Hi there! I’m currently 23 years old. I have been at my currently company for 9 months. We have something called an ESOP Profit Sharing Plan . I don’t think there is a 401k match, but I assume that this ESOP *is* the 401? We are a small company (roughly 450 employees). I’ve been contributing $5 before tax just for funnies, but what does it actually mean? Do I need to change it to a Roth contribution? It says I can contribute 23,500 a year both pre tax and Roth.
Do I need to open up a Roth 401k outside of work?
It also asks me how I want to invest the money from the ESOP - kinda scared to open up that can of worms though.