Let me see if I can describe how your employer 401k (or 403b, etc) retirement plan orientation went:
• You all walked into a meeting.
• An HR administrator handed you a folder chucked full of loose documents.
• You were released with little direction and told to bring the papers back all filled in.
Am I close?
It’s pretty sad that something so important to our livelihoods later on in life is treated as another routine task. There are many things that should be explained to you when you sign up for your 401k (click here for my complete guide on this topic).
But if there’s one thing where people REALLY need help, it’s deciding which mutual funds to pick for their plan. Past returns? Large cap / small cap? Expense ratios? What does all this stuff mean?
In the MyMoneyDesign household, we have both a 401k and 403b. So let me use what I’ve learned to help steer you towards making the best choices you can make.