They also match 4%, and I can contribute up to 50% of my gross pay. My question, would it be too risky for me to contribute the full 50% of my pay of that part-time job? I gross about $600 per month from that second job so I could put in $300 per month. I am 35 years old and behind in saving for retirement. I will actually have my house paid off soon, I used to own some rental properties, sold them, and paid off most of my own house. I pay $350 per month for my house payment, and I figure contributed $300 after my house is paid off, I wouldn't miss it.
I remember a few years ago when the stock market took a big hit, a lot of people were complaining that "their 401K's took a big hit." I don't know if I should put half of my gross income of that part-time job into it if someday I may lose a crap load of money.