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Message
Looking for advice on setting up my 401k - Fidelity
Posted on 7/18/16 at 10:23 am
Posted on 7/18/16 at 10:23 am
I'm setting up my account now.
Questions I have are:
1. What % contribution do you recommend? Company offers 25% match up to 6%.
2. I need to select a Target Date Fund. The options are:
VANG TARGET RET 2020
VANG TARGET RET 2030
VANG TARGET RET 2040
VANG TARGET RET 2050
VANG TARGET RET RET INC
If I need to include more information on the selected targets, I will. Just let me know.
I know it all depends on what I'm able to spend. 26, Single and living in an apartment. Without giving away my starting salary, what other details could I give? I'm trying to save $1,600 a month from my paycheck, if that's a good measure to use. I'm in that range every month, so far.
Questions I have are:
1. What % contribution do you recommend? Company offers 25% match up to 6%.
2. I need to select a Target Date Fund. The options are:
VANG TARGET RET 2020
VANG TARGET RET 2030
VANG TARGET RET 2040
VANG TARGET RET 2050
VANG TARGET RET RET INC
If I need to include more information on the selected targets, I will. Just let me know.
I know it all depends on what I'm able to spend. 26, Single and living in an apartment. Without giving away my starting salary, what other details could I give? I'm trying to save $1,600 a month from my paycheck, if that's a good measure to use. I'm in that range every month, so far.
2
Posted on 7/18/16 at 10:26 am to VermilionTiger
For your age, you won't go wrong with a 2050 retirement fund. What you should look into are the expense ratios. For me it was actually cheaper to invest in a bundle of other funds rather than that one (by about .25%).
Posted on 7/18/16 at 10:45 am to LSUtoOmaha
I didn't even realize they were speaking in terms of the year with the 2050/2040, etc. 
I selected 2050
I selected 2050
Posted on 7/18/16 at 11:42 am to VermilionTiger
6% would be the minimum to get the match. Then up to $5500 to a Roth IRA. Then back to whatever extra you can afford to the 401K. Every time you get a raise then increase the 401K by at least 1%.
Posted on 7/18/16 at 11:53 am to PlanoPrivateer
I went in with 10%
Posted on 7/18/16 at 3:51 pm to VermilionTiger
As long as that doesn't stop you from funding your roth every year the more you can the better. Just remember to have an emergency fund in place before you go too crazy
Posted on 7/18/16 at 4:03 pm to RJSambola
Agree with RJ. Nice start, but be sure to fund that ROTH.
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