Insurance Services

Advisory Services

Category: 401(k) Mistakes

Published
Categorized as 401(k) Mistakes, Financial Health

Why Early 401(k) Withdrawals May Derail Your Retirement

Early 401(k) withdrawals are soaring. According to the Vanguard Group, “A record-breaking number of Americans are making emergency withdrawals from their 401(k) retirement plans in order to cover a financial hardship amid the ongoing inflation crisis.”¹ Approximately 3.6% of workers participating in employer-sponsored 401(k) plans made early 401(k) withdrawals in 2023, higher than the 2.8%… Continue reading Why Early 401(k) Withdrawals May Derail Your Retirement

Published
Categorized as 401(k) Mistakes, Financial Health

401(k) Early Withdrawals May Cost You More Than You Think

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

Published
Categorized as 401(k) Mistakes, Retirement Savings, Retirement Tips

5 Crucial 401(k) Mistakes to Avoid in 2024

Decades in the 401(k) space have made it easy for us to identify common 401(k) mistakes investors make. Obviously, the biggest 401(k) mistake is not contributing enough (or not even having a 401(k) plan). But even those who set up a 401(k) plan and contribute to it regularly make costly mistakes. We see it time… Continue reading 5 Crucial 401(k) Mistakes to Avoid in 2024

Published
Categorized as 401(k) Mistakes, Retirement Savings, Retirement Tips

Do You Know What’s in Your 401(k)? If Not, You Should

A recent CNBC Your Money Survey reveals 46% of 401(k) investors are unaware of the specific investments in their workplace retirement plan.¹  Considering 401(k)s are most people’s largest asset, this is troubling.  However, advisors cited in the article argue that this lack of knowledge may not necessarily be a cause for concern.  Their reasoning? Many… Continue reading Do You Know What’s in Your 401(k)? If Not, You Should

Published
Categorized as 401(k) Mistakes, Financial Health

Why Now Is NOT the Time to Stop Funding Your 401(k)

If you’re wondering if you should stop funding your 401(k) because you’re having a hard time making ends meet or are nervous about the economy, you aren’t alone.  A 2023 CNBC Your Money Survey finds that “three quarters of working Americans (74%) say they are stressed about their personal finances these days.”¹ As a result,… Continue reading Why Now Is NOT the Time to Stop Funding Your 401(k)

Published
Categorized as 401(k) Mistakes, Financial Health

Investing More in Your 401(k) May Help You Beat Inflation

To achieve retirement savings goals, it is crucial to not only protect your savings, but also ensure they grow at a rate that outpaces inflation. With inflation eroding our purchasing power and hard-earned money, many investors are wondering what this means for their 401(k)s. The good news is, a powerful tool that may help you… Continue reading Investing More in Your 401(k) May Help You Beat Inflation

Published
Categorized as 401(k) Mistakes, Retirement Savings

Don’t Lose Your Match: The Danger of Ignoring Your 401(k) Vesting Schedule

It’s common financial advice – save enough in your 401(k) to get the company match. It’s great advice (after all, who doesn’t want free money?), but it may not be yours to keep should you change jobs or withdraw from your 401(k). This is because each employer match follows its own vesting schedule. And, if… Continue reading Don’t Lose Your Match: The Danger of Ignoring Your 401(k) Vesting Schedule

Published
Categorized as 401(k) Mistakes, Financial Health, Retirement Savings

The Real Impact of 401(k) Hardship Withdrawals

While data shows more people are saving for the future, others are putting their financial futures at risk by taking 401(k) hardship withdrawals. 401(k) hardship withdrawals should be a last resort, but people are playing fast and loose with their retirement savings, as shown by recent reports from Vanguard, Bank of America, and Fidelity. According… Continue reading The Real Impact of 401(k) Hardship Withdrawals

Published
Categorized as 401(k) Mistakes, Retirement Mistakes

7 Most Common 401(k) Mistakes [What to Do Instead]

June 12, 2023 In 401(k) Mistakes, Retirement Mistakes There are common 401(k) mistakes we see investors making over and over again – from failing to rebalance to not keeping up with legislation.   The 401(k) is one of the biggest assets people have in retirement.  It’s not enough to think you’ll be ready to retire simply… Continue reading 7 Most Common 401(k) Mistakes [What to Do Instead]