LANSING, Mich. (WILX) – A new NerdWallet survey found out less than half of Americans with workplace retirement accounts– that’s 43-percent– actually know all the types of investments they have in those accounts.
Which means most of us have no idea!
Tiffany Lam-Balfour, an investing and retirement specialist with NerdWallet, says a lot of Americans don’t know if they’re invested in mutual funds, index funds or exchange traded funds. For example– a lot of us have a workplace retirement plans like a 401-k or 403-bs. You maybe invested in something called a target date retirement fund– which is a type of mutual fund.
Lam-Balfour said, “You shouldn’t be embarrassed or feel like you have to know this. There’s plenty of people who might not have the time or the interest. Don’t feel confident. So, I think the financial industry is great because there are different avenues for you to find the type of help that fits for you.”
If your work offers you a 401K, Tiffany says it’s a good idea to put money in. But also see if your work offers free financial classes that help you learn more about your investments.
You can also talk to a full service financial advisor. Or even a robo-advisor, a low cost way to use automated investing.
If this all sounds so foreign to you– it’s ok. But its also time to try and figure it out. You don’t have to know everything about investing– just the basics to help you think about your future goals.
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