Posted on 01/29/2023 12:46:23 PM PST by Tacrolimus1mg
I recently started a job as a pharmacy tech, and this job comes with a 401k, unionization, and health insurance - none of which I have ever had through a job before. I just got the booklet detailing the basics of my 401k, and I was a little alarmed. Three guesses who it's managed by. Rhymes with, "Lock stock".
As I live in a leftist state (for now) which I know won't bar the practice, I want to make sure that they aren't investing MY money for ESG purposes and claiming that it's for my benefit.
How do Freepers suggest I handle this?
Become self-employed and put your investments in a Solo 401(k).
1. What investment choices do they give you for the 401K?
2. Do they allow you to set up a brokerage account and pick any mutual fund you wish?
Even if #2 is No, hopefully they at least give you to ability to invest in an equivalent index fund of the stock market — a proxy for the S&P 500.
Do they provide matching contributions?
If so put in to max that amount. You will never get a better return.
When you leave you can convert to IRA.
Talk to a professional financial planner rather than asking for help from a bunch of internet strangers who will all have their own personal advice with no accountability for their answers.
You should have a variety of funds to invest in. The first thing is- how old are you? The younger you are the longer the time frame to invest and the more aggressive you can be. The older, the shorter and likely more conservative investments.
Do they offer a natural resource account or fund? Consider a small percent in that.
Stock index account?? You can’t go wrong over the ling haul.
Blue chip account?? Again- can’t go wrong
I doubt they need to speak with a FP about start up investing in a 401K. If they were rolling over $500K- i could understand it.
I did this about a year ago.
I still participate in my company's 401k to take advantage of the matching. But each time it get's to $50K or so, I move it to my private IRA.
Mine lets you put it in a self-directed broker account but the choices of mutual funds are restricted, all the mutual funds that they allow you to select are all ESG funds.
Invest in the index fund options.
Go to https://www.bogleheads.org/ for investing advice.
This is good advice. Check for a Nasdaq index fund too. Maybe small cap large cap etc
Professional financial planners are often leftists too. They profit from the confusion. I would find another job if it were me and let the employer know why I left. Selling your soul is never aa good idea.
Just make sure you put enough to get max company match.
Worry about the leftist investment allocation later
Companies have become more resistant to number 2. People lost too much money doing their own thing. My company whacked this option not long after I left
I recommend asking for financial advice on a website and asking people what they think you should do because that is the best way to decide what your best strategy is. A bunch of random strangers who sometimes have ridiculous political opinions are usually highly qualified financial experts.
FTA: I recently started a job as a pharmacy tech
psst.... I want some Ivermectin and HCQ.
So I slip you some money on a street corner and I can get want I need?
Like the idiots who call financial advice programs to brag about how much money they have in this mutual fund and that stock portfolio and then pretend to wonder what they are doing wrong.
Bingo. Best advice. The match is free money. I’m retired now and my maxed out 401k investment is the basis of a pretty good life. Don’t give up on the future. When I started the 401k, it looked like we’d get nuked any second now. Good luck.
Bingo. Best advice. The match is free money. I’m retired now and my maxed out 401k investment is the basis of a pretty good life. Don’t give up on the future. When I started the 401k, it looked like we’d get nuked any second now. Good luck.
Seek the advice of a professional investment advisor, don’t do anything based on what you read here.
One thing they will agree with - invest as much as you can afford, and maybe a bit more. Take advantage of every “free” matching contribution your employer may offer, which often matches some percentage of what you put in. IF that means you end up with some money in investments you’d philosophically not like, suck it up and do it anyway. You will not change the world by protesting ESG or such and it’s a good way to leverage your own contributions.
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