Hi all. 1 (37m) have some questions. Forgive me if this was covered in the past, but since 2016 my employer offered a Simple IRA plan. My employer explained it was tax deferred and they match up to 3%. I’ve always added the man of 3% for a total of 6%.
Well I’m trying to understand all things regarding this account and how I can optimize it better. I’m afraid I’ve missed out on how well I could.
Firstly, it’s through Capital Group: American Funds. Upon logging in, it says CB&T CUST SIMPLE IRA. The funds are: AMERICAN FUNDS TARGET DATE 2050 - C (369).
Since 7/5/16, I’ve added $26,844. There’s a total of $37,603 after.
Since I know basically nothing here, here are my questions.
How do I find out if this is setup pre tax or post tax? My employer keeps saying post tax and “Roth Ira” but a simple Ira can’t be a Roth right? I understand the contributions heavily change as well depending on how it’s setup. Online when I login, it doesn’t tell me what it is. Perhaps I need to call them and ask?
Are C funds good? I’ve heard C funds are ok but can be expensive and may be lining the financial advisors pocket more than mine? I have other options to invest, but all are C funds.
If this retirement account is good, what should I do to be more aggressive and maximize my retirement from 37 here on out? Like investment strategy, and what other retirement accounts can I have with it?
If this retirement account sucks, what options do I have to move these funds into something better and how does that work with my employer match.
Honestly, I want to manage and invest as intelligently/agressively as I can for retirement and I’m upset I haven’t looked into it before now.
Thank you all for my extremely ignorant knowledge regarding retirement.
Submitted April 02, 2024 at 03:34AM by inevitably_wondering https://ift.tt/fQP8IVU
