Contributing a higher % than company match

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You received some terrible financial advice from your father in law. Contributing up to the match only is fine if that’s all that you can afford, but its always better to increase your 401k contribution percentage.

Skinder506

No, that’s not true. > Should one take that money and find other avenues to help fund retirement? Because IRAs offer a lot more flexibility in fund choices people often contribute to their 401ks up to the match, then into an IRA, then back into the 401k if they can. But that has nothing to do with what your FIL said.

Firm_Bit

Let me guess his finance guy also recommended that he get whole life insurance?

SadBearHours

1) That’s false, But 2) Depending on income/age, 401k to match, then maxing HSA/Roth IRA, then 401k to max, may be a better path (read the Wiki) But none of that has anything to do with the finance guy’s line of crap.

LeisureSuitLaurie

>After speaking with my father in law (who’snot a financial consultant) he told me that his finance guy said anything above what the company matches is a waste as very little above that goes into your 401(k) and goes towards fees and other things that did not make it worth pushing that percent higher. Your father in law should get a “finance guy” who doesn’t lie to his face.

Gibborim