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Category: Financial Health

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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 Financial Health

How a 401(k) Loan Could Derail Your Retirement Goals

It is becoming more popular to take a 401(k) loan.  A December 2023 report found “more retirement savers have taken loans from their 401(k) accounts over the past year, suggesting that U.S. households are borrowing more readily as they feel the pinch of inflation.”¹ David Blanchett, a certified financial planner and head of retirement research… Continue reading How a 401(k) Loan Could Derail Your Retirement Goals

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Categorized as Financial Health

Why It Might Be Time for a Spending Break

America, it may be time to hit pause on spending. Even if just for a little while.  The statistics from Clever speak volumes: Nearly three-quarters of Americans (71%) have regrets about their spending, and a majority of Americans (55%) say they spend recklessly. 78% of Americans make purchases they immediately regret. 38% of Americans say… Continue reading Why It Might Be Time for a Spending Break

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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 Financial Health

National Public Data Breach: What You Need to Know

In the ever-evolving landscape of data security, the recent and alarming cyber crisis has left millions of Americans reeling.  This particular data breach included PII (personal identifiable information), including Social Security numbers of almost 3 billion people. In response to this data breach, New York Rep. Ritchie Torres said: “When it comes to cyberspace, there… Continue reading National Public Data Breach: What You Need to Know

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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