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I'm new to investing :
2 questions
1 - where should I invest my Deloitte 401k in ? Is the vanguard institutional 500 index trust a good place to just put my 401k and forget about it.
2 - I recently opened a fidelity account and have savings I want to invest and want to invest a small percentage every paycheck without worrying about trading it . What's the safest place to invest in and not worry about it for the next 10 years ? VOO? QQQ?
Deloitte KPMG PwC
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2) How long do you have until retirement?
Well, with switching to Roth you’re losing an opportunity to make money on that part that goes into taxes. Now, you don’t know what’s gonna happen in 35 years. Maybe our taxes would be way higher because we will become a Sweden-type of a country, or maybe we will implement robot taxation and they will be low. But if you switch to Roth all the money made on Roth contributions are yours with no additional tax implications.
I’m no financial advisor, but I wouldn’t start switching into Roth so early.
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You can do this on the vanguard website or just call them for assistance.
Building off Kaspersky Lab reply, if you already have an IRA, you could consider rolling it in to that account. If you don’t have an IRA, you could consider opening one—typically, 401Ks make you live in a galaxy controlled by your employer (limited selection of investment options) whereas the universe is open to you in an IRA (larger selection of investment options).
I’m doing this as well. I suggest moving your 401K into Vanguard’s Roth IRA. You’ll pay taxes on the money you roll over but not until next tax season. And then your money grows tax free forever. Roth IRA’s are also more flexible about when you can take out your money than 401k’s are. I got all of this from the book I Will Teach You to Be Rich by Ramit Sethi which I recommend!
To get your money out of Fidelity you can call them and they will send you a check that they make out in a specific way. You then send that check to Vanguard. This is what they told me when I called Fidelity.
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When you ask for the fidelity check, make sure the check is addressed to “vanguard (for the benefit of [your name]” make sure it’s not addressed to you in which case you had to deposit it into your bank account first then move to vanguard. Fidelity should be able to mail the check directly to vanguard for them to add to your account