401k

[jzpiano]

Similar to the other IRA post, I thought I would get some help from you guys, since this is going to be my first "real" job. They offer a 401k plan with American funds. The standard contribution is 3% of income, or so they say. FYI I'm 21 and have nothing towards retirement at this point. I'm also looking to buy my first property within the next couple of weeks or months.

So what I'm wondering is what should my contribution % be, I was thinking around 7.5-10%, is this to high? I'm also wondering what I should pick for my investment selctions. I'm not concerned with risk, mainly growth since I'm young. American Funds high growth allocation is as follows

-Growth 70%
1. AMCAP Fund -12%
2. Davis New York Venture Fund R -12%
3. EuroPacific Growth Fund -12%
4. Oppenheimer Global Fund N -12%
5. SMALLCAP World Fund -11%
6. The Growth Fund of America -11%
-Growth and income 20%
1. Capital World Growth and Income Fund -10%
2. The Investment Company of America -10%
-Bond 5%
1. The Bond Fund of America -5%
-Cash equivalents 5%
1. The Cash Management Trust of America -5%

There Moderate growth allocation is:

-Growth 45%
1. AMCAP Fund -8%
2. Davis New York Venture Fund R -8%
3. EuroPacific Growth Fund -8%
4. Oppenheimer Global Fund N -7%
5. SMALLCAP World Fund -7%
6. The Growth Fund of America -7%
-Growth and income 25%
1. Capital World Growth and Income Fund -13%
2. The Investment Company of America -12%
-Bond 20%
1. The Bond Fund of America -20%
-Cash equivalents 10%
1. The Cash Management Trust of America -10%


I can either select one of their options or pick my own fund distribution of which they offer the following: (I thought my picking would be the best option, but I'm not entirely sure all of the allocations)

1. AMCAP Fund
2. Davis New York Venture Fund R
3. EuroPacific Growth Fund
4. Oppenheimer Global Fund N
5. SMALLCAP World Fund
6. The Growth Fund of America
7. Capital World Growth and Income Fund
8. The Investment Company of America
9. Capital Income Builder
10. American Balanced Fund
11. The Bond Fund of America
12. The Cash Management Trust of America

All of this information is a lot to handle, just hoping you guys can help me out. I'd be happy to answer questions if you think more info is needed. Hopefully everything above was clear...