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# Hawks finance

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## Posts

- [12 Most Common Employee 401(k) Questions](https://finance.hawkscompanies.com/2026/02/09/12-most-common-employee-401k-questions/) - Most employees don’t fully understand how their 401(k) works. This guide answers the most common 401(k) questions for 2026 – from contribution limits and employer matching to fees, vesting, Roth options, and withdrawals – so you can avoid costly mistakes and make smarter decisions with your retirement savings. #1 How Much Can I Contribute
- [401(k) Catch-Up Contribution Rule Changes for 2026](https://finance.hawkscompanies.com/2026/02/02/401k-catch-up-contribution-rule-changes-for-2026/) - Summary Starting in 2026, higher earners age 50 and older must make 401(k) catch-up contributions as Roth contributions if prior-year FICA wages exceed $150,000. This rule impacts take-home pay, tax planning, and retirement strategy – making it critical to plan ahead. What Changed in 2026 with 401(k) Catch-up Contributions? Starting in 2026, the rules
- [How to Protect Your Retirement Savings from Cyber Fraud](https://finance.hawkscompanies.com/2026/01/26/how-to-protect-your-retirement-savings-from-cyber-fraud/) - A 2024 Fidelity 401(k) data breach highlighted a growing risk facing retirement savers: Cybercriminals targeting retirement accounts. As hackers exploit phishing, social engineering, and call center weaknesses, we recommend investors actively monitor and protect their retirement accounts to avoid devastating financial losses. Why Retirement Accounts Have Become a Prime Cyber Target In August 2024, Fidelity
- [How to Build a Million-Dollar 401(k) in 2026](https://finance.hawkscompanies.com/2026/01/19/how-to-build-a-million-dollar-401k-in-2026/) - If you’ve been wondering what it takes to become a 401(k) millionaire, you’re not alone. With retirement account balances hitting record highs in 2025, more Americans are proving that building a 7-figure nest egg is possible. According to Fidelity, “the number of 401(k) accounts with a balance of $1 million or more jumped to 654,000
- [401(k) Hardship Withdrawals Hit Record Highs](https://finance.hawkscompanies.com/2026/01/12/401k-hardship-withdrawals-hit-record-highs/) - Recent data from Vanguard and Fidelity shows 401(k) hardship withdrawals at record highs as everyday costs rise and savings run thin. Understanding the long-term impact of pulling from your retirement and taking steps to build an emergency fund, can help you avoid setbacks and stay on track. 401(k) Hardship Withdrawals Are Rising Fast Data
- [Holiday Debt Payoff Strategies That Work Fast](https://finance.hawkscompanies.com/2026/01/05/holiday-debt-payoff-strategies-that-work-fast/) - One of the fastest ways to pay off holiday debt is to lower your interest rates, use a proven payoff method like the Avalanche or Snowball, and make extra payments whenever possible. These steps help reduce interest, speed up your payoff timeline, and eliminate holiday debt faster. How Many Americans Went into Holiday Debt
- [How to Improve Your Finances in 2026 [12-Step Financial Checklist]](https://finance.hawkscompanies.com/2025/12/29/how-to-improve-your-finances-in-2026-12-step-financial-checklist/) - To improve your finances in 2026, assess your full financial picture, set achievable goals, automate savings, rebuild your emergency fund, increase your 401(k) contributions, and rebalance your 401(k). These 12 steps create a clear roadmap for stronger financial stability in 2026 and beyond. #1 Get a Clear Picture of Your Finances Before you can
- [One of the Best Gifts You Can Give Your Family This Holiday](https://finance.hawkscompanies.com/2025/12/22/one-of-the-best-gifts-you-can-give-your-family-this-holiday/) - The best gift you can give your family this holiday is unplugging. Turn off the devices. Connect with each other. The holidays are stressful. Now, add in being constantly plugged in via electronic devices (or smartphones). It can be too much. According to the American Psychological Association, “U.S. adults are feeling joyous but overwhelmed this
- [What’s Hurting Your 401(k) and How to Fix It](https://finance.hawkscompanies.com/2025/12/15/whats-hurting-your-401k-and-how-to-fix-it/) - According to the Goldman Sachs Retirement Survey & Insights Report 2025, many Americans are struggling to save as basic expenses rise faster than wages. Here’s what the data means for your 401(k) and what you can do right now to improve your retirement outlook. Why Is Saving for Retirement Getting Harder? If saving for
- [401(k) Balances by Age: Where Do You Stand?](https://finance.hawkscompanies.com/2025/12/08/401k-balances-by-age-where-do-you-stand/) - Understanding the average and median 401(k) balance by age helps you see where you really stand. Vanguard’s data shows a wide gap between the average balance of $148,153 and the median of $38,176, revealing how uneven retirement readiness is. Use these benchmarks to evaluate your savings progress. 401(k) Benchmarks by Age When it comes
