Today we’re discussing how to maximize your Fidelity 401k to take charge of your retirement investments.
★ Camera
★ Lens
★ Recommended personal finance books
The 4 Hour Workweek:
The Simple Path to Wealth:
Quit Like a Millionaire:
I Will Teach You to Be Rich:
★ Offers
Try Airbnb for $65 off your first booking:
Try Rakuten and earn $10:
★ Contact
Business email: moneybeecontact@gmail.com
★ Check out my travel channel!
0:00 – Basics
0:57 – Contribution Limits
1:45 – How much to contribute
4:06 – Employer Match
4:50 – True-up
6:04 – Traditional vs. Roth 401k
7:20 – Target Date Funds
8:21 – Managing your own funds
8:42 – Three-fund portfolio
11:04 – Rebalancing
11:49 – Changing employers
12:38 – Withdrawing from your 401k
★ Disclosure: I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. Some of the links presented in this description are affiliate links, meaning that I may receive a small commission for any profits resulting from the links….(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
How to MAXIMIZE your Fidelity 401k: Take Charge of Your Retirement Investments
Planning for retirement is a crucial step in securing your financial future. One popular retirement saving option is the 401k plan, offered by many employers in the United States. Fidelity Investments is a prominent provider of these plans, offering various investment options and tools to help individuals achieve their retirement goals. To make the most of your Fidelity 401k, it is essential to take charge of your investments. Here’s how you can maximize your Fidelity 401k and make it work for you.
1. Understand the Basics
Before diving into investment strategies, it’s crucial to have a strong understanding of your Fidelity 401k plan. Familiarize yourself with the plan’s terms, contribution limits, and any employer matching programs. An informed understanding of these basics will provide a solid foundation for making prudent investment decisions.
2. Determine Your Retirement Goals
Clearly defining your retirement goals is essential to developing a tailored investment strategy. Consider factors such as the desired retirement age, lifestyle expectations, and any additional financial obligations you may have. These goals will help guide your investment decisions based on the timeline and risk tolerance you’re comfortable with.
3. Take Advantage of Employer Matching
One of the key advantages of a Fidelity 401k plan is employer matching contributions. Ensure that you’re contributing enough to maximize this benefit fully. Matching programs vary by employer, but they provide an opportunity to double your contributions and significantly boost your retirement savings. Failing to take advantage of this benefit is essentially leaving free money on the table.
4. Diversify Your Portfolio
When it comes to investing, diversification is king. A diversified portfolio helps to spread risk and increases the likelihood of higher returns over the long term. Fidelity’s 401k plans offer a wide range of investment options, including mutual funds, index funds, and target-date funds. Consider diversifying your holdings across various asset classes, such as stocks, bonds, and international investments, to balance risk and optimize your returns.
5. Monitor and Rebalance Your Portfolio
Once you’ve established your investment allocations, it’s crucial to regularly monitor and rebalance your portfolio. Market fluctuations and changes in your risk tolerance may cause your asset allocation to drift from your intended strategy. Set a schedule to review your investments and make necessary adjustments periodically. Fidelity provides easy-to-use tools and resources to help you assess your portfolio’s performance and make informed investment decisions.
6. Take Advantage of Fidelity’s Tools and Resources
Fidelity Investments offers a myriad of tools and resources to assist you in managing your 401k plan effectively. Their online platform provides access to account information, investment research, and educational materials. Take the time to explore these resources to gain insights into retirement planning, learn about investment strategies, and stay up to date with market trends. Fidelity’s expert advisors are also available to provide personalized guidance and answer any questions you may have.
7. Increase Contributions Regularly
As your income grows, it’s wise to increase your 401k contributions to keep pace with your retirement goals. Take advantage of annual contribution limit increases allowed by the IRS, if possible. Gradually increasing your contributions each year can make a substantial difference in your retirement savings over time, thanks to the compounding effect.
8. Seek Professional Advice
While managing your own investments provides a sense of control, it can also be challenging, especially in complex market conditions. Consider seeking professional advice if you’re unsure of your investment choices or if you want more personalized guidance. Financial advisors can review your retirement goals, risk profile, and offer tailored investment recommendations to maximize your Fidelity 401k.
