Asklemmy

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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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[–] QuarterSwede 1 points 11 months ago (1 children)

If you don’t feel like doing this much work then I’d highly suggest a financial advisor that makes money when you do (don’t know what the term is). I talk to mine once a year and she helps guide met decision making. She’s also saved me a TON of time and stress when rolling over 2-401Ks and a government plan. In fact, if you have money in Merrill Lynch you basically need one to navigate their BS structure as they really make it as hard as possible to move your money out of their funds. With my advisor on the line they dropped their BS quick and it was still a drawn out process.

[–] grabyourmotherskeys 1 points 11 months ago* (last edited 11 months ago)

We don't have 401k here in Canada but it sounds like an RSP where the employer decides what options you have for investment.

I have nothing against financial advisers but they do steer you into investments with management fees. That's how they earn money.

I think you can self direct and choose investments which let you keep (reinvest) more of the returns. Just my opinion.

I guess if my employer was matching my contribution I'd put up with just about anything. :)

Anyway, just my opinion and not necessarily good advice for everyone.