- [12 Financial Moves to Start 2026 Strong](https://finance.hawkscompanies.com/2025/12/01/12-financial-moves-to-start-2026-strong/) - As 2025 wraps up, now may be the perfect time to tighten up your finances and set yourself up for a stronger year ahead. These 12 year-end money moves may help you save more, lower your tax bill, and start 2026 with real financial momentum. #1 Max Out Your 401(k) or Increase December Contributions
- [How to Avoid Holiday Debt: 8 Steps to Stay on Budget](https://finance.hawkscompanies.com/2025/11/24/how-to-avoid-holiday-debt-8-steps-to-stay-on-budget/) - Holiday spending is rising sharply in 2025, with shoppers planning to spend more on gifts and online purchases than last year. This guide shares 8 steps to help you avoid holiday debt, set clear expectations, create a realistic budget, shop smarter, and stay in control of your finances this season. Holiday Spending Is Surging
- [Retirement 401(k) and IRA Contribution Limits for 2026](https://finance.hawkscompanies.com/2025/11/17/retirement-401k-and-ira-contribution-limits-for-2026/) - Updated: November 2025 According to the IRS (Notice 2025-67, released November 13, 2025), the 401(k) contribution limit will rise to $24,500 for 2026, up $1,000 from 2025, while the IRA contribution limit increases to $7,500 plus a $1,100 catch-up for savers age 50 and older.[1] These cost-of-living adjustments, part of the SECURE 2.0 Act updates,
- [7 Smart Money Moves to Make before Year-End](https://finance.hawkscompanies.com/2025/11/10/7-smart-money-moves-to-make-before-year-end/) - The final weeks of the year are more than just holiday prep and family gatherings. They’re also your last chance to make financial moves before year-end that could boost your retirement savings, lower your tax bill, and set you up for a stronger 2026. Whether you’re trying to catch up, get organized, or make the
- [Why the 2026 Social Security COLA Increase Won’t Be Enough](https://finance.hawkscompanies.com/2025/11/03/why-the-2026-social-security-cola-increase-wont-be-enough/) - If you’re hoping the 2026 Social Security COLA will help ease the pressure of rising costs, don’t get your hopes up. The 2026 increase is only 2.8%.¹ With inflation, Medicare premiums, and everyday expenses climbing faster, it won’t go far. In this post, we’ll help break down what the new COLA really means, why it
- [401(k) Loan Repayment Rules: What Happens If You Default?](https://finance.hawkscompanies.com/2025/10/27/401k-loan-repayment-rules-what-happens-if-you-default/) - When times get tough, borrowing from your 401(k) may seem like a smart solution. After all, it’s your money, right? But here’s the catch: If you don’t follow the 401(k) loan repayment rules, you could end up facing serious tax bills and penalties, and possibly hurt your retirement future. Let’s break down what really happens
- [Why a Market Correction Could Be Good News for Investors](https://finance.hawkscompanies.com/2025/10/20/why-a-market-correction-could-be-good-news-for-investors/) - After a strong third quarter and a better-than-expected September, investors are asking, “How much longer can this last?” In his latest market update, Mark Sorensen, CEO and Chief Investment Officer of Royal Fund Management, explains why he believes the current bull run still has room to grow. While talk of bubbles and overvaluation fills the
- [Get Serious about Your 401(k) Strategy This Q4](https://finance.hawkscompanies.com/2025/10/13/get-serious-about-your-401k-strategy-this-q4/) - As Q4 begins, now is the time to review your 401(k) plan and make sure your retirement strategy is on track. Waiting until December often means scrambling or missing out entirely. But acting now can allow you to adjust contributions, rebalance your portfolio, and make proactive changes that may benefit you both at tax time
- [IRS Finalizes Rules on 401(k) Catch-Up Contributions](https://finance.hawkscompanies.com/2025/10/06/irs-finalizes-rules-on-401k-catch-up-contributions/) - If you’re 50 or older and planning to make catch-up contributions to your 401(k), big changes are on the way – especially if you’re a higher-income earner. The IRS recently issued final regulations under the SECURE 2.0 Act, and they clarify exactly how these contributions must be handled starting in 2026. Here’s a breakdown of
- [Roth 401(k)s: What to Know Before You Contribute](https://finance.hawkscompanies.com/2025/09/29/roth-401ks-what-to-know-before-you-contribute/) - More employers are offering Roth 401(k)s inside their plans, making these accounts more accessible than ever. But just because your employer gives you the option doesn’t mean it’s automatically the right fit. If you’re considering contributing to a Roth 401(k) in 2025, there are several key rules we recommend you understand before making your move.
