FundRobot » Investments » Good 401k for beginners?

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Old   #1 (permalink)
 
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Default good 401k for beginners

I am looking to begin investing in either a 401k, or a Roth IRA. I currently have a 401k through my work, but would like to have another investment account opened. Something where I could auto deduct every paycheck, and it does all the investing for me.. Just need advice, and which ones are best.



THANKS
Happiness45 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default good 401k for beginners

The only place you can invest in a 401(k) is through your employer - they are employer-sponsored plans only.

You can also open a Roth IRA with the custodian of your choice. Vanguard and T. Rowe Price are two good ones but there are many more. Virtually all of them offer automatic payments from your bank account if you choose.
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Old   #3 (permalink)
 
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Default good 401k for beginners

What is this account for - retirement, or just someplace to save?? If retirement, then open an IRA. If just for savings, then a brokerage account.
I doubt this can be deducted from your pay. But you could set it up where it is auto-deducted from your checking account.
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Old   #4 (permalink)
 
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Default good 401k for beginners

You can only get a 401(k) through your employer. Since you already have one, you cannot have another. You will have to open either a Roth IRA or a traditional IRA. If you are not presently maxing out your 401(k) (especially if you are not getting the max contribution), just increase your contribution there and make sure that your investments are diversified.
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