I have elected to contribute $5 per pay period starting out. But increase it little by little as time goes on. What should I know about 401Ks? Should I talk to a financial advisor?
Most Helpful Guy
Do you have an employer match (usually it's like 50% up to $xxxx) If so, definitely have that be your minimum so you don't leave money on the table.
401(k) retirement plans are really simple actually. It'll be managed by a broker that works with your employer, like Fidelity for example. You can reach out to Fidelity with your plan directly, rather than your employer, and ask them questions. Usually you can choose between conservative or more aggressive plans, but there isn't much customizations typically.
Read online, like investopedia. com concerning 401(k) plans and how they operate, it'll be good contextual knowledge for you. They are just pools of stocks, it's pretty simple and straightforward. They are highly diversified so they are generally very, very safe and secure investments.3
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