- [The Rise of 401(k) Millionaires: How to Catch Up](https://finance.hawkscompanies.com/2025/09/22/the-rise-of-401k-millionaires-how-to-catch-up/) - 401(k) balances are climbing, and more Americans than ever are reaching a major milestone: becoming 401(k) millionaires. According to recent Fidelity data, the number of 401(k) accounts with balances over $1 million has soared to a record 595,000 in June 2025 – a 16% increase from the end of March 2025.¹ So, how are people
- [Is It Smart to Stop 401(k) Contributions to Pay Off Debt?](https://finance.hawkscompanies.com/2025/09/15/is-it-smart-to-stop-401k-contributions-to-pay-off-debt/) - If you’re overwhelmed by high-interest debt, you might wonder: Should I stop 401(k) contributions to pay off debt? This is a deeply personal question and one without a one-size-fits-all answer. Debt can feel like a weight dragging your finances down. And with high-interest rates, the cost of carrying credit card balances, personal loans, or even
- [Alternative Assets in 401(k)s: Big Changes Ahead?](https://finance.hawkscompanies.com/2025/09/08/alternative-assets-in-401ks-big-changes-ahead/) - As retirement plan rules continue to evolve, one area drawing attention is the inclusion of alternative assets in 401(k) plans. In early August 2025, the White House released an executive order that has pushed this issue further into the spotlight. The order calls for improved access to alternative investments in retirement plans, along with increased
- [8 Life Events That May Require You to Revisit Your 401(k) Strategy](https://finance.hawkscompanies.com/2025/09/01/8-life-events-that-may-require-you-to-revisit-your-401k-strategy/) - Your 401(k) shouldn’t be a “set it and forget it” investment. While automation makes saving for retirement easier, it doesn’t mean your account should be left untouched for years. Life happens. Big changes in your career, finances, or family life may affect your retirement goals more than you realize. That’s why we believe it’s important
- [Should I Rebalance My 401(k) Mid-Year?](https://finance.hawkscompanies.com/2025/08/25/should-i-rebalance-my-401k-mid-year/) - Mid-year is a common time for people to reassess their finances – including their 401(k) strategy. From market changes to personal life events, the second half of the year often brings new information that could affect how investment allocations align with your goals and risk tolerance. One option some investors consider during these reviews is
- [The 401(k) Vesting Schedule: Why You Should Care](https://finance.hawkscompanies.com/2025/08/18/the-401k-vesting-schedule-why-you-should-care/) - Depending on your 401(k) vesting schedule, it may take you up to 6 years to fully own your matching contributions. Unfortunately, the 401(k) vesting schedule isn’t always clear to everyone. In a recent Vanguard survey, “The firm found that only a third (33%) of respondents could correctly state whether their plan has a vesting schedule.”¹
- [7 Strategies to Maximize 401(k) Savings in 2025](https://finance.hawkscompanies.com/2025/08/11/7-strategies-to-maximize-401k-savings-in-2025/) - Whether you are planning to retire in 2 years or 20, you should be looking for ways to maximize 401(k) savings. Many Americans do not have nearly enough to retire, according to recent reports. According to the Retirement Income Institute and Alliance for Lifetime Income, “Thirty million Americans are expected to retire between 2024 and
