The Online Onslaught Forums


By contributing to Online Onslaught, you'll help make sure we're around for years to come. Toss us as little as a few bucks, or as much as your generosity allows. Thanks!

Last active: Never Not logged in [Login ]

Printable Version |
Subscribe | Add to Favorites
New Topic New Poll New Reply
Author: Subject: 401k with Wells Fargo?
BBMN
HAVES A CROOKED DICK!! !






Posts 2516
Registered 6-27-2007
Location tumblr
Member Is Offline

Mood: SJW

posted on 12-9-2016 at 04:40 PM Edit Post Reply With Quote
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."

View User's Profile View All Posts By User U2U Member
CCharger
The Man






Posts 5047
Registered 7-21-2010
Member Is Offline

Mood: Sick of hokey shit

posted on 12-9-2016 at 05:29 PM Edit Post Reply With Quote
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]





"I don't watch the show, Paul. Why would I watch the show?"

"I hate it when I'm watching along at home and I'm envisioning certain common sense things, and WWE just leaves all that money on the table to do something that will have no result other than send viewers looking for something else."

-- The Rick

View User's Profile View All Posts By User U2U Member
DevilSoprano
Pee Wee's Plaything






Posts 8006
Registered 11-16-2002
Member Is Offline

Mood:

posted on 12-10-2016 at 02:42 AM Edit Post Reply With Quote
Does the company do any matching because if so, it's a no brainer to at least put in the minimum.
View User's Profile E-Mail User View All Posts By User U2U Member   DevilSoprano 's Aim   DevilSoprano 's Yahoo
merc
Man of a Thousand Holds






Posts 1514
Registered 2-23-2006
Location New England
Member Is Offline

Mood: GO PATS!!!

posted on 12-10-2016 at 10:11 PM Edit Post Reply With Quote
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

View User's Profile View All Posts By User U2U Member
bopol
Showstopper






Posts 999
Registered 1-18-2013
Member Is Offline

Mood:

posted on 12-11-2016 at 03:40 PM Edit Post Reply With Quote
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.

View User's Profile View All Posts By User U2U Member

New Topic New Poll New Reply


go to top


Powered by XMB 1.8 Partagium Final SP1
Developed By Aventure Media & The XMB Group
Processed in 0.0422192 seconds, 21 queries