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multiple employers and 401k / HSA options ! how to start and pick index fund

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  • multiple employers and 401k / HSA options ! how to start and pick index fund

    Hi folks, I am new to the world of finance and am learning a lot here so thank you WCI and to all the contributors

    I am fully employed by a hospital and have access to 401k, HSA but I am also a prn physician with 2 other hospitals who also offer 401k and 403b and roth options. Does anyone have any advice in this situation ? Also I will be picking my investments in 401k , HSA roth etc soon . My own Hospital offers Fidelity but none of the funds were below 0.4% charge , so I wasn't sure if I can choose any product not offered by them or any way around it .. I hear that I can get index funds as low as 0.03% like the SSEYX. Is there a tool that you enter age, risk tolerance, retirement age etc that will help me choose the best option !! I was on consumer reports and they had an article which was referencing morningstar to help

    http://www.consumerreports.org/personal-investing/how-to-choose-an-index-fund/

    thank you

  • #2
    I don't know if you found this post, but https://www.whitecoatinvestor.com/multiple-401k-rules/ is what you should read.

    I would max out the 401k with the $18,000 employee contribution you are allowed with the best investment choices in whichever hospital will allow the best options. (assuming you make over $18,000 at each hospital). You also have to keep in mind is there is a matching component in each 401k to your contribution. You should maximize that option to get that "free" money.

    Sometimes 401k plans have a self-directed portion that allows you to make your own investment decision instead of the preselected options that plan administrators make. Maybe you could get access to lower cost index funds through that.  You can ask HR about that.

     

    Here is a Vanguard questionnaire to get you started on investment risk.

    https://personal.vanguard.com/us/FundsInvQuestionnaire

     

    Tom @ HIP

     

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    • #3
      Are you employed by the other hospitals, or are you a technically self-employed contractor? Basically, do they the taxes out of your paycheck and give you a W-2, or do you get paid untaxed and get a 1099 at tax time?

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