- [15 Ways to Save Money on Extracurricular Activities](https://finance.hawkscompanies.com/2025/08/04/15-ways-to-save-money-on-extracurricular-activities/) - As the school year creeps closer, most parents are laser-focused on notebooks, backpacks, and new shoes. But there’s another major expense waiting just around the corner – and it’s one that often flies under the radar until it’s too late: Extracurricular activities. Whether it’s soccer, piano, art, or dance, after-school activities aren’t free – and
- [Gen X Is Retiring Soon. Are They Ready?](https://finance.hawkscompanies.com/2025/07/28/gen-x-is-retiring-soon-are-they-ready/) - Gen X is retiring soon. Are they ready? The outlook isn’t great. Gen X is the first generation to rely primarily on their own individual savings through 401(k)-like plans for retirement. They were tossed into DIY retirement planning with little support. As a result, many members of Gen X will not be able to retire
- [5 Things That Can Derail Your Retirement Goals](https://finance.hawkscompanies.com/2025/07/21/5-things-that-can-derail-your-retirement-goals/) - Life doesn’t always go as planned. Unfortunately, this is something we see often when it comes to retirement. Something unexpected (or simply unplanned for) happens, and it derails your retirement goals. Let’s take some time today to talk about 5 things that may derail retirement goals and what to do if you find yourself facing
- [7 Tips to Elevate Retirement Savings in Q3](https://finance.hawkscompanies.com/2025/07/14/7-tips-to-elevate-retirement-savings-in-q3/) - We’re halfway through 2025, which means now may be the ideal time to check in on retirement savings in Q3. Are you on track to meet your savings goals? Recent news reports suggest that Americans are continuing to contribute even though their personal 401(k) savings may have experienced a market loss. According to CNBC, “The
- [What Happens When People Stop Contributing to a 401(k)?](https://finance.hawkscompanies.com/2025/07/07/what-happens-when-people-stop-contributing-to-a-401k/) - Given the uneasiness with the world and the economy, people have been asking more frequently if they should stop contributing to a 401(k). The short answer is no. History has shown that those who hang on and keep contributing, even during times of uncertainty, wind up with more money in the long run. Unfortunately, many
- [12 Tips for Celebrating 4th of July on a Budget](https://finance.hawkscompanies.com/2025/06/30/12-tips-for-celebrating-4th-of-july-on-a-budget/) - Celebrating 4th of July is a summer staple for most Americans, but it doesn’t come cheap. When you add it to already high summer spending, Independence Day can quietly drain your wallet. In fact, according to Capital One, Americans spent an estimated $15.5 billion on July 4th festivities in 2024.¹ The good news? You don’t
- [Borrowing from a 401(k) to Start a Business](https://finance.hawkscompanies.com/2025/06/23/borrowing-from-a-401k-to-start-a-business/) - Borrowing from a 401(k) to start a business may seem like a fast way to fund your dream, especially if you’re short on startup capital. But before you dip into your retirement savings, we believe it’s important to understand what borrowing from a 401(k) to start a business really means for your long-term financial health.
