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Started By
Message
Need help starting my 401k
Posted on 12/30/23 at 12:26 pm
Posted on 12/30/23 at 12:26 pm
I will get a lot of heat from people on this board because I have been very irresponsible but this is my first time starting my 401k with my job and they match 6%. Yes, I am starting very late and I never understood stocks and 401k growing up but I am finally starting. To be honest, I don’t know where to start or where to invest in.
8
Posted on 12/30/23 at 12:29 pm to Byrdybyrd05
All 401ks will have different investment options. You probably have a S&P 500 Index fund available which is a good choice for many. The fees on this should be low and it will track the performance of the index.
50% of mine is a S&P index fund and 50% in a tech heavy growth fund at this point.
IIRC from talking to you in the past you are in your 30s? Personally, I'd put 100% in stocks at your age if it were me. I'm about to turn 46 and still 100% in stocks.
And max the match man, you're getting 100% return on your money out of the gate.
50% of mine is a S&P index fund and 50% in a tech heavy growth fund at this point.
IIRC from talking to you in the past you are in your 30s? Personally, I'd put 100% in stocks at your age if it were me. I'm about to turn 46 and still 100% in stocks.
And max the match man, you're getting 100% return on your money out of the gate.
This post was edited on 12/30/23 at 12:32 pm
Posted on 12/30/23 at 12:35 pm to fallguy_1978
Yes, I am 36 years old and thanks for the great advice! When I told my dad I am finally starting my 401k, he just had that disgust look on his face of disappointment lol.
Posted on 12/30/23 at 12:37 pm to Byrdybyrd05
I wasn't all that different. I always put some in my 401k in my 20s and early 30s, but not enough. I had 2 kids in my 20s and money was tight at times.
I've spent the last 10-12 catching up to where I should have been. It's not too late for you.
I've spent the last 10-12 catching up to where I should have been. It's not too late for you.
Posted on 12/30/23 at 12:40 pm to Byrdybyrd05
Better late than never. If you don’t know anything and don’t want to be involved, a simple option would be pick a target date retirement fund.
Basically what you do is pick a year you intend to retire (let’s say in 30 years), so you’ll pick the 2055 fund. As you get closer to retirement, your fund will automatically rebalance to become less risky as you approach retirement age. You do nothing but contribute.
Basically what you do is pick a year you intend to retire (let’s say in 30 years), so you’ll pick the 2055 fund. As you get closer to retirement, your fund will automatically rebalance to become less risky as you approach retirement age. You do nothing but contribute.
Posted on 12/30/23 at 12:42 pm to Byrdybyrd05
It’s never too late to start. Try to max that 401k if possible. Do you have an HSA at your job as well? The single best advice I got from my first manager out of college was to max a 401k, Roth, and later HSA. When you are retirement age you will be far ahead of most your peers. It’s staggering how many people don’t take advantage of retirement accounts available to them.
Posted on 12/30/23 at 12:42 pm to fallguy_1978
That was my problem besides not really understanding the stock market. I was kind of at my max mainly with our mortgage and my son’s school tuition. I’m starting to cut back on other so I can invest.
Posted on 12/30/23 at 12:44 pm to Byrdybyrd05
Like FallGuy said focus on the S&P 500 fund in your plan, and put in at least 6% to get the full match
Posted on 12/30/23 at 12:46 pm to ronricks
That was one of the problems I was wrecking my brain about. I watch all these experts on YouTube and they say max out your Roth IRA and I didn’t know if to start with that or with 401k. Being that my job matches my 401k, I will start with that.
This post was edited on 12/30/23 at 12:50 pm
Posted on 12/30/23 at 12:54 pm to Byrdybyrd05
"Being that my job matches my 401k, I will start with that."
--
Good thinking.
Congratulations on starting.
--
Good thinking.
Congratulations on starting.
This post was edited on 12/30/23 at 12:58 pm
Posted on 12/30/23 at 1:48 pm to fallguy_1978
"fallguy_1978" <== Do what he said...
Posted on 12/30/23 at 1:58 pm to LSURussian
If there is a guy at work who you trust and has been successful with his savings, ask for advice. I used to motivate younger employees to save and every month at lunchtime, we’d get together and share success stories. Was very good for them. Actually got to be contagious in a good way. I wish someone had done that for me. Like someone said earlier. Try to max it out ASAP.
Posted on 12/30/23 at 2:32 pm to Popths
I think at a certain age you hit that "oh shite, I don't want to work until I die" phase of life 
Posted on 12/30/23 at 2:56 pm to Byrdybyrd05
I’m 38. My allocation is as follows…
25% VIGAX (growth/heavy tech)
20% VINIX (S&P 500)
20% VMCIX (mid-cap)
20% VSGAX (small-cap)
15% VTSNX (international)
25% VIGAX (growth/heavy tech)
20% VINIX (S&P 500)
20% VMCIX (mid-cap)
20% VSGAX (small-cap)
15% VTSNX (international)
Posted on 12/30/23 at 5:02 pm to Tifway419
quote:
a simple option would be pick a target date retirement fund.
frick no. OP do not do this there are way better options.
Posted on 12/30/23 at 5:56 pm to Byrdybyrd05
quote:
Yes, I am 36 years old and thanks for the great advice! When I told my dad I am finally starting my 401k, he just had that disgust look on his face of disappointment lol.
You still have 30 years to work and save. All is not lost. The days if retiring at 60 are over for 98% of people.
We have been putting in the max since I was 33. I cashed my 401K twice in my 20s and early 30s. It happens.
My wife and I both max out, with understanding that I'm working until I'm 67 and wife 64.
This post was edited on 12/30/23 at 6:02 pm
Posted on 12/30/23 at 5:57 pm to Fat Bastard
- At the rate our gov. spend money, the tax rate will never go down, or at least with any significance, therefore I'd put whatever you have into ROTH 401K for matching purposes first and ROTH IRA.
I'm not sure what you earn, but I'd put in the amt, at a minimum, necessary to get the match. Max it out if your salary permits. At 36, you should be UBER AGGRESSIVE, you have time. If you still have more money available, max out Roth IRA, then I'd put it in Bitcoin if you got anything else left to invest.
I'm not sure what you earn, but I'd put in the amt, at a minimum, necessary to get the match. Max it out if your salary permits. At 36, you should be UBER AGGRESSIVE, you have time. If you still have more money available, max out Roth IRA, then I'd put it in Bitcoin if you got anything else left to invest.
Posted on 12/30/23 at 7:14 pm to Fat Bastard
quote:
a simple option would be pick a target date retirement fund.
frick no. OP do not do this there are way better options.
This!!!
Posted on 12/30/23 at 8:17 pm to Byrdybyrd05
Put in no less than the match. The administrator will put you in your best fit. Max out your Roth. S&P 500 ETF.
Posted on 12/31/23 at 4:49 am to fallguy_1978
quote:
50% in a tech heavy growth fund at this point.
Hey Fallguy you mention tech heavy growth fund would you happen to have the name of that fund? Is it this one mentioned above? VIGAX? This is only about 50% tech. Was hoping for something that was like 90% tech.
This post was edited on 12/31/23 at 4:54 am
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