Feel like nothing is working, $2600/month after taxes, insurance, 401k etc. Rent wipes my bank account once a month. Hey everyone. I split a house with my girlfriend in Washington state for 1100 dollars a month each. I make between 13 and 14 hundred dollars every two weeks, and I can’t seem to save any money at all outside of my 401k which I’m doing 8% of my paycheck in to every 2 weeks (and luckily have a good match from my company) When rent and bills come …

Do I need to expand my 401k investments? 27M and realized that my 401k is all in one fund that tracks the S&P (Spartan 500 Index Pool – Linked below). https://institutional.fidelity.com/app/proxy/content?literatureURL=/9882691.PDF I’ve been contributing since May 2020, and when I did the math, I’ve gotten a 11% return on my total contributions Life-to-Date (May 2020 – Sep 2023). I fee…

Mega Backdoor ROTH – Voya 401k After-Tax to Vanguard ROTH IRA. Am I doing something wrong? Hey folks – So… I’ve been doing a mega backdoor ROTH rollover multiple times – I was advised of this from a work colleague. I’ve also tried doing self-research as much as I can… However, I’m still getting some messages that scare me. ​ Basically, every 2 weeks with my paycheck – I will contribute to my 401k ROTH – and I’ll contribute to my…

Roth contribution 401k investment help Hello! First, I’m working on mobile so apologies for any weird formatting. I recently started my first job and am unsure which investments I should go with. I would appreciate greatly any help or advice offered so that I can invest with some peace of mind. I’m currently in my early 20s and not planning to withdraw from the 401k for the next 40 y…

Swiched jobs have to move my 401k.. suggestions on what to do? I’ve worked for the same company for almost 4 years and I’m switching jobs for one closer to the house… Lots of factors have forced me to switch but I have to move my 401k somewhere and don’t know where to deposit it to… I want to keep building it even if i have to do it manually but my new employer does not offer anything similar where I ca…

Can someone ELI5 the advantage and disadvantages of rolling a 401K into an IRA? I switched jobs, in my mid 50s, I know I need to continue saving for at least another 10 years. I am not the kind of guy trying to “time” the market; just put time (and money) into the market. Generally speaking, I just save money and grimace every quarter. Broadly, what are the advantages and disadvantages of rolling my 401K into an IRA? s…

What to do after maxing 401k, HSA, Roth IRA, and 1 year emergency fund? Hey all, I currently have 63k USD in an HYSA accruing 4.8%- 43k of which I’m willing to invest in a taxable brokerage with Wealthfront. They have two options: A managed portfolio that offers tax-loss harvesting with an annual fee of 0.25% Individually managed, I believe no tax-loss harvesting and a minimum amount of index/ETF funds to invest i…

Was a minor when I inherited my dads 401k who died pre-2020. Wondering about 10 year rule So my dad passed in 2005 and I inherited his retirement account. Every year an RMD has been sent out to me. Not sure if those started before or after I turned 18 but I do know I’ve been receiving those since turning 18. I’d have to ask my guardian about pre-18. I was researching RMDs and saw that there is a rule for withdrawing inherited accou…

Got a raise, should I increase my 401k contribution? Got a 8% raise, currently doing 16% into my 401k with a match of 100% for the first 5%. Also doing $600/month into roth IRA, will reach limit in November. I was thinking of just bumping my contribution by 8% to 24%. Any big drawback I should be aware of? submitted by /u/high1227

What happens if you over-invest in your 401k, i.e., >$22.5k for 2023? I’m aware that annual contribution limit for a 401k is $22.5k. I’ve had two separate jobs and a bonus that have contributed to my 401k for 2023. Consequently, my 2023 401k contribution projections have a higher level of error than normal. What happens if I overinvest in my 401k? I want to max it out. Given my poor forecasting accuracy I may cont…

Cashed out 401k for investment that didn’t work out Need some advice… Early this year, I cashed out about 100k from my 401k to invest into a rental property. After waiting a couple days to get cash in hand, the opportunity was long gone and I still have the money sitting in a savings account and CD averaging about 4-5% interest. Dumb me only paid the 10% penalty and nothing to federal tax. What…

Mega back door Roth 401k question I have extra cash that I’m front loading into my 401k spillover account – an after-tax account. I then want to pursue the mega back door Roth via rolling over the after-tax funds into my Roth 401k (my 401k plan is good so I’m targeting my Roth 401k instead of a Roth IRA). I have unfortunately accrued earnings in my after-tax account and my workp…

Should I trust my company’s 401k provider? The company I work for matches 401k contributions. However, the company they use is Slavic401k which has terrible reviews on Trust Pilot and BBB, so I don’t feel comfortable giving them my money (the biggest complaint is keeping money hostage). What’s my best course of action? I’d hate to miss out on the contribution matches but I don’t think it…

Advice needed on 401K and 403B. My company is a non-profit and offers me both a 401K and a 403B. I want to maximize both to help lower my taxable income. I’m reading that you can only contribute $22,500 TOTAL for 2023 into all retirement plans you are eligible. Is that correct? So far I’ve contributed $13Kish to my 401k and $9,500kish to my 403B, Making my total YTD contributi…

Need to withdraw $3k from 401k I’m in tough spot financially this month, needing an extra ~$3k for my mortgage payment (I am between jobs and this will not be a long-standing issue). Unfortunately I’m down to withdrawing from my 401k. I’m wondering How much I will need to withdraw in order to have $3k in my hand next week. Right now I’m planning to take out $4762, as my reas…

Roth IRA or Roth 401k (if available)? I got a new job that I negotiated from $47k to $48.5k. Basically a $10k raise from my current job. Still waiting for information on the retirement plan but I will leave my current job with my 401k contributions and 25% vested funds (total around $3k). So I wanted to know in advance, should I move towards a Roth 401k option if my job has it or j…

Old 401k’s? How can I look them up? Basically the title. I’m 29M and really just now starting to think about retirement (I know, I know) I’ve not really paid attention to my old 401k’s when switching jobs and honestly idek how much is in any of them. I’ve had 3 jobs in the past of which I’m curious about the accounts that I left. How would I even go about getting this informatio…

401k matching question I’m looking into leaving my current job and have a question and possible follow-up regarding my 401k. My employer matches up 6% contributions(they have a much more complicated set of rules for it, but I don’t think it matters for this), but they only make their contribution at the end of the year. If I leave prior to that contribution being made…

Am I fully vested? Let go from work today and unsure of 401K amount. As title mentions, I was let go from my job earlier today. After having read past posts in this subreddit, I am aware there are some 401ks where an employee has to have worked 5 years in order to be fully vested. The termination of employment happened less than 2 weeks away from my 5 year work anniversary. Reviewing the 401K account, it is uncle…

What should I do with my old 401K with high fees? Rollover to IRA or is there tax implication if I did backdoor? I recently changed my job, and my current employer does not offer 401K. The 401K plan for my former employer charges $45/month record keeping fee. I obviously don’t want to pay this fee anymore, so is the best course of action for me to move the money (traditional 401K to traditional IRA, roth 401k to roth IRA) to an IRA? FYI: I contributed $65…