enrolling in 401k

[Nomad]

Im 22 and new to 401k's. Ive only worked for one other company that did 401k (a call center for a big credit bureau, left that for UPS) and I basically just had to select how much to contribute and that was it, they also matched which I just learned UPS doesn't (Im a new"ish" full time driver in the union, not a PT or FT supe/management..) With UPS however it seems I'll actually be choosing what Im investing in. I haven't gotten past the page where you select the amount of contribution to give on the enrollment site, so Ive no idea if its going to be simpler to choose what to invest in than what Im imagining right now. Currently Im wondering if it would be overkill or really necessary to go to an actual accountant and seek financial advice regarding this and get some good information regarding 401's and investing anyways.

 

[Nomad]

Also, is there a "go back" option I can use on the enrollment site that allows me to cancel my choices? I want to explore the site without actually changing or adding anything yet I guess thats more the reason for my post. Thanks in advance anyone

 

[IVE GOTTA PACKAGE 4U]

Im 22 and new to 401k's. Ive only worked for one other company that did 401k (a call center for a big credit bureau, left that for UPS) and I basically just had to select how much to contribute and that was it, they also matched which I just learned UPS doesn't (Im a new"ish" full time driver in the union, not a PT or FT supe/management..) With UPS however it seems I'll actually be choosing what Im investing in. I haven't gotten past the page where you select the amount of contribution to give on the enrollment site, so Ive no idea if its going to be simpler to choose what to invest in than what Im imagining right now. Currently Im wondering if it would be overkill or really necessary to go to an actual accountant and seek financial advice regarding this and get some good information regarding 401's and investing anyways.

Start saving now!

Right @DriveInDriveOut ?

 

[DriveInDriveOut]

Also, is there a "go back" option I can use on the enrollment site that allows me to cancel my choices? I want to explore the site without actually changing or adding anything yet I guess thats more the reason for my post. Thanks in advance anyone

It's pretty straightforward, you can make changes anytime you want, it usually only takes a day or two for changes to take affect. Just choose the contribution amount you want and get started, you can't really do anything wrong, other than not investing at all.

 

[silenze]

Put it all into the sexual pleasure 500 fund

 

[IVE GOTTA PACKAGE 4U]

It's pretty straightforward, you can make changes anytime you want, it usually only takes a day or two for changes to take affect. Just choose the contribution amount you want and get started, you can't really do anything wrong, other than not investing at all.

Somebody taught you well....

 

[TearsInRain]

if there is no match, there is much less reason to use a 401k

read up and invest in an IRA (probably Roth) and HSA (backdoor IRA you can also use for medical crap); i recommend searching and reading through reddit's investing subreddit for moar knowledge

the big thing to know is you need to start investing now; compound interest can make you retire like a King, but you need to give it 20+ years to do its magic

 

[IVE GOTTA PACKAGE 4U]

if there is no match, there is much less reason to use a 401k

read up and invest in an IRA (probably Roth) and HSA (backdoor IRA you can also use for medical crap); i recommend searching and reading through reddit's investing subreddit for moar knowledge

the big thing to know is you need to start investing now; compound interest can make you retire like a King, but you need to give it 20+ years to do its magic

The 401k is an automatic way to save for you Future. Out if sight out of mind. It also has a ROTH Option.

 

[DriveInDriveOut]

if there is no match, there is much less reason to use a 401k

read up and invest in an IRA (probably Roth) and HSA (backdoor IRA you can also use for medical crap); i recommend searching and reading through reddit's investing subreddit for moar knowledge

the big thing to know is you need to start investing now; compound interest can make you retire like a King, but you need to give it 20+ years to do its magic

401k contribution limit is 3 times the limit for an ira.

 

[TearsInRain]

401k contribution limit is 3 times the limit for an ira.

yah with 1/100th the selection of funds

 

[DriveInDriveOut]

yah with 1/100th the selection of funds

Good luck with that.

 

[TearsInRain]

Good luck with that.

yea, good luck with my higher returns and lower expense ratios

 

[upschuck]

yea, good luck with my higher returns and lower expense ratios

You are the "One Upper" guy, aren't you?

 

[DriveInDriveOut]

yea, good luck with my higher returns and lower expense ratios

I would hope so, you're gonna need it to make up for only being able to invest 5500.

 

[TearsInRain]

I would hope so, you're gonna need it to make up for only being able to invest 5500.

dude where did i say not to invest in a 401k? i only pointed out that an IRA is superior and to fund it first

 

[DriveInDriveOut]

dude where did i say not to invest in a 401k? i only pointed out that an IRA is superior and to fund it first

Dude, I don't care.
Shouldn't you be busy making some graphs for management to ignore.

 

[IVE GOTTA PACKAGE 4U]

Dude, I don't care.
Shouldn't you be busy making some graphs for management to ignore.

 

[TearsInRain]

Dude, I don't care.
Shouldn't you be busy making some graphs for management to ignore.

"i don't care that's why i argued with you until my logic ran out"

 

[DriveInDriveOut]

"i don't care that's why i argued with you until my logic ran out"

Logic?
OP came here to ask questions because he was overwhelmed by the number of options in the 401k. Your suggestion was to open an IRA instead because it has more options.

Freakin IE geniuses.

 

[Brownslave688]

Im 22 and new to 401k's. Ive only worked for one other company that did 401k (a call center for a big credit bureau, left that for UPS) and I basically just had to select how much to contribute and that was it, they also matched which I just learned UPS doesn't (Im a new"ish" full time driver in the union, not a PT or FT supe/management..) With UPS however it seems I'll actually be choosing what Im investing in. I haven't gotten past the page where you select the amount of contribution to give on the enrollment site, so Ive no idea if its going to be simpler to choose what to invest in than what Im imagining right now. Currently Im wondering if it would be overkill or really necessary to go to an actual accountant and seek financial advice regarding this and get some good information regarding 401's and investing anyways.

Certified financial planner. Not an accountant.


Will be the best money you ever spend.