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Do you have the option for any "lifecycle funds"? That's what I always do.
@abbyful:I don't think so. There's so many things, its hard to choose
I have fidelity, and I was just totally random about it. I picked a whole bunch in each category. I have like 10 different funds! haha, diverisfy! I checked out the ratings, went for 4-5 star and picked a small cap growth, small cap value, large cap growth, value, etc. Its all a crap shoot anyways in this market..
Haha...well I know just one I want to choose..maybe I should pick random, like you said.
Sorry - ONE MORE QUESTION:
Under my employer, for the matching program, I have to contribute 3% and they contribute 8%. What exaclty does that mean?
Let's say I make $1000. If I contribute 3% that's $30. Do they contribute 8% of what I contributed (8% of $30)? I have a feeling it's not this...but not sure
Or, do I contribute 3% ($30) and they contribute 8% of my salary ($80)
Or is it neither of these!?
Whats the exact wording? That would be incredibly generous and totally awesome if they matched 8% to your 3%. The best I've ever seen is a 100% match - you put in 3%, they put in 3%. Most other places I've seen match 50% up to like 6%.
@pinkshoes: Thanks for your help...it says:
"In order to receive the (X company's) contribution to your plan, you must contribute 3% of your eligible earnings. The (X company) will contribute 8% of your eligible earnings"
@luli29 - Wow, that is awesome your company does that! Best I've ever seen has been 100% up to a certain amount (you put in 3%, company matches 3%; but if you put in 5% they still only match 3%).
@abbyful: I guess I should have signed up for this when I was eligible..1 year and a half ago! lol. Ugh, better late than never.
@luli29: holy crap. that is amazing! that is the best employer contribution i've ever heard of!
Sheesh I want your employer contribution. My employer gives me 4% and I'm currently putting in 10%.
My 401k is pretty aggressive, but I'm young. It will get more conservative as I get older.
My 401k program actually has a projected retirement date fund, i.e they will invest more aggressive now that I am young, but as it gets closer to actual retirement, the funds are invested more conservatively. Maybe see if that is an option for you.
Haha, I didn't even understand how good it was. My paperwork is submitted, so I'm enrolled and happy. I THINK I picked out an aggressive selection. I don't know for sure.
Oh, by the way...its a 403(b) plan, not 401(k)
How you should invest it really depends on how old you are. If you are young, you should invest it more agressively, i.e. in riskier investments because the potential earnings are greater and if you lose you still have time to earn it back. As you age, you should go with something more conservative so that you don't lose it all right before you retire. Some plans offer an investment that will automatically adjust as you near retirement. Others, you have to keep track of it yourself.
A 403(b) is basically the same as a 401(k), but for employees of tax-exempt organizations. I think some of the laws governing them are different, but it's the same basic concept.
I know you said you already submitted your paperwork, but I figured this information might be useful anyway. I used to work with 401(k) and other retirement plans, so I know a little about it. :)
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I am completing my 401K paperwork today - yay!
I need help on what to invest in.
I read it is good to have one conservatori, one mid, and one aggressive fund. Is that right? Does anyone have any suggestions on what to use..if you have Fidelity?
For aggressive, I was looking at Fidelity China Region Fund and Fidelity Contrafund.
This is so confusing!