Retirement Services

Wealth Management

Category: Retirement Savings

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Categorized as Retirement Savings, Retirement Tips

Why Decreasing 401(k) Contributions Is a Bad Idea

A recent survey revealed that 24% of respondents are thinking about decreasing 401(k) contributions to free up more money.¹ We get it. Times are hard for some people right now. If you are stressed about your finances, you are not the only one.  Consider these findings from Empower’s 2024 Money Plans and Goals Survey:  70%… Continue reading Why Decreasing 401(k) Contributions Is a Bad Idea

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Categorized as Retirement Savings, Retirement Tips

6 Questions Every 401(k) Investor Needs to Ask ASAP

If you’ve taken a new job, chances are you were automatically enrolled into a new 401(k), handed a welcome packet, and then left wondering what to do. The problem is that 63% of Americans don’t understand how a 401(k) plan works.¹ Here’s the deal: If you’re already contributing money from each paycheck to a new… Continue reading 6 Questions Every 401(k) Investor Needs to Ask ASAP

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Categorized as Retirement Savings, Retirement Tips

401(k) Millionaires Soared at the End of 2023

The number of 401(k) millionaires has soared in recent months.   According to a Fidelity Q4 2023 Retirement Analysis report, “This quarter saw a 20% increase in 401(k) millionaires following Q3 2023. […] The number of millionaires in Q4 is also 11.5% higher than Q2 2023.”¹ In other words: 20% of 401(k) investors entered the 7-figure… Continue reading 401(k) Millionaires Soared at the End of 2023

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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

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Categorized as Retirement Savings, Retirement Tips

3 Reasons to Get the 401(k) Company Match in 2024

Many companies offer the option to contribute to a 401(k), and the company will match a portion of those contributions. However, many investors leave this “free money” on the table by not contributing enough to receive the full 401(k) company match. If your employer offers a 401(k) company match, 2024 is the year to take… Continue reading 3 Reasons to Get the 401(k) Company Match in 2024

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Categorized as Retirement Savings, Retirement Tips

5 Major Changes Coming to Your 401(k) in 2024

The Secure Act 2.0 is bringing numerous changes to your 401(k) in 2024.  The 2022 legislation had over 90 provisions in it that encourage more people to save for retirement and to help grow their retirement savings. This year we saw many of these provisions take effect. And there are more changes rolling out in… Continue reading 5 Major Changes Coming to Your 401(k) in 2024

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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