BBMN
HAVES A CROOKED DICK!! !  
Posts 2359
Registered 6-27-2007 Location tumblr Member Is Offline Mood: SJW
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| posted on 12-9-2016 at 05:40 PM |
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401k with Wells Fargo?
So my employer uses Wells Fargo to administer their 401k, and seeing that I'm no longer a kid I really want to enroll, but have serious
reservations about Wells Fargo?
Is my distrust warranted? Or should I just enroll.
Also, how safe are 401k plans in general? Do people ever get fucked over?
"Put the chicken wings down n come to Jihad bro."
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CCharger
The Great One 
Posts 3492
Registered 7-21-2010 Member Is Offline Mood: Covfefe
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| posted on 12-9-2016 at 06:29 PM |
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quote:
Is my distrust warranted?
Yes.
https://www.thestreet.com/story/13841660/1/you-think-wells-fargo-s-bankers-are-bad-take-a-look-at-its-brokers.html
quote:
Or should I just enroll.
No.
http://time.com/4512028/wells-fargo-john-stumpf-scandal/
quote:
Also, how safe are 401k plans in general?
Not very.
http://www.thefiscaltimes.com/Columns/2016/03/04/Retirement-Revolution-Failed-Why-401k-Isn-t-Working
quote:
Do people ever get fucked over?
Yes.
http://www.theatlantic.com/business/archive/2015/10/the-recession-hurt-americans-retirement-accounts-more-than-everyone-thought/410791/
I'd suggest a self-directed IRA instead.
[Edited on 12-9-2016 by CCharger]
"She was warned. She was given an explanation. Nevertheless, she persisted."
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DevilSoprano
Pee Wee's Plaything 
Posts 7299
Registered 11-16-2002 Member Is Offline Mood:
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| posted on 12-10-2016 at 03:42 AM |
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Does the company do any matching because if so, it's a no brainer to at least put in the minimum.
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merc
Man of a Thousand Holds
Posts 1514
Registered 2-23-2006 Location New England Member Is Offline Mood: GO PATS!!!
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| posted on 12-10-2016 at 11:11 PM |
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quote:
Originally posted by DevilSoprano
Does the company do any matching because if so, it's a no brainer to at least put in the minimum.
👆🏽👆🏽this.
Don't put all investments in a single fund, do some research on sectors/size.
Ignore bond funds.
If they have vanguard funds use them, lower cost. The word INDEX is a good thing.
"I wish sarcasm was available as a font." John Stuart Mill
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bopol
Showstopper 
Posts 715
Registered 1-18-2013 Member Is Offline Mood:
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| posted on 12-11-2016 at 04:40 PM |
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I've had 401K since I started working about 20 years ago. At that point, companies were phasing out traditional pensions and encouraging
savings in 401Ks. I have managed to save up a fair amount using these, but I'm not sure if I would have been better off if I had done things
differently. That said, where I work now, the company puts in 5% of my salary for free and will match 5% of my salary if I put in 5% of my salary.
So, I put in 5% of my salary and get 15% total put in (10% from my company). I put it in a Retirement fund for 2035. It's a fund that is
roughly 60% stocks and 40% bonds.
If you are just starting, put in at least the matching minimum and put it in index funds. When you leave the company, you can rollover your 401K into
an IRA and put it into a company of your choosing. That said, I have found that it is easy to make mistakes, even though I know more than most.
Another thing that you might want to begin to do is talk to people to help you identify a trustworthy financial advisor to help you through
transitions later.
I only signed up so I can read the forum.
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