This might be preaching to the choir here, but I thought I'd share how a little info is going a long way for me.
I took a super hands-off approach to my 401k since it started ~5 years ago. I heard that the management firm selected an investment plan, and I figured that it was going to be good enough for me.
In a 401k meeting yesterday, I found out that my rate of return was WAY lower than the market. Through that, I realized that I was only invested in the safest, low return option - not something suited for someone young like me.
So I switched to a target fund appropriate for me that is diversified and has a better long-term projection.
I also learned about easy options that I didn't even know I had - like a Roth 401k.
I feel kinda silly that I didn't look into this sooner and am missing out on a significant amount of money, but I am excited about moving forward in a much better place.
The best part - implementing these changes took seconds with my online account. I might be due for other more difficult changes, but just these alone could be the largest benefit per time spent that I will ever gain.
Moral of the story: Don't be intimidated by investing/retirement - just learn a little more about your situation and your options.
Submitted May 17, 2018 at 12:51PM by Ches_LLYG https://ift.tt/2rNsOk4
