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Category: 401(k) Mistakes

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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

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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

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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]

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

The High Cost of Raiding Your 401(k)

April 17, 2023 401(k)s are often the largest asset people have for retirement. We save year after year, paycheck after paycheck, with the goal to have a comfortable retirement.  However, there are times when we may be tempted to dip into our retirement savings before we reach retirement age. While it may seem like an… Continue reading The High Cost of Raiding Your 401(k)

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

Costly 401(k) Mistakes Investors over 50 Are Making

April 10, 2023 For 401(k) investors over 50, retirement is around the corner. And, with the market volatility over the past year, many are wondering how to best protect their savings and ensure they have enough for retirement.  If you’re nearing retirement and want to do what you can now to maximize your 401(k) savings… Continue reading Costly 401(k) Mistakes Investors over 50 Are Making

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Categorized as 401(k) Mistakes, Retirement Savings

Changing Jobs? Know Your Vesting Schedule before Quitting

March 6, 2023 In 401(k) Mistakes, Retirement Savings Vesting schedules prevent 401(k) investors who don’t stay long at a company from taking their employer retirement contributions with them when they change jobs. Which means the money your employer contributes to your 401(k) may be taken back should you decide it’s time for a change.  With… Continue reading Changing Jobs? Know Your Vesting Schedule before Quitting

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

401(k) Hardship Withdrawals – What You Need to Know

February 20, 2023 A record number of Americans are taking hardship withdrawals and tapping into their 401(k)s.  According to Fidelity, “Participants taking hardship withdrawals from their accounts rose to 2.4% last year, up from 1.9% in 2021.”¹ This represents the highest share of hardship withdrawals recorded by the financial services firm.  Vanguard also recorded a… Continue reading 401(k) Hardship Withdrawals – What You Need to Know