"For my first job, I had no idea what a 401(k) was so I just didn't contribute. Then for my second job, I was saving up for my wedding so I wanted all the extra money to go straight to my savings account. My third job... for the first 6 months, they don't let you get a 401(k) and then COVID-19 happened and... they weren't matching our contributions. My husband and I now have a joint 401(k).
"My husband researches everything himself... so I don't think we would ever get a financial advisor. I don't think it's a bad idea though, or a waste of money; unless you are willing to spending the time to learn everything yourself, it's every beneficial to hire one in the long run. My husband is the type of person that wouldn't mind reading an entire book cover to cover that's about mutual funds, stuff most people would find overwhelming or super dry. If I were single, I would definitely consider it, especially if I were making a good amount of money.
"We're more passive investors because we don't have that many choices. For my husband's 401(k), you can pick what percentages of investments you want, like whether you want more aggressive or more moderate investing... We can't really be 'active' with what investments we can choose. Maybe some companies have that option but my husband doesn't.
"I've always really valued... saving. I grew up in a more low-income family and I value having a safety net because thing will always go wrong and I don't want to be someone that lives paycheck to paycheck."
Interview & photo by Maria Whittaker
"I have a 401(k) when I used to work at Chase Bank. It was one of the benefits they offered—Chase would give a percentage into the 401(k); they would match it.
"[When I left my position,] Chase gave me the option to withdraw. They actually sent me a letter in the mail telling me I can either withdraw or keep it going. They were working with some other financial institution that offered the 401(k) and they said I can withdraw or work directly with that other company. I withdrew the money. It wasn't a lot because I had worked part-time for only a year.
"Whatever I did take out, I transferred to my new policy... I had heard about them from my dad. He used to do life insurance a lot. My new plan acts like a life insurance policy but also a retirement plan. You're investing money in it and you can borrow against yourself. But at the same time, it's a life insurance policy—you get their benefits. Two-for-one.
"I don't really regret cashing out my 401(k). When I signed up for it, I didn't know a lot. I knew there were drawbacks but I didn't know, off the top of my head, what they were.
"I'm the type of person who wants to save money, but I don't want it just lying around for no reason. That's why I turned to a life insurance plan. I want my money to actively grow and work for me."