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Category: Retirement Tips

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Is Professional 401(k) Account Management Really Worth It?

401(k) account management is an option for anyone with a 401(k) – no matter how close or far you are from retirement. Even if you have some basic investment knowledge, you might want to consider seeking expert advice. Think of it this way – financial advisors manage 401(k) accounts for a living. It’s their job. … Continue reading Is Professional 401(k) Account Management Really Worth It?

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Categorized as Retirement Savings, Retirement Tips

What to Do If You’re Behind on 401(k) Savings

Given the increase in the cost of retirement, it’s no wonder many are worried they are behind on 401(k) savings. According to the Northwestern Mutual 2024 Planning & Progress Study, “American adults say on average they now need $1.46 million to retire. That’s 15% higher than a year earlier and a 50% increase since 2020.”¹… Continue reading What to Do If You’re Behind on 401(k) Savings

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Strategies to Maximize Your 401(k) Contributions

Saving for your financial future requires more than the bare minimum. Given the cost of today’s retirement, it’s worth doing what you can now to maximize your 401(k) contributions. Why 401(k) Contributions Are Essential for Retirement Retiring isn’t cheap. Once you stop working, you are still expected to pay the bills. And they can add… Continue reading Strategies to Maximize Your 401(k) Contributions

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Women Are Saving Less for Retirement but Living Longer

Women are saving less for retirement than men – and not just by a little. Prudential’s 2024 Pulse of the American Retiree survey found, “Across all age groups, women are particularly vulnerable, with less than a third the median savings of men. They are nearly three times as likely to delay retirement due to caregiving… Continue reading Women Are Saving Less for Retirement but Living Longer

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Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications

When it comes to investing for your financial future, understanding the tax consequences is important to growing wealth.  Because it’s not just what you make, it’s what you keep, that counts.  How tax savvy are you with regards to your 401(k)?  Are you aware of the 401(k) tax implications on withdrawals? Or the real benefit… Continue reading Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications

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Check Your Statements–There Are Record High 401(k) Savings in 2024

Fidelity Investments recently released a report on 2024 trends, and Q1 shows record high 401(k) savings in 2024. Read on to discover more about the current 401(k) savings rate, why rates have increased, and how you can save even more. Record High 401(k) Savings According to Fidelity’s Q1 2024 Retirement Analysis, “Total average 401(k) savings… Continue reading Check Your Statements–There Are Record High 401(k) Savings in 2024

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6 Ways to Boost Your 401(k) Halfway Through the Year

Now that we’re halfway through the year, are you looking for ways to boost your 401(k) savings?  Many Americans are struggling to save like they used to, and their retirement accounts are taking a hit. According to recent data from the Commerce Department, “The personal saving rate, the share of income that Americans are squirreling… Continue reading 6 Ways to Boost Your 401(k) Halfway Through the Year

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How to Become a 401(k) Millionaire

More Americans are entering the 401(k) millionaire club. In fact, 422,000 retirement savers are now labeled 401(k) millionaires¹.  It’s not a surprise we are seeing a rise in questions about how to become a 401(k) millionaire. If you’ve been wondering how to make it happen, you’ve come to the right place. Becoming a 401(k) millionaire… Continue reading How to Become a 401(k) Millionaire

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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