Hi everyone my company has a 401k program and I'd like to start putting 10% of my weekly paycheck into the 401k program it's matched by 6%
My question is I don't know much about investing where do I start I'm going to be 28 never had a retirement plan before
Thanks in Advance
Nick
Starting a 401k with my company
byu/FlamingoFantastic692 ininvesting
Posted by FlamingoFantastic692
4 Comments
Start with a target date fund.
Easy. Set it and forget it.
Look for funds with low expense ratios.
As for company match:
– are you new to this job? Some employers have a timeframe before they start matching/before it’s vested iirc.
– does your employer match on a monthly basis or yearly?
– do you need to be employed through the last day of the year to receive your match?
As you get raises, try to bump your 401k contributions up to 15%.
Sp500 fund with lowest internal. Get as much in ASAP.
Do the same with your normal money as well.
Educate yourself on bogleheads. Learn as you go.
You are super young, you will do great!!
401k funds selection guide: [https://www.reddit.com/r/personalfinance/wiki/401k_funds/](https://www.reddit.com/r/personalfinance/wiki/401k_funds/)
Money management tips: [https://www.reddit.com/r/personalfinance/wiki/commontopics/](https://www.reddit.com/r/personalfinance/wiki/commontopics/)
In general invest enough in a 401k to get the match, then work on maxing out a Roth IRA, and then if you have more money to invest circle back to the 401k.
[https://www.fidelity.com/viewpoints/retirement/how-much-money-should-I-save](https://www.fidelity.com/viewpoints/retirement/how-much-money-should-I-save)
You were thinking of 16% into retirement including the match, work out the numbers and see if you can swing 18% instead. Also, see if your 401k has a vesting schedule (this determines when you can keep your employer’s matching contributions).