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I have no freaking what it's all about. Let's say my base salary (before tax) is N$/year and my company matches 5% of it (even I have no idea what it means by "match" either). How much from my base salary should I allocate for 401k? In my company, they have opened an account with "fidelity investments", in the enrollment section, there are many other options like Roth IRA. Where can I get a concise explanation of all these? #401k
Open YouTube and type it - grow up
Every year you can contribute max $20500 pre tax salary to your 401k retirement savings. The taxes on 401k are not levied now but are deferred which means when you withdraw from after 59 years of age, your 401k would be taxed according to your tax bracket. Most companies offer 401k match on certain % of base salary, typically on first 10% of base salary.
Since it's at fidelity, call them, get a retirement specialist on the phone and have them explain how you set up contribution amounts thru their net benefits site.
Put in 10% and forget about it until you learn more. Plenty of YouTube vids.
Tc?
If at all possible you should contribute the max every year. Most years the max goes up.
20,500/12 = monthly contribution. Max it out
There is no concise explanation…just do the bare minimum or default setting for now to max out the pre-tax and then continue the reading on roth etc…be persistent to understand the different ways…
You keep putting money for retirement , markets crash aaaand one day it’s gone.
https://gprivate.com/603ux