Whether you’ve lost your job or plan on changing jobs in the near future, there are common 401(k) rollover mistakes you need to be aware of. Ignore these, and a rollover could take a chunk out of your retirement savings, trigger a big tax bill, and impact the quality of your retirement. Keep reading for… Continue reading 401(k) Rollover Mistakes to Avoid
Graduation season is upon us. If you don’t have a gift for your grad yet, may we suggest something better than a gift card or cash? It doesn’t matter if they are graduating high school or college – young adults need financial help. A recent report from the Pew Research Center claims, “Fewer than half… Continue reading 8 Gift Ideas That Set Graduates Up for Financial Success
Saving for retirement is essential, and a 401(k) plan can be an effective way to have a comfortable retirement. Yet, according to a 2023 survey, 4 in 10 workers with a 401(k) don’t contribute.¹ If you are hesitant to set aside a bit or more of your paycheck for your retirement, consider these 5 perks… Continue reading 5 Perks of Saving for Retirement in a 401(k)
No two people spend or save the same way. What works for you may not work for someone else. But there are tried-and-true ways to save more and build wealth for retirement. Use the following 3 personal money moves to guide your financial decisions in Q2, and your checking account, savings account, and retirement account… Continue reading 3 Personal Money Moves for Q2
Americans are taking early withdrawals from their 401(k)s at record rates “across different ages and income levels.”¹ According to Capitalize, “Half of Americans have made early withdrawals from retirement savings. […] These withdrawals will cost Americans $6.12 billion in penalties to the IRS in 2023.”² A separate report from Bank of America found “the number… Continue reading 401(k) Early Withdrawals May Cost You More Than You Think
The Roth 401(k) is gaining in popularity due to employers offering it inside their plans and also thanks to provisions in the Secure Act 2.0 that only pertain to the Roth option. The question is, is it right for everyone? Read on to see if the Roth 401(k) is the right choice for you. How… Continue reading Should I Consider the Roth 401(k)?
The number of 401(k) millionaires has soared in recent months. According to a Fidelity Q4 2023 Retirement Analysis report, “This quarter saw a 20% increase in 401(k) millionaires following Q3 2023. […] The number of millionaires in Q4 is also 11.5% higher than Q2 2023.”¹ In other words: 20% of 401(k) investors entered the 7-figure… Continue reading 401(k) Millionaires Soared at the End of 2023
There is a looming retirement crisis. It’s not a possibility. It’s about to be a reality for many Americans. According to a survey by Clever, “Two-thirds of retired Americans say the U.S. is in a retirement crisis (66%). The average retiree owes $15,393 in non-mortgage debt, and 40% worry they will outlive their retirement savings.”¹… Continue reading Over Half of Americans Think There’s a Retirement Crisis
Choosing between paying off student loans and saving for retirement is a reality for many Americans. But that’s about to change. A provision in the Secure Act 2.0 permits employers to consider student loan payments as qualifying contributions toward retirement plans with the goal of enhancing retirement savings while paying off student loan debt. Keep… Continue reading How the 401(k) Match for Student Loans Works
We’ve been through a lot over the last couple of years, but 2024 is showing signs that things may be turning around. In 2024, we have had a really good market thus far. We hit new highs on the Nasdaq, the Dow Jones, and the S&P 500 – marking the end of the bear market… Continue reading Market Outlook: What’s Next for 2024?
