: These are "set it and forget it" options that automatically adjust your risk based on your expected retirement year.
: If you own your own business with no employees, you can "buy" into a Solo 401(k) through a brokerage like Vanguard, Fidelity, or Charles Schwab. 2. Contact HR or Your Benefits Portal
: Lower-risk options that provide smaller, steadier returns. 6. Designate Beneficiaries
: Most people gain access to a 401(k) through their full-time employer.
: For 2024, you can contribute up to $23,000 (or $30,500 if you're age 50 or older). 4. Choose Your Tax Treatment
: Ask your HR department for the login to the plan provider’s website (e.g., Empower, Fidelity, or Vanguard).
: Low-cost options that track the stock market (like an S&P 500 fund).
: Contributions are taken out "pre-tax," lowering your taxable income today. You pay taxes when you withdraw the money in retirement.