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I just got a full time hourly job at a state university. It's low pay, but it's money coming in and I plan on using their resources and tuition remission to get my graduate degree as well.
I have two more days to pick my insurance from them.
They also have voluntary supplementary retirement plans that would be combined with my mandatory pension.
One of the voluntary plans is through Fidelity.
Is Fidelity good? Which plan should I choose. I have no real idea what I'm doing lol.
I also would like to invest and apparently Fidelity is good to do that with as well right? With my little paycheck 20 dollars a month is probably all I can do. I would like to invest a 100 a month if I can though.
What is a Roth?
This is the plan. Which one?
403(b) plan
457(b) plan
403b plans have been around a very long time, and they use to be always annutity-based plans. I think some have evolved in recent years, but I have always read enough negatives about them to stay away. 457b plans were created in 1978, but they had low contributions limits that made them not too popular. That changed in 2001 and now the limits match the other defined benefit plans.
Generally, this is considered the best "pro" with a 457b:
"the 457(b) plan offers a sneak-attack savings option: the ability to contribute almost double to your retirement savings if you’re close to retirement. The ability to take distributions before age 59 ½ if you’re already retired without penalty is also a huge benefit."
I just got a full time hourly job at a state university. It's low pay, but it's money coming in and I plan on using their resources and tuition remission to get my graduate degree as well.
I have two more days to pick my insurance from them.
They also have voluntary supplementary retirement plans that would be combined with my mandatory pension.
One of the voluntary plans is through Fidelity.
Is Fidelity good? Which plan should I choose. I have no real idea what I'm doing lol.
I also would like to invest and apparently Fidelity is good to do that with as well right? With my little paycheck 20 dollars a month is probably all I can do. I would like to invest a 100 a month if I can though.
What is a Roth?
This is the plan. Which one?
403(b) plan
457(b) plan
I just got a full time hourly job at a state university. It's low pay, but it's money coming in and I plan on using their resources and tuition remission to get my graduate degree as well.
I have two more days to pick my insurance from them.
They also have voluntary supplementary retirement plans that would be combined with my mandatory pension.
One of the voluntary plans is through Fidelity.
Is Fidelity good? Which plan should I choose. I have no real idea what I'm doing lol.
I also would like to invest and apparently Fidelity is good to do that with as well right? With my little paycheck 20 dollars a month is probably all I can do. I would like to invest a 100 a month if I can though.
What is a Roth?
This is the plan. Which one?
403(b) plan
457(b) plan
You'll have to go through each of the plans in details to see if it fits your needs. As a company, though, Fidelity is as good as anyone in terms of stability and reputation.
I just got a full time hourly job at a state university. It's low pay, but it's money coming in and I plan on using their resources and tuition remission to get my graduate degree as well.
I have two more days to pick my insurance from them.
They also have voluntary supplementary retirement plans that would be combined with my mandatory pension.
One of the voluntary plans is through Fidelity.
Is Fidelity good? Which plan should I choose. I have no real idea what I'm doing lol.
I also would like to invest and apparently Fidelity is good to do that with as well right? With my little paycheck 20 dollars a month is probably all I can do. I would like to invest a 100 a month if I can though.
What is a Roth?
This is the plan. Which one?
403(b) plan
457(b) plan
Fidelity is a very large fund company and they have many investment options. They're fine.
But it's clear that you don't know anything about investing. For now, if you have a target date fund in your plan, pick the one closest for your birth date and keep adding as much money as you can.
In the meantime, learn the basics of investing. You should understand what a stock is, what a bond is, what a mutual fund is, etc.
As far as whether you should do the 403b or 457, it's hard to say because it's really about your behavior. The advantage (and disadvantage) to a 457 plan is that after you leave your employer, you can take the money out without having to pay a penalty (but you'll still pay regular income taxes). But that can be a bad thing if you take money out of your plan before you really should. If you accumulate a large 6 figure or 7 figure account balance before traditional retirement age, the 457 is probably worth it. At this point in your life, that may seem impossible, but if you keep increasing the amount you put in the plan, it can really add up over 25 years, which would still be before traditional retirement age if you're currently in your 20s.
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