- [What Happens to Your 401(k) after Divorce](https://finance.hawkscompanies.com/2025/06/16/what-happens-to-your-401k-after-divorce/) - Ending a marriage is hard enough on its own, but figuring out what happens to your 401(k) after divorce can make it even more complicated. This is because 401(k) accounts cannot simply be separated like other marital property. Ben Storey, director, senior retirement product manager of Retirement Research & Insights at Bank of America, explains,
- [New Data Reveals the Shocking Cost of 401(k) Rollover Delays](https://finance.hawkscompanies.com/2025/06/09/new-data-reveals-the-shocking-cost-of-401k-rollover-delays/) - If you’ve ever tried to roll over a 401(k), you know the process isn’t exactly seamless. While much of the financial world has gone digital, rollovers are typically still stuck in the past with printed forms, mailed checks, and weeks-long waits. This isn’t just frustrating. According to new research from PensionBee, it may be costing
- [The Most Common 401(k) Questions Answered](https://finance.hawkscompanies.com/2025/06/02/the-most-common-401k-questions-answered/) - Understanding your 401(k) isn’t just smart – it’s essential to safeguarding your retirement lifestyle. Whether you’re just getting started or looking to optimize your existing plan, it’s critical to ask the right questions so you’re not left in the dark about your investments. Below, we’ve outlined 5 of the most frequently asked 401(k) questions and
- [The Real Cost of Summer Debt (and How You Can Avoid It)](https://finance.hawkscompanies.com/2025/05/26/the-real-cost-of-summer-debt-and-how-you-can-avoid-it/) - Every year, Americans take on summer debt. According to NerdWallet’s 2024 summer travel survey, “Nearly half of Americans (45%) plan to take a trip that requires a flight or hotel stay this summer, and they’ll spend $3,594, on average, on these expenses. That’s over 118 million Americans spending a total of more than $424 billion
- [401(k) Catch-Up Strategies If You Started Saving Late](https://finance.hawkscompanies.com/2025/05/19/401k-catch-up-strategies-if-you-started-saving-late/) - If your 401(k) balance is lagging behind where it should be, you may feel discouraged or even a little panicked. But the truth is, we believe there’s still time to course-correct – if you take action now. According to the 2023 Protected Retirement Income and Planning (PRIP) study by the Alliance for Lifetime Income: 51%
- [Your Partner Isn’t Saving for Retirement – Now What?](https://finance.hawkscompanies.com/2025/05/12/your-partner-isnt-saving-for-retirement-now-what/) - Saving for retirement is typically challenging enough when you’re doing it on your own, but what happens when your partner isn’t on the same page? Maybe they think saving for retirement can wait. Maybe they believe Social Security will be enough. Or maybe they’re simply overwhelmed and don’t know where to start. Whatever the reason,
- [More Parents Are Financially Supporting Adult Children: Why It’s a Problem](https://finance.hawkscompanies.com/2025/05/05/more-parents-are-financially-supporting-adult-children-why-its-a-problem/) - Supporting adult children comes at a high cost. And an increasing number of parents are finding themselves doing just that. Here are some of the key findings of the 2025 Savings.com report: Half of parents with adult children provide regular financial assistance to their grown kids. The average monthly support per adult child is $1,474,
- [Tired of Retirement Savings Stress? These 5 Moves May Help.](https://finance.hawkscompanies.com/2025/04/28/tired-of-retirement-savings-stress-these-5-moves-may-help/) - Saving for retirement can feel overwhelming – especially with headlines constantly reminding us about rising healthcare costs, tariffs, and a volatile market. But here’s the thing: Most retirement savings stress often comes from uncertainty – not from your actual financial position. The good news? You can take steps today that not only help you save
- [7 Common Disposable Income Mistakes to Avoid in 2025](https://finance.hawkscompanies.com/2025/04/21/7-common-disposable-income-mistakes-to-avoid-in-2025/) - Having money left after taxes is a good thing, but spending it without a plan? That’s where many people can go wrong. Disposable income is not the same as discretionary income. Disposable income is what you have left after paying taxes. For instance, if you earn $60,000 annually and pay 20% in taxes, your disposable
- [What to Do with Your 401(k) during Market Volatility](https://finance.hawkscompanies.com/2025/04/14/what-to-do-with-your-401k-during-market-volatility/) - Watching your 401(k) account dip during a market downturn can feel like a punch to the gut. We understand it’s stressful. It’s emotional. And if you’re like most people, your first instinct might be to hit the panic button. But here’s the truth: Panicking is the worst thing you can do when it comes to