Taking charge of your Fidelity 401k is crucial to maximizing your retirement savings. By understanding your plan, setting clear goals, diversifying your portfolio, and taking advantage of employer matching and personal contributions, you can ensure a secure financial future. Leverage Fidelity’s tools and resources, regularly monitor your investments, and seek professional advice when needed to stay on track. Remember, the sooner you start, the more time your investments have to grow, giving you a better chance of achieving your retirement dreams.
Dont use fidelity. These dumb cunts do everything they can to keep you out of your own account.
Retiring in one year, with 401k with Fidelity. Looking for INCOME fund tbru Fidelity. Not sure which fund of the 30 funds they offer?
First I like to say thank you for this amazing video please Make another video like this one Step-by-step how to rollover 401k
Yes, please make one about rolling over a 401k. My X did this i think & i m having a hard yome finding it! We have been divorced 8 yes
How to do a Roth 401k as a 1099 and self employed
Hearing you say most employers will offer a match of 3% makes me really grateful that my employer matches 6%
My employer matches 6%.
Due to the volatility this past year, I've set my contribution to 9%.
My employer did away with TrueUp and instead will continue to match up 6% to the After-Tax Portion once you max out pretax and or roth parts. So I need to look into that. Also every year I max out my HSA.
I currently have my 401k set to automatic management. Looks like I need to unenroll to even take a look at the individual stocks & bonds.
But the big question I have is…once my contribution and employer match are taken from my paycheck and put into my account….do I still have to actively invest it? Meaning if I were going solon i can pick and choose but if automatic then the Fidelity Peeps would take care of it right? (According to my Target Date that is)
Agree with the true-up comments. Great stuff but ambiguous. I maxed my 401k out in 4 mos last year. Need to call Fidelity to find out how much money i prob. lost. thanks!!
Could you please explain more about True-ups? and how do we roll over our 401K after changing workplace? Thanks moneybee!!
After the company match, you might as well invest yourself.
If you do the research it's not hard to beat the "market".
when does that True up deposit? Does it depend what type of field you are in, for example I work in tech sales, so in theory I could have a few commission checks early in the year and max it out fast.
How reliable are the financial engines on Fidelity web site for 401k??
Hi, I have a question back in 2012 I had a stroke and lost lots of events of my life (I got them back most of them) but i forgot where I had my 401k so , How do I find out where was investing to may be role it over with my actual 401K. Thank you for all your help.
Sergio Diaz
Would you sell me some more counterfeit shares of #MMTLP ?
#FINRAFRAUD Stop holding our shares hostage.
Too much talk and less action. You didn’t tell exactly where to put the money on a fidelity account.
Thank you, for making so easy to understand
Nice video. Just subscribed. If i reached the max contribution amount per year by say october, does that mean i lost the employee match for nov and december?
This would be a great video for high school kids – The level of explanation is perfect for them and they need to know how to invest when they get out of high school.
Great info, but it's pronounced F-ii-delity. Like "it". F-"i"-del"it"y. Fidelity.
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
One question, can you take out principal from Roth 401k, the way you can do it with Roth IRA (without penalty obviously)?
I buy bitcoin everyday. I don't trust the government.
great explanation on 401k! too bad i dont qualify for my employer's 401k program until 1 year of employment, but i can't wait until i do qualify!
Great video… there are so many that have no idea about these features and benefits in their 401(k)… The other thing is that there are a lot of different features and benefits that may or may not be in the persons 401(k). I also highly recommend people check in on their 401(k)s regularly.
You have some great editing… do you do your own or have someone do it?
In Aussie Super our total concessions contributions are $27500 peryear, including employer contributions. I pretax $500 per fortnight. We only have Super. We have to invest into other things over here
Thanks for demystifying this topic. My employer has a 403b. Is this similar to a 401k?
I really like you Bee
Fantastic explanation moneybee! Every company I’ve worked for has used fidelity so this is perfect!
I use to do 401k, but don't do it anymore. It's only good if you live that long, I do not plan to live that long. There are other factors as well.
Don't forget about the rule of 55, many folks can start withdrawing at 55 instead of 59.5 :).