My company does not have a matching 401k. Instead it is a profit sharing 401k. How should I approach this? Should I consider investing primarily in an IRA instead? How much should I be contributing since there is no maxed matching contribution amount like a matching 401k? The max contribution, period, per year is $16,500.
Currently I'm putting 5% into the 401k, but was planning on increasing it to at least 10% at the next available time (I can only adjust contributions semi-annually). I just started on this 401k a few months ago (I'm 23 years old).