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Retirement Plan is now set up!

February 20th, 2008 at 04:12 pm

Finally!! One more step in the right direction, woo-hoo!! Smile

Oh, I guess I should add that I went with the 100% target allocation for now. Maybe one day later on down the road I will feel like I know enough to play around with it, but that day is a ways off just yet. Thanks to all of you for your input, you helped me out a LOT!!

Time to set up my 401k -- HELP!!

February 13th, 2008 at 08:00 pm

I have decided it's time to start building a retirement account. I know I need to concentrate on paying off debt, but I really feel like I need to get started on retirement at the same time. I really should have started long ago, but that wasn't possible with the way I'd ruined my finances. Now I work for a company who will match 50 cents for each dollar I contribute, up to 6% of my base pay. I think I'd be crazy not to get started!

Where I stand right now: I got my tax refund, and immediately put $1,500 into an emergency fund. I paid the remainder of my February bills today, and I still had over $1,000 left. I received half of my Feb. child support today and deposited that, and the other half will come at the end of the month. I also have one more paycheck still coming this month. So I am in a great position to set up my monthly budget so that I can put away set amounts monthly in categories such as gifts, car repairs, things that always totally knocked me off course in the past. At the same time, I have started my debt snowball! I paid off my first (smallest) debt, and I am getting close to paying off the next one!

I spent some time today reading all the 401k literature I was given when I started my job last October, and I am SO confused! All this financial stuff seems like Greek to me. I thought I would turn to all of you to get some advice and input. I know there are some real financial wizards in this group!

I have decided to contribute 6% of my salary. There are 10 different core funds in which I can invest: Fixed Fund, Vanguard Total Bond Market Index Fund, Vanguard Wellington Fund, Vanguard Windsor II Fund, Vanguard 500 Index Fund, Vanguard Growth Index Fund, Pacific Capital Small Cap Fund - Class Y, Wells Fargo Advantage Small Company Growth Fund - Administrator Shares, Vanguard International Growth Fund, and our company stock. I do have fact sheets on each of these funds, including their overall risk level rating (1-5), so I can answer questions (but reading them all just confuses me further)! Big Grin

All suggestions welcome!!