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What does someone who doesn't know shit about investing and retirement and stuff need to know about 401ks? (self.asklemmy)

submitted 11 months ago by LaunchesKayaks to c/[email protected]

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I'm having a meeting to set mine up on Thursday. My company matches 3%, and that's what I'm putting in.

I hope that the dude I'm meeting with can choose my investments for me, but idk if that's an option here.

I want to be prepared.

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[–] yenahmik 12 points 11 months ago (1 children)

If you don't know much about investments, there should be a target date fund that is a mix of stocks and bonds. Pick the date that is closest to your expected retirement date (eg if you're 25 and aiming for retirement at 65 you'll pick the 2065 fund), and invest in that one.

A good thing to ask about is the expense ratio. This is how much the fund will cost you in fees, and can seriously impact your returns. If the fees are 1% or higher then seriously reconsider that fund.

John Oliver did a piece on 401ks a while back that was very informative.

[–] [email protected] 2 points 11 months ago

Here is an alternative Piped link(s):

a piece on 401ks

Piped is a privacy-respecting open-source alternative frontend to YouTube.

I'm open-source; check me out at GitHub.