401k wellness check
I’m sure this has been asked before but I recently did a check on how my overall finances are doing.
I’ve googled and researched but I was wondering other opinions on my 401k investments through fidelity.
They are as follows:
Dryden s&p 500 index fund (is platform) lathe cap blend .86% expense
Guaranteed income fund- stable value
Large cap growth II fund- managed by alliance Bernstein- 1.262% expense
Lifetime balanced fund- allocation 50-70% equity .965% expense
My company contributes 7% which goes 70% to the Dryden and 10% each other fund
I contribute 16% to everything but the Dryden, I’ll be increasing to 18% in the new year.
Overall in the past two years I’m down -5% according to empower/fidelity
I have no credit debt- a large personal loan I just received this week ~50k but half will be paid upfront next week
180k mortgage on my house which I pay $300 extra a month. $2000k total a month
15k in high risk investment- crypto (I know I know) I assume this money is gone during budgeting
This year I’ll open a Roth IRA, move 6months of emergency money to a savings account and pay down my personal loan as much as I can.
Total income: 110k
Home value: 400k
Thanks for your thoughts and comments, much appreciated.
Your 401k options are pathetically bad with with ER. The S&P index fund at .86 is laughable. The others are bad, and with worst rates, but this is probably the worst compared to what an open market S&P index fund can get. Many are .04% or less.
Depending on home mortgage rate, I’d probably pay minimum on that, get rid of the personal loan as quick as possible, get the IRAs going so you can use some good priced options. Then I would go to HR and let them know your 401k options suck and ask for a new plan.