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The Ultimate Guide to Getting More from Your 401k Plan
This guide provides tips for maximizing the benefits of a 401(k) plan, emphasizing the importance of company match contributions, awareness of fees, and understanding vesting and investment options. It highlights the significance of staying engaged with your retirement fund and offers advice on what to do when changing jobs. Additionally, it informs about the advantages of a Roth 401(k) and encourages seeking professional advice to enhance retirement savings.
The Ultimate Guide to Getting More from Your 401k Plan
- 1. T H EU LT I M AT E G U I D E TO G E T T I N G M O R E F R O M YO U R 4 0 1 K P L A N For more information about our services go to pathwayplanning.com
- 2. TIP 1 FREE MONEY! Everycompany is different, but most-if not all-will match your contributions.
- 3. TIP 2 KNOW THYFEES. Money lost to fees is gone forever and you can’t enjoy the power of compounding.
- 4. TIP 3 YOUR 401KIS ACTUALLY FOR YOUR RETIREMENT.
- 5. TIP 4 WHAT ISVESTING? Working long enough in order to claim the full amount your company matches.
- 6. TIP 5 WHAT ISA ROTH 401K? You can pay the taxes up front and then take your withdrawals tax-free in retirement.
- 7. TIP 6 DO THERESEARCH. Research your investment options. A great place to start is morningstar.com.
- 8. TIP 7 GOOD ADVICEWILL PAY FOR ITSELF IN SPADES.
- 9. TIP 8 SUDDENLY REALIZEDTHAT YOU WON’T HAVE ENOUGH MONEY FOR YOUR RETIREMENT? It’s not too late.
- 10. TIP 9 STAY INFORMED. Your401k is not something to sign up for and forget.
- 11. TIP 10 CHANGING JOBS? Don’tcash out. Check out what the damage is for that early cash out.
- 12. TIP 11 ROLL WITHIT. Got a new job? Roll your old 401k into an IRA for more control in your investments.
- 13. TIP 12 OR DON’TROLL WITH IT. If you are happy with your 401k plan. Leave it there.
- 14. SO. WHAT AREWE SAYING? Nurture your retirement fund. Look closely at investment fund ratios. Don’t forget about your 401k plan, don’t cash in, consider tax. Think about your 401k when your are changing jobs. For more information about our services go to pathwayplanning.com