Hi Blinders, personal finance newbie here. College didn’t teach us well with this lol
Putting 15% into Roth + 10% into 401K, company does 7% match. Is that the right move?
Using Fidelity. How should I do the 401K play? Currently 100% in Blended Investment (Fidelity Freedom Index 2060 Fund- Investor Class) by default.
TC—$120K (sales, so it fluctuates, recently got to $10K/month)
YoE—6 months
Edit: 15% to Roth to make up for the first couple month of 2021 since I didn’t have any due to low income
Really need help with 401 K funds selection, thanks much guys
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Back door Roth is too early for you. Enroll in ESPP with max contribution if that’s possible. If you still got funds left over, look at investing on stocks or do index funds. But do your research. Roth back door is only if you have like more than $20k spare to save for retirement.
How do I get access to Roth 401K? Does the employer have to offer it? Or Fidelity?
In the change contribution section there’s only 401K and Roth :/
Maybe I’m dumb 😂 is Roth and Roth 401K the same thing?
Watch some YouTube videos on investing Roth 401k vs traditional 401k, it will help you understand the system better. Keep in mind if you try and take money early there is a huge penalty in all 401k accounts.
Now for the Roth - this means after tax and after you reach the annual contribution limit. Then you choose to put more funds into retirement account which is called Roth back door and can do a total of $55k? Like mentioned earlier, too soon for you. Get to 250k TC and even then you probably get better returns if you invest in stocks or real estate because this plan offers no tax benefits, just excess funds to sitting in an account untouched for 30+ years.