I'm 28, male, have Crohn's disease and a whole plethora of mental heath issues that are a serious financial burden. I've never been in a position where I was a making enough to save for retirement before now, but last year I got a warehouse job that pays a decent (not great, but decent) amount. I've been getting my debts and other things in order lately, and now I want to get started on my 401k.
My employers offers a 401k plan that their plan's custodian tried to sell me on very hard, to the point it made me uneasy. I have a cursory understanding of how 401ks work but I'm still a novice at most financial things of this nature. No one ever taught me anything about finance when I was younger, I've been learning myself the last year thanks to this sub.
The plan is through John Hancock and from what I understand, the important points are:
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They offer Vanguard target retirement and Roth options
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The company does a 25% match on the first 6% of contributions, but it isn't 100% vested until 3 years (50% after 2).
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This is the Vangaurd Fund for my age group There are other funds, this one is just the "default" one. The lowest ratio is 1.12%.
If there's any other things I need to pick out from it to share let me know. Again, I only have a loose understanding of all this, I'm not sure exactly what the important things are yet.
My question is, at my age, does it even matter if the plan is bad or not? Should I just do because I need to get started no matter what? I haven't taken a close look at what I'd be able to contribute yet, but it certainly wouldn't be 6%. Not right now, at least.
What worries me is that they wont be vested until I've been here for 3 years, but this job isn't exactly secure. I could lose it relatively easily, and my health conditions increase that likelihood. I'm not in danger of losing the job or anything, but I'd say the odds of me holding onto it for 2 more years is about 50%. I really don't know.
Any advice here would be greatly appreciated.
Submitted October 01, 2017 at 02:03PM by fullforce098 http://ift.tt/2xIsl6T
