Best 401k?
I am changing job and currently have my 401k w/John Hancock. At my tentative job I will enjoy a choice between:
Northwestern
Prudential
American Funds
Equitable
Valic
TIAA
Fidelity
AIG
Does anyone have any accurate or bad experiences beside any of these they can share or knowledge around what I should think roughly speaking when researching these companies?
I'm 26 years old and haven't the slightest clue how any of this works and don't know where on earth to start. Thanks!
Answers: You should go next to an investment company instead of an insurance co. American Funds or Fidelity are the only ones I see that are investment Co's.
The other ones are insurance Co's and will put your money into an annuity...not a mutual fund. An annuity will cost you more...and won't do as very well (over the LONG term) as a mutual fund.
And when you go w/ an investment Co, look for a "retirement target fund". That will be a fund name after the year you plan to retire...say for you..."2040". (You will be 58 years out-of-date.) "Fund 2040" will invest your money with that retirement date within mind. It will automatically adjust your investments every year, until you retire. The closer you get to 2040, the more conservative you investment mix will be.
This will make available you diversification and professional management going forward. You won't hold to worry more or less re-balancing your money every year. The management Co will do it for you. Good luck!
Those are adjectives mutual fund companies. What you need to look at are the specific mutual funds offered contained by order to procure an appropriate asset allocation.
P.S. "Investing For Dummies" is a great intro book for those new to investing.
I hold mine through Valic and like it.
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Northwestern
Prudential
American Funds
Equitable
Valic
TIAA
Fidelity
AIG
Does anyone have any accurate or bad experiences beside any of these they can share or knowledge around what I should think roughly speaking when researching these companies?
I'm 26 years old and haven't the slightest clue how any of this works and don't know where on earth to start. Thanks!
Answers: You should go next to an investment company instead of an insurance co. American Funds or Fidelity are the only ones I see that are investment Co's.
The other ones are insurance Co's and will put your money into an annuity...not a mutual fund. An annuity will cost you more...and won't do as very well (over the LONG term) as a mutual fund.
And when you go w/ an investment Co, look for a "retirement target fund". That will be a fund name after the year you plan to retire...say for you..."2040". (You will be 58 years out-of-date.) "Fund 2040" will invest your money with that retirement date within mind. It will automatically adjust your investments every year, until you retire. The closer you get to 2040, the more conservative you investment mix will be.
This will make available you diversification and professional management going forward. You won't hold to worry more or less re-balancing your money every year. The management Co will do it for you. Good luck!
Those are adjectives mutual fund companies. What you need to look at are the specific mutual funds offered contained by order to procure an appropriate asset allocation.
P.S. "Investing For Dummies" is a great intro book for those new to investing.
I hold mine through Valic and like it.