- [Your Second Quarter Financial To-Do List](https://finance.hawkscompanies.com/2025/04/07/your-second-quarter-financial-to-do-list/) - As we move into the second quarter, now may be the perfect time to assess your finances, adjust your budget, and set yourself up for a stronger financial future. The second quarter offers a unique opportunity – you’ve had a few months to see what’s working (and what’s not), and there’s still plenty of time
- [Pre-Retiree Confidence Is Declining: How to Prepare Now](https://finance.hawkscompanies.com/2025/03/31/pre-retiree-confidence-is-declining-how-to-prepare-now/) - We feel retirement planning has never been more important, yet confidence in a secure financial future is shrinking. A March 2025 Fidelity Investments® State of Retirement Planning study reveals that while 7 in 10 of those currently in retirement feel stable, confidence in retirement outlook among pre-retirees has dropped by 7 percentage points from last
- [One Move That May Improve Your 401(k) Returns in 2025](https://finance.hawkscompanies.com/2025/03/24/one-move-that-may-improve-your-401k-returns-in-2025/) - If you’re looking to improve your 401(k) performance in 2025, there is an often-overlooked strategy that may help. It’s called rebalancing. And failing to rebalance your portfolio could mean losing more than necessary in down markets or not maximizing gains in strong ones. Yet, many 401(k) investors often fail to rebalance, and, in doing so,
- [Worried about the Market? Here’s What You Need to Know](https://finance.hawkscompanies.com/2025/03/17/worried-about-the-market-heres-what-you-need-to-know/) - When markets drop, it can be easy to panic. But history shows that staying invested through downturns can often be the smartest move. In this special market update, we break down what’s happening right now – and why sometimes doing nothing may be the best strategy. What’s Going on in the Market We’re seeing
- [Think Social Security Will Cover Retirement? Think Again.](https://finance.hawkscompanies.com/2025/03/10/think-social-security-will-cover-retirement-think-again/) - Many Americans mistakenly believe Social Security will be enough to fund their retirement – but reality paints a different picture. Consider the most recent cost of living adjustment. The 2025 Social Security COLA increase is just 2.5%.¹ This minimal increase means “retired workers’ Social Security checks will grow by around $48 a month, going from
- [401(k) Tax Implications: What You Need to Know](https://finance.hawkscompanies.com/2025/03/03/401k-tax-implications-what-you-need-to-know/) - When it comes to saving for retirement, it may be not just about how much you save – it may be about how much you get to keep. Understanding 401(k) tax implications may help you maximize your savings and avoid unexpected tax bills down the road. Are you aware of how your 401(k) contributions affect
- [401(k) Mistakes to Avoid in Your 40s and 50s](https://finance.hawkscompanies.com/2025/02/24/401k-mistakes-to-avoid-in-your-40s-and-50s/) - Your 40s and 50s are often the prime years for building wealth, but too many people may make avoidable mistakes with their 401(k)s – mistakes that could cost them in retirement. Whether it’s not saving enough, ignoring market shifts, or borrowing from your future, these missteps can add up fast. The good news? It’s normally
- [How to Avoid 401(k) Withdrawal Penalties](https://finance.hawkscompanies.com/2025/02/17/how-to-avoid-401k-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
- [How a 401(k) Loan Could Derail Your Retirement Goals](https://finance.hawkscompanies.com/2025/02/10/how-a-401k-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
- [Market Outlook: What’s Next for 2025?](https://finance.hawkscompanies.com/2025/02/03/market-outlook-whats-next-for-2025/) - The S&P 500 went up more than 20% for 2 years in a row, an impressive run that doesn’t happen often. After 2 years of strong market performance, what should investors expect next? Keep reading (or watch the video) below as Mark Sorensen, our Chief Investment Officer, breaks down the latest trends – including
- [8 Things to Know Before Filing 2024 Taxes](https://finance.hawkscompanies.com/2025/01/27/8-things-to-know-before-filing-2024-taxes/) - Tax season kicks off this week, and with it comes a handful of changes you’ll want to know about before filing your 2024 taxes. From adjustments to standard deductions and tax brackets to updated rules on credits, contributions, and thresholds, staying informed may help you maximize your refund or reduce what you owe. Read on
- [3 Major 401(k) Changes in 2025 You Need to Know](https://finance.hawkscompanies.com/2025/01/20/3-major-401k-changes-in-2025-you-need-to-know/) - Retirement savers, take note – 2025 is bringing big changes to 401(k) plans. That’s because the SECURE Act 2.0 introduces changes that could offer investors new opportunities to enhance their retirement savings. These updates aim to make saving for retirement more accessible and effective for 401(k) savers. Here’s a breakdown of the top 3 changes
