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Message
What to do about a horrible 401k
Posted on 7/15/17 at 5:34 pm
Posted on 7/15/17 at 5:34 pm
My plan is horrible. Our company is super cheap and all fees get passed down to us. On top of that we don't get a match. That being said I'm happy as hell with the money and hours I work.
We already max my wife's plan which is great with a great match. And we already max two roths. What can I do to substitute for not contributing to our 401k. It's that bad. Even the index funds offered have fees in excess of 1.35%
We already max my wife's plan which is great with a great match. And we already max two roths. What can I do to substitute for not contributing to our 401k. It's that bad. Even the index funds offered have fees in excess of 1.35%
9
Posted on 7/15/17 at 5:36 pm to Skeezer
Switch jobs 
Posted on 7/15/17 at 6:04 pm to Skeezer
That is garbage. Switch jobs or take the money and invest it yourself. Do you have an HSA and HSA Dependent Care option at work? Max those out to move more money out of your gross income
Posted on 7/15/17 at 6:16 pm to Skeezer
I read in WSJ this week about suing your employer for oppressive 401K fees and plans.
Google a 401K lawyer and get the last laugh on your employer.
Google a 401K lawyer and get the last laugh on your employer.
Posted on 7/15/17 at 6:19 pm to Skeezer
My old job had crappy fees and no match. I think the best return I ever saw was 6.5%. I switched jobs and now have a 7% match and 10% profit share. My return is about 13% right now.
Posted on 7/15/17 at 6:30 pm to Hatcher Hall Shrink
quote:
read in WSJ this week about suing your employer for oppressive 401K fees and plans.
Google a 401K lawyer and get the last laugh on your employer.
How about use the crappy plan then just invest the extra money yourself
Posted on 7/15/17 at 7:37 pm to Hatcher Hall Shrink
That seems like a great way to get on your employer's good side.
Without any match, I don't see any reason not to open your own investment account.
Without any match, I don't see any reason not to open your own investment account.
Posted on 7/15/17 at 8:19 pm to Skeezer
Max IRAs then start a taxable account with tax efficient index funds
Posted on 7/15/17 at 8:47 pm to MSTiger33
This is getting downvotes, but I believe employers do have a fiduciary duty to give employees the best plans that they can. I would have to research the specifics
Posted on 7/15/17 at 8:57 pm to Skeezer
How big is your company? Do you have access to an HR rep (in a larger company) or the boss (smaller company) so that you can inquire as to whether it would be possible to switch the 401k to a different provider?
It's not like they are making any money off it, so there's no reason for them to go with someone with super low fees.
It's not like they are making any money off it, so there's no reason for them to go with someone with super low fees.
Posted on 7/15/17 at 9:34 pm to Joshjrn
Good idea. Which company has your 401k now?
Posted on 7/15/17 at 10:46 pm to jimbeam
Bingo!!!!
Posted on 7/15/17 at 10:47 pm to TheWalrus
Yeah forget that crap 401k if no match. Start your own accounts.
Posted on 7/15/17 at 10:56 pm to Skeezer
Jesus these are some horrible responses. Even at 1.35%, the tax savings on a 401k are way better then investing in taxable accounts. Since you're already maxing out your other tax advantaged accounts I would say to just continue contributing to your 401k. It's obviously not worth quitting your job as others are suggesting.
Posted on 7/15/17 at 10:59 pm to TheWalrus
quote:
Without any match, I don't see any reason not to open your own investment account
Really? Even without a company match, it is still advantageous to contribute to a 401k (Roth or Traditional) over a fully taxable investment account.
Posted on 7/15/17 at 11:31 pm to Spock
No shite Sherlock. Nobody said don't contribute to a Roth or traditional first over a taxable account.
Posted on 7/16/17 at 8:50 am to Fat Bastard
Well OP said they were already maxing out his wife's 401k and 2 IRAs already. Where do you suggest he put his money?
Posted on 7/16/17 at 2:57 pm to Spock
Can someone clue me in on what (if any) is the benefit or purpose of a 401k if there's no match from the employer?
Posted on 7/16/17 at 3:07 pm to 632627
quote:
Can someone clue me in on what (if any) is the benefit or purpose of a 401k if there's no match from the employer?
You can put far more into a 401k than you can in an IRA. If an IRA consists of the foundation of your retirement savings, you will need to be making less than 40k to keep the percentages workable.
Posted on 7/16/17 at 5:48 pm to 632627
quote:
Can someone clue me in on what (if any) is the benefit or purpose of a 401k if there's no match from the employer?
Protection from the capital gains tax is a nice one
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