Let the money roll in
Posted at 6:34 pm in Finances, Work
I set up my retirement plan with my new employer today. It’s a Simple IRA rather than a 401K. I still know nothing about those things. I just went with the suggestions the guy gave me.
It’s with Edward Jones. I’m putting 3% (of each paycheck) toward it and my employer matched up to 3%. That money is going into what they call “American Funds B shares”. There are 3 funds that the money will be going in to:
35% into Capital World Growth and Income Fund
35% into Fundamental Investors
30% into Capital Income Builders
I have ABSOLUTELY no idea what any of that means. But that’s what the guy suggested. I’m hoping he’s being straight with me and suggesting the best options. I guess I should do some research on things so that I’m more knowledgeable about things. I can make changes at any time. I’ll just have to keep an eye on things to see how it goes. I’ll be getting monthly statements on it.
Is there anyone out there who knows anything about this sort of thing? If so, can you point me toward some online resources so I can try to get to know what I’m doing? I just hope I’ll have some money somewhere to use once I get to retirement age. I did have some money in a 401K with a former employer, but I had to cash that out after they “let me go” (and waited a month to tell me that they “eliminated the position”) … I had bills to pay. Hopefully that will NEVER happen again, and the money will still be around when I get old. LOL
