So like the title says I signed up for a basic retirement plan when I first started working at my current job, at the time I was young & had no idea what I was doing(I still don't have any idea) nor do I have any relatives to help me figure this sort of thing out. So I let the bank advisor help me pick out some vanguard plan. I've seen over on /r/personalfinance that quite a few people have retirement accounts as well as savings accounts or IRA(traditional/roth) but through all the post I read & wikis I read about retirement I can't make sense of it all.
At this moment in time I don't really have a clue what the plan means other than it's targeted at me retiring in 2055 when i'm in my 60s. I saw that I'm contributing 1%(isn't even $20 out of my bi-monthy paychecks) which seems low but then again I don't know what the average person contributes. I think I could comfortably set aside up to 10% while still having money to play around with when I go out.
It looks like I'm setup for a vanguard plan/investment but there are other options to choose from, would I have a better rate of return if I changed it or is the plan I have with a higher contribution the best set for me? Or is it possible/wise for me for have multiple investment plans with a percentage of my paycheck being split to those different accounts? I feel like having pre-tax is a better option (mainly because i don't understand taxes either but know they generally go up with time) so I don't have to give away money when I do retire but I'm not certain that having taxes taken out later could be beneficial as well
Any help is greatly appreciated, & thank you in advance.
Submitted August 05, 2017 at 12:07AM by SpicyAlienCocaine http://ift.tt/2vr3x2e
