I decided to make this thread because I wanted to hear other peoples advice/experiences with long-term investments and/or contribution plans (specifically, 401[k]s), or other methods of planning for your future.
Being that I was in HR when the annual summaries came in from our 401(k) specialist when the market had it's first big hiccup (to put it lightly), I am aware of a lot of the hits that the older employees investments took. They were pretty harsh, considering that most of the older employees were depending on the ENTIRE money they had in their 401(k) plan for their retirement years. It made me start to think about the security of my future; granted, my 401k plan isn't a big deal in my life right now. But, I'm not sure if it's the only protection I want to have for the future.
For those of you who don't want to read about my 401k, just skip down to the questions on the bottom. :P
For my 401(k) plan, I'm wavering between sticking with my pre-made "balanced" portfolio, or edging it up with a growth portfolio and/or a personally allocated one that would be a little more aggressive; and I am thinking of increasing my contribution percentage.
The reasoning behind me wanting to move to a more aggressive portfolio would be as follows: 1. I don't have kids/family that is going to depend on that money, yet; 2. I have a pretty good life-insurance policy if I accidentally die younger than I think I will that will take care of my end-of-life expenses and help out my immediate family, a little; 3. I am reasonably young enough to build up funds again if my 401k portfolio absolutely fails (unless I die young, in which case it won't matter!); and 4. I don't mind the gamble at this stage in my life (I don't think, haha, I've never lost a lot of money, we'll see).
Bumping up my contribution percentage would obviously increase the amount of money I can give towards my portfolio to play with (or theoretically, save), but it won't effect the amount my employer is matching(3%). Last year I didn't see a reason to go higher than what my employer matched because I figured I could use my money on more "immediate" needs. However, now that I've had time, I think I'll kick it up somewhere between 9-12%... I'm just not sure. I need to play with the numbers.
Anyways, for those of you with the tl;dr complex:
I'm curious: What are you planning and/or doing to protect your future? Are you relying on 401(k)'s? If not, what else are you doing?
Have you even gotten to the stage in your life where you're thinking about planning for the future? If not, at what stage in your life do you think you'll start to plan for it?
If you have a 401k, what types of investments do you have in your portfolio? What percentage or amount do you contribute? What percent (if any) do your employers match?
And, of course, what color of underwear are you wearing? :P
Being that I was in HR when the annual summaries came in from our 401(k) specialist when the market had it's first big hiccup (to put it lightly), I am aware of a lot of the hits that the older employees investments took. They were pretty harsh, considering that most of the older employees were depending on the ENTIRE money they had in their 401(k) plan for their retirement years. It made me start to think about the security of my future; granted, my 401k plan isn't a big deal in my life right now. But, I'm not sure if it's the only protection I want to have for the future.
For those of you who don't want to read about my 401k, just skip down to the questions on the bottom. :P
For my 401(k) plan, I'm wavering between sticking with my pre-made "balanced" portfolio, or edging it up with a growth portfolio and/or a personally allocated one that would be a little more aggressive; and I am thinking of increasing my contribution percentage.
The reasoning behind me wanting to move to a more aggressive portfolio would be as follows: 1. I don't have kids/family that is going to depend on that money, yet; 2. I have a pretty good life-insurance policy if I accidentally die younger than I think I will that will take care of my end-of-life expenses and help out my immediate family, a little; 3. I am reasonably young enough to build up funds again if my 401k portfolio absolutely fails (unless I die young, in which case it won't matter!); and 4. I don't mind the gamble at this stage in my life (I don't think, haha, I've never lost a lot of money, we'll see).
Bumping up my contribution percentage would obviously increase the amount of money I can give towards my portfolio to play with (or theoretically, save), but it won't effect the amount my employer is matching(3%). Last year I didn't see a reason to go higher than what my employer matched because I figured I could use my money on more "immediate" needs. However, now that I've had time, I think I'll kick it up somewhere between 9-12%... I'm just not sure. I need to play with the numbers.
Anyways, for those of you with the tl;dr complex:
I'm curious: What are you planning and/or doing to protect your future? Are you relying on 401(k)'s? If not, what else are you doing?
Have you even gotten to the stage in your life where you're thinking about planning for the future? If not, at what stage in your life do you think you'll start to plan for it?
If you have a 401k, what types of investments do you have in your portfolio? What percentage or amount do you contribute? What percent (if any) do your employers match?
And, of course, what color of underwear are you wearing? :P
