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Category: Retirement Savings

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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 Retirement Savings, Retirement Tips

Pay Off Debt or Contribute to a 401(k)?

March 27, 2023 In Retirement Savings, Retirement Tips With inflation not going down and interest rates rising, many Americans are wondering: Should I pay off debt or continue to contribute to my 401(k)? It’s not surprising American households are feeling pinched. NerdWallet reports, “In the past year, median household income has grown just 4%, while… Continue reading Pay Off Debt or Contribute to a 401(k)?

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Categorized as Financial Health, Retirement Savings

The Banking Crisis: What Investors Need to Know [Video Explanation]

The Banking Crisis: What Investors Need to Know [Video Explanation] March 20, 2023 In Financial Health, Retirement Savings There’s a lot of concern about the banking industry following the collapse of the Silicon Valley Bank (SVB).  So what happened and how does this affect the average 401(k) investor? Keep reading to find out.  What Happened… Continue reading The Banking Crisis: What Investors Need to Know [Video Explanation]

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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 Retirement Savings, Retirement Tips

New 401(k) Rules and Benefits for 2023

February 27, 2023 In Retirement Savings, Retirement Tips Big changes are coming to 401(k) benefits this year and the next few years. If you want to maximize your retirement savings and your retirement lifestyle, it’s critical you are aware of these changes.   The new 401(k) rules and benefits are a result of the Secure Act… Continue reading New 401(k) Rules and Benefits for 2023

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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

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Categorized as Retirement Savings, Retirement Tips

12 College Financial Planning Tips for Parents

February 13, 2023 In Retirement Savings, Retirement Tips Paying for college is expensive, which is why college financial planning should really begin as soon as each child is born. But, let’s be honest. Sometimes life gets in the way, and, before you know it, college is right around the corner, and you haven’t done as… Continue reading 12 College Financial Planning Tips for Parents

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Categorized as Financial Health, Retirement Savings

What 401(k) Investors Need to Know: Market Update for Q1

What 401(k) Investors Need to Know: Market Update for Q1 January 23, 2023 In Financial Health, Retirement Savings Last year was a bumpy ride for the market, and many investors are rattled.  We’ve talked before about how the market goes up 80% of the time. But this also means it goes down 20% of the… Continue reading What 401(k) Investors Need to Know: Market Update for Q1

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Categorized as Retirement Savings, Retirement Tips

The Real Cost of Retirement: Are You Saving Enough?

January 16, 2023 In Retirement Savings, Retirement Tips Social Security benefits in 2023 will see the highest increase in 40 years, but will it be enough to cover the real cost of retirement? In 2023, there will be an 8.7% increase for COLA (Cost-of-Living Adjustment), up from the 5.9% adjustment in 2022.¹   This amounts to… Continue reading The Real Cost of Retirement: Are You Saving Enough?