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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

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Categorized as Financial Health, Retirement Tips

How the 401(k) Match for Student Loans Works

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

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Categorized as Financial Health

Are These 5 Bad Financial Habits Sabotaging Your Retirement Savings?

It’s no secret that many Americans struggle to save for retirement. The hard truth is that this is often due to bad financial habits. Consider the fact that Americans’ credit card balances have gone up 40% over the last 2 years with overall card balances totaling $1.08 trillion.¹ Now, some of this debt is understandable,… Continue reading Are These 5 Bad Financial Habits Sabotaging Your Retirement Savings?

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Categorized as Financial Health, Retirement Tips

10 Most Read 401(k) Maneuver Blogs of 2023

Years of economic hardships have sent many people online searching for helpful 401(k) articles. A 2003 Bankrate study found that “Americans are more than two times more likely to feel financially insecure than secure. Slightly more than 1 in 4 (28 percent) Americans say they are completely financially secure. That compares with the majority (72… Continue reading 10 Most Read 401(k) Maneuver Blogs of 2023

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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)

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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