401k for dummies?

[IVE GOTTA PACKAGE 4U]

Again, appreciate the advice everyone is giving me.

Ease send your thank you to....Go fund me page...Gumbys beer fund

 

[dookie stain]

Aggressive means going more into stocks, instead of bonds and cash.

I take it from your posts that you are under 30?

I'm 30

 

[IVE GOTTA PACKAGE 4U]

I'm 30

You have time to be aggressive.

 

[UpstateNYUPSer(Ret)]

Bright Horizons 2045

 

[1989]

You have time to be aggressive.

Gotta be the bully on the block.

 

[IVE GOTTA PACKAGE 4U]

Gotta be the bully on the block.

Maybe for him,not sure what to do for me.

 

[1989]

Maybe for him,not sure what to do for me.

Put an egg in my basket and I'll tell ya.

 

[IVE GOTTA PACKAGE 4U]

Put an egg in my basket and I'll tell ya.

I'm just hoping I don't run out of steam,before I hit the goal line.

 

[1989]

I'm just hoping I don't run out of steam,before I hit the goal line.

Viagra

 

[IVE GOTTA PACKAGE 4U]

Viagra

Plug still works...just need an outlet

 

[1989]

Plug still works...just need an outlet

Maybe go solar?

 

[IVE GOTTA PACKAGE 4U]

Maybe go solar?

Holeher

 

[MC0493]

I'll have to look over the other various options once i'm approved. And wow this thread made it 2 pages before the show started

 

[olroadbeech]

if you could max out now you will have close to 2.5-3 million in 35 years . use the calculator on the 401k website . the last 40 years the market has averaged 8 percent gains per year.

even if it only averages 5 % gains over the next 35 years you will have a couple mill.

on one calculator , if you save 20% of your income till you retire , you will have over 4 million.( of course past performance does not guarantee future results )

 

[MC0493]

I'd love to max everything out and have a stash when i'm older, but i don't want to give up too much living money either. Have to see how 10% affects me and then adjust from there. Obviously as i go up the pay scale i'll continue to up the percentage.

 

[IVE GOTTA PACKAGE 4U]

I'd love to max everything out and have a stash when i'm older, but i don't want to give up too much living money either. Have to see how 10% affects me and then adjust from there. Obviously as i go up the pay scale i'll continue to up the percentage.

You can change it anytime you want to.

 

[dudebro]

I'd love to max everything out and have a stash when i'm older, but i don't want to give up too much living money either. Have to see how 10% affects me and then adjust from there. Obviously as i go up the pay scale i'll continue to up the percentage.

Also, just put the money in an s&p 500 index fund. at 22, I would fully invest in stocks. do your own research, but 2 constants I have found is 1) managed funds don't consistently beat the market over the long term and 2) index funds tend to have the lowest investment fees.

 

[dookie stain]

if you could max out now you will have close to 2.5-3 million in 35 years . use the calculator on the 401k website . the last 40 years the market has averaged 8 percent gains per year.

even if it only averages 5 % gains over the next 35 years you will have a couple mill.

on one calculator , if you save 20% of your income till you retire , you will have over 4 million.( of course past performance does not guarantee future results )

This is what I don't get...what do I have to invest in to make what I put in onto 3 million? I'm not very smart

 

[olroadbeech]

I'd love to max everything out and have a stash when i'm older, but i don't want to give up too much living money either. Have to see how 10% affects me and then adjust from there. Obviously as i go up the pay scale i'll continue to up the percentage.

well that's how we did it. started out at 10% and found out we didn't miss it . then every year with our approx. 3% raises we went up 5 %. in about 5 years we were maxing out. don't forget you are saving a ton on taxes.

most of my 401 k was in Vanguard Index funds. good point dudebro.

 

[1989]

This is what I don't get...what do I have to invest in to make what I put in onto 3 million? I'm not very smart

Good question, I think the market is in a bubble.