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Category: 401(k) Mistakes

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Categorized as 401(k) Mistakes, Rebalancing, Retirement Mistakes

What to Do with Your 401(k) during Market Volatility

Watching your 401(k) account dip during a market downturn can feel like a punch to the gut.  We understand it’s stressful. It’s emotional.  And if you’re like most people, your first instinct might be to hit the panic button. But here’s the truth: Panicking is the worst thing you can do when it comes to… Continue reading What to Do with Your 401(k) during Market Volatility

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

401(k) Mistakes to Avoid in Your 40s and 50s

Your 40s and 50s are often the prime years for building wealth, but too many people may make avoidable mistakes with their 401(k)s – mistakes that could cost them in retirement.  Whether it’s not saving enough, ignoring market shifts, or borrowing from your future, these missteps can add up fast.  The good news?  It’s normally… Continue reading 401(k) Mistakes to Avoid in Your 40s and 50s

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Categorized as 401(k) Mistakes, Financial Health, Retirement Tips

How to Avoid 401(k) Withdrawal Penalties

401(k) plans are designed to help in retirement, but if you don’t follow the rules, you may find yourself facing 401(k) withdrawal penalties. This is because the purpose of a 401(k) plan is to provide money following retirement from employment – not function as a general savings account. If you are unaware of 401(k) withdrawal… Continue reading How to Avoid 401(k) Withdrawal Penalties

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

Are These 401(k) Myths Impacting Your Retirement Savings?

401(k) plans are a critical tool for many Americans striving to secure their retirement. These tax-advantaged accounts often represent a significant portion of an investor’s financial future. However, common misconceptions about 401(k) plans may hinder participants from optimizing their retirement savings. Sometimes, the beliefs we hold as facts can lead us astray. This applies to… Continue reading Are These 401(k) Myths Impacting Your Retirement Savings?

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

Americans Lack Plans for Retirement Income [New Study]

Allianz Life’s 2024 Annual Retirement Study is out, and it shows a whole lot of Americans lack plans for retirement income. In fact, more than half of Americans do not have a plan in place for retirement.¹ If that isn’t troubling enough, in a report entitled Americans Face Alarming Retirement Savings Shortfall, the National Institute… Continue reading Americans Lack Plans for Retirement Income [New Study]

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Categorized as 401(k) Mistakes, Retirement Mistakes

Avoid the 401(k) to IRA Rollover Cash Trap

Many Americans are potentially missing out on retirement savings by falling victims to the 401(k) to IRA rollover cash trap. According to Andy Reed, head of investor behavior research at Vanguard, “IRA cash is a billion-dollar blind spot.”¹ A recent report from Vanguard found that almost two-thirds of rollover investors unintentionally hold cash without investing… Continue reading Avoid the 401(k) to IRA Rollover Cash Trap

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Categorized as 401(k) Mistakes, Financial Health

5 Things to Consider with Your 401(k) When You Change Jobs

In today’s dynamic job market, it’s not uncommon for people to change jobs several times throughout their careers.  With each job transition comes a new set of considerations, especially when it comes to your 401(k). So, what do you do with your 401(k) when you change jobs? If you have been taking advantage of your… Continue reading 5 Things to Consider with Your 401(k) When You Change Jobs

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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

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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