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Message
Our company switched to Paychex for payroll and 401K -- need help or suggestions
Posted on 5/4/18 at 4:07 pm
Posted on 5/4/18 at 4:07 pm
So we switched to Paychex recently. My 401K is currently 100% enrolled into "American Funds 2050 Target Rate Retirement 3" which is where they automatically distributed it.
It sounds like Paychex sucks in general regarding 401K options based off of what I read. There really is not a whole lot of options to distribute your money in.
I wish I knew this stuff better but I dont unfortunately. I am 34 and feel like just keeping 100% into the 2050 target rate option is dumb.
Any suggestions for a rookie like me of how to distribute my retirement?
Does anyone else use Paychex?
It sounds like Paychex sucks in general regarding 401K options based off of what I read. There really is not a whole lot of options to distribute your money in.
I wish I knew this stuff better but I dont unfortunately. I am 34 and feel like just keeping 100% into the 2050 target rate option is dumb.
Any suggestions for a rookie like me of how to distribute my retirement?
Does anyone else use Paychex?
3
Posted on 5/4/18 at 4:16 pm to LSUvegasbombed
Am. Funds Target dates are actually very solid. In fact they perform about 200 basis points above their closest competition annually. I'm your age, and if it was my account I would go a bit further out on the risk curve to 2055 or maybe even 2060.
If you don't have a good a la carte menu, the American Funds Target dates are excellent.
If you don't have a good a la carte menu, the American Funds Target dates are excellent.
Posted on 5/4/18 at 4:26 pm to juice4lsu
The 2050 Fund is 85% stocks and 15% bonds.
Age 34 - perfect.
Age 40 - 20% bonds
Age 45 - 25% bonds
Age 50 - 30% bonds
Age 55 - 35% bonds
Age 60 - 40% bonds
Age 70 - 50% bonds.
Age 34 - perfect.
Age 40 - 20% bonds
Age 45 - 25% bonds
Age 50 - 30% bonds
Age 55 - 35% bonds
Age 60 - 40% bonds
Age 70 - 50% bonds.
Posted on 5/4/18 at 4:34 pm to juice4lsu
i assumed it was a terrible option -- i thought the "all in one" packages were terrible options and you wanted to personally distribute your funds
Posted on 5/4/18 at 5:21 pm to LSUvegasbombed
I could be wrong but I think target date funds are generally just a fund of funds. They may charge a tad more in fees than if you had just bought the underlying funds, but you are paying for the convenience of not having to rebalance the fund weights as you move forward in time.
Posted on 5/4/18 at 5:36 pm to sneakytiger
Yes that’s exactly what it is. It’s a solid option, especially for someone who doesn’t plan to be active.
This post was edited on 5/4/18 at 5:37 pm
Posted on 5/4/18 at 6:09 pm to LSUvegasbombed
We have Paychex but our 401k is through Wells Fargo
The money gets taken out of our check & somehow goes to Wells Fargo
The money gets taken out of our check & somehow goes to Wells Fargo
Posted on 5/4/18 at 7:42 pm to LSUJML
quote:That's crazy
The money gets taken out of our check & somehow goes to Wells Fargo
Posted on 5/5/18 at 12:44 am to castorinho
That’s not that crazy. I work for a Fortune 500 company and my stock goes to a Wells Fargo account.
Posted on 5/5/18 at 7:52 am to castorinho
That’s pretty standard. Most companies use the an actual retirement benefit company like fidelity, Tiaa cref or vanguard as their retirement platform since they can provide their own funds at a better cost. Most likely paychex and other payroll platforms have a better price but are limited on fund selection since they are likely only offering one family of funds.
Posted on 5/5/18 at 8:03 am to Serraneaux
quote:
That’s pretty standard. Most companies use the an actual retirement benefit company like fidelity, Tiaa cref or vanguard as their retirement platform since they can provide their own funds at a better cost.
I was about to say I thought that seemed pretty normal
The 2 401K plans I've had were through ING and The Principal
Posted on 5/5/18 at 8:35 am to Powerman
Sarcasm, people 
Posted on 5/7/18 at 10:38 am to LSUvegasbombed
quote:
It sounds like Paychex sucks in general regarding 401K options based off of what I read. There really is not a whole lot of options to distribute your money in.
My wife had paychex for her 401k. Her options weren't that terrible. I just selected the lowest fees, and then reallocated other retirement funds to balance
They moved it to ADP though. What is cool is that they asked me to help select the funds (small business), and they actually followed up on my advice.
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