George Papadopoulos — a certified public accountant, certified financial planner and fee - only wealth manager in Michigan — offered this advice on beginner investing: «For beginner investors who are most likely investing in just one account — usually
the 401k plan at work — and not willing to spend time managing and rebalancing, they should just pick a target - date fund and «set it and forget it.»
However, with
my 401k plan at work, 20 % of my portfolio have exposure to the international market.
Here's the table to determine how much you can contribute to both an IRA and
a 401k plan at work.
However, with
my 401k plan at work, 20 % of my portfolio have exposure to the international market.
Not exact matches
At low levels of income that definitely makes the Sole
401K (with the $ 18K employee contribution) a better way to shield from taxes, but if someone were to
work for a regular company with a
401K in addition to his / her own business, you only get a total of $ 18K as an employee across all
plans.
If you
work at a company that offers a
401K plan invest as much as you can in the
plan up to the $ 18,000 maximum or
at least invest as much as you can to get an employer match.
Traditional IRAs are particularly useful for people who don't have retirement
plans at work (although many people have both a
401k and an IRA; they open IRAs after they have put enough money into their
401ks to get their employer match).
If you or your spouse is covered by a retirement
plan at work (such as a
401k or 403b) and you make a significant amount of money, you may not be able to deduct your traditional IRA contributions from your current year's taxes.
The bulk of your retirement savings should be done through your retirement
plan at work, which might be a
401k, a 403b or a 457
plan, or some type of employer - sponsored IRA.
If you are covered by a retirement
plan at work (e.g., a
401k or pension) and your income exceeds certain limits, you can't take a deduction for a traditional IRA contribution, so a Roth IRA is the obvious choice.
Not sure whether you should have a traditional or Roth IRA — or choose a traditional or Roth
401k retirement
plan at work?
At some point in your
working life, you'll be handed a
401k plan packet full of information and investment choices, told to fill things out, and, if you're lucky, someone might actually explain it all for you.
Typically, you must be
at least 21 and have
worked for a company for a year to participate in a
401k plan.
If you or your spouse is covered by a retirement
plan at work (such as a
401k or 403b) and you make a significant amount of money, you may not be able to deduct your traditional IRA contributions from your current year's taxes.
With your budget
plan for the new year in hand, you can contact the HR department to increase your
401k savings
at work.
Since we will all have to retire
at some point, if you are participating in a
work - related
401K retirement
plan this is even better since you will have that in addition to whatever savings, plus interest accrued on your savings, you make and any income you make on your investments.
I think my problem is that I'm treating it more like a
401k plan in that I make monthly contributions to any number of funds and the fees are annual, regardless of the number of transaction I perform throughout the year (
at least this is how it
works for my
401k plan, but I'm not sure if this is an industry standard).
The bulk of your retirement savings should be done through your retirement
plan at work, which might be a
401k, a 403b or a 457
plan, or some type of employer - sponsored IRA.
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