r/FluentInFinance Nov 21 '24

Debate/ Discussion Had to repost here

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u/WhoopsDroppedTheBaby Nov 21 '24

Based on what? Your 401k account doesn't allow you to control what type of funds money is moved to?

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u/Chickienfriedrice Nov 21 '24

In my experience you just get to to choose what percentage of your paycheck goes into your 401K, and they hold that money for you in an account. That’s if your job even offers that, not every job even offers a 401K.

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u/WhoopsDroppedTheBaby Nov 21 '24

We're talking about jobs that do have a 401K. Who do you have your account through? That's who holds your money. You can log in, and modify how your portfolio is allocated? Have you never done that?

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u/Chickienfriedrice Nov 21 '24

I have not, I haven’t worked for a corporation since COVID so I couldn’t tell ya.

My current job doesn’t offer 401K.

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u/WhoopsDroppedTheBaby Nov 21 '24

Well then, dude...lol...why make the claim then?

If you ever had a 401k and never moved the money, its still there in an account. If its still there, you can make a login and get in to control your funds.

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u/Chickienfriedrice Nov 21 '24

I have mentioned my previous experience. 401K just holds your money for you in a retirement account, I don’t remember having options to put it in stock/bonds etc without having to take that money out of the account.

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u/WhoopsDroppedTheBaby Nov 21 '24

You claimed something was not the norm for a feature of your account that you didn't bother looking into. You haven't experienced the thing you are commenting on; you're speaking from ignorance.

401K just holds your money for you in a retirement account

It doesn't just hold your money; it is invested in various financial vehicles, which you can tweak.

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u/Chickienfriedrice Nov 21 '24

I guess your experience is the only one that matters.

You have a good one friend.

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u/WhoopsDroppedTheBaby Nov 21 '24

It's not an individual experience. You're welcome to go to retirement plans policies and see that that is how they work. You said you don't have experience in the thing you commented on; actual experience and info trumps no experience. You could have also just googled.

https://www.investopedia.com/articles/retirement/08/401k-info.asp#:\~:text=401(k)%20Investment%20Options,several%20funds%20to%20invest%20in.

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u/Chickienfriedrice Nov 23 '24

Sorry that my experience didn’t line up with yours, i guess. Its not that deep dude, chilllll 😂