New Company, 401k rollover, should I .... ???

[delsolkm14]

Our company was bought out and we are switching from Hewitt to Paychex for our 401k services.

I have always just parked my money in a Target Retirement 2040 account, and was planning on doing that again. I was browsing this section and thought I would see if there was some advice on if I should do something different or just keep it there. Very minimal investing experience here.

Quick background for those not familiar with my other threads.

I am almost 34, married w/ 3 children (15, 9, 4).

I am currently working overseas in Afghanistan as a civilian contractor making $11kish take home a month. Plan is to be here at least another 12 months, maybe longer if we get into the long term sites that will stay here past 2014.

Current financial situation:
Credit cards: $12,450
Other charge accounts: $4,700
Student loans:$22,400
Car loan: $18,300
Mortgage: $151,800

Savings: $1,000
401k: $7,300
Roth IRA/Spousal Roth IRA: $800

I am paying down debt anywhere from $1000-$2500 every 2 weeks. I plan on having all CC/Charge accounts paid off before October.

With my employer contributions, my 401k contributions adds up to just about $750 every two weeks. I am putting $400 every two weeks into the Roth IRAs through USAA.


Paychex has the following funds available for their 401k.



Should I just keep it in the 2040 account or do something else with it?
Any and all advice is appreciated.

 

[padlin00]

The Target Retirement funds are great for folks with little or no experience, I'd suggest you stick with the one whose asset allocation lets you not worry about thee cyclical market moves. If you are good wih the 2040, then stick with it. If you wish to learn more there are some good books on mutual fund investing available, just ask.

 

[delsolkm14]

Just got word that the new company is not going to be doing 401k match at this time. They may look at it in the future, but can't offer it at this time.

This sucks. That is about $4500 for the remainder of the year that will not be going into my 401k that I thought I would have.

Since I am already on pace to max out Roth IRAs (mine and spousal), I am assuming that I should up my contribution to max out the 401k on my own?

 

[Bestwifeever]

....

Since I am already on pace to max out Roth IRAs (mine and spousal), I am assuming that I should up my contribution to max out the 401k on my own?

That is what I would do.

And just want to say great job looking at what you owe and getting a plan together to get the CCs and charge accounts paid off this fall.

 

[delsolkm14]

Called Hewitt today and got the Rollover started. Chose to stick with the 2040 fund. Since Jan, getting a 10.74% ROR.... I know it is short term, but I like it so far.