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What does someone who doesn't know shit about investing and retirement and stuff need to know about 401ks? (lemmy.world)

submitted 11 months ago by [email protected] to c/[email protected]

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I'm having a meeting to set mine up on Thursday. My company matches 3%, and that's what I'm putting in.

I hope that the dude I'm meeting with can choose my investments for me, but idk if that's an option here.

I want to be prepared.

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[–] [email protected] 3 points 11 months ago

In addition to the good tips here and if your company offers it, know the difference between a Roth 401k and regular. In a Roth, you pay taxes going in and the gains are not taxed. In a traditional 401k, the amount you put in is untaxed, but you're taxed when you take it out. Early on your career, you would hope that the gains outweigh the initial investment.

Disclaimers: I'm not a lawyer, doctor, financial advisor, investment accountant or CPA. Your state, province and/or country may tax differently now or in the future. Past performance is no guarantee of future returns.