- [Are These 401(k) Myths Impacting Your Retirement Savings?](https://finance.hawkscompanies.com/2025/01/13/are-these-401k-myths-impacting-your-retirement-savings/) - 401(k) plans are a critical tool for many Americans striving to secure their retirement. These tax-advantaged accounts often represent a significant portion of an investor’s financial future. However, common misconceptions about 401(k) plans may hinder participants from optimizing their retirement savings. Sometimes, the beliefs we hold as facts can lead us astray. This applies to
- [How to Increase Retirement Savings in 2025](https://finance.hawkscompanies.com/2025/01/06/how-to-increase-retirement-savings-in-2025/) - If you know you need to make some changes in order to increase retirement savings in 2025, then keep reading. We’ve compiled 9 potential changes you can make to your saving, spending, and investing habits that may increase retirement savings in 2025. Read on to learn more. The State of Retirement Savings According to
- [12 Personal Finance Tips for 2025](https://finance.hawkscompanies.com/2024/12/30/12-personal-finance-tips-for-2025/) - As we wrap up 2024, it’s time to focus on personal finance tips for 2025. Make getting your financial house in order your main 2025 resolution. Not only is it possible, but it is also something many of us need to do. A 2024 Bankrate study found, “Whereas 72% of Americans indicated they were not
- [Why It Might Be Time for a Spending Break](https://finance.hawkscompanies.com/2024/12/23/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
- [2025 Retirement Savings Rules You Need to Know](https://finance.hawkscompanies.com/2024/12/16/2025-retirement-savings-rules-you-need-to-know/) - The 2025 retirement savings rules may provide new opportunities for individuals to save more in their 401(k) plans. This is due to the passing of SECURE Act 2.0 which passed in 2022, which many provisions set to take effect in 2025. Some of the new provisions may require employer implementation – and employers have discretion
- [2025’s Super Catch-Up 401(k) Contribution: What You Need to Know](https://finance.hawkscompanies.com/2024/12/09/2025s-super-catch-up-401k-contribution-what-you-need-to-know/) - If you’re between the ages of 60 and 63, 2025 marks a golden opportunity to supercharge your retirement savings. Thanks to the SECURE 2.0 Act, the IRS is rolling out a special “super catch-up” 401(k) contribution limit, allowing eligible individuals to save significantly more than ever before. This new contribution limit is designed to give
- [Americans Lack Plans for Retirement Income [New Study]](https://finance.hawkscompanies.com/2024/12/02/americans-lack-plans-for-retirement-income-new-study/) - Allianz Life’s 2024 Annual Retirement Study is out, and it shows a whole lot of Americans lack plans for retirement income. In fact, more than half of Americans do not have a plan in place for retirement.¹ If that isn’t troubling enough, in a report entitled Americans Face Alarming Retirement Savings Shortfall, the National Institute
- [12 Thanksgiving Traditions Explained](https://finance.hawkscompanies.com/2024/11/25/12-thanksgiving-traditions-explained/) - There are many Thanksgiving traditions we enjoy, yet often participate in them without knowing their origins. For instance, why do we eat turkey? Why do we watch a parade with giant inflatable character balloons? And when did Friendsgiving become a thing? Keep reading for 12 popular Thanksgiving traditions, and you might just be the smartest
- [Aging Parents & Finances: A Financial Talk Every  Family Should Have](https://finance.hawkscompanies.com/2024/11/18/aging-parents-finances-a-financial-talk-every-family-should-have/) - As our parents age, it’s natural to start worrying about their financial well-being. But how do you approach a conversation about money with the very people who raised you? We get it. It’s awkward. According to a Bankrate survey, “Americans think money is more taboo to talk about than their political or religious views.”¹ Specifically,
- [Retirement 401(k) and IRA Contribution Limits for 2025](https://finance.hawkscompanies.com/2024/11/11/retirement-401k-and-ira-contribution-limits-for-2025/) - The IRS announced changes to retirement contribution limits to help workers boost their retirement savings with cost-of-living adjustments. Whether you’re saving through a 401(k), IRA, or another retirement plan, these updates can help you plan to maximize your contributions and ensure your retirement fund grows over time. 401(k) Retirement Plan Contribution Limits for 2025
- [Avoid the 401(k) to IRA Rollover Cash Trap](https://finance.hawkscompanies.com/2024/11/04/avoid-the-401k-to-ira-rollover-cash-trap/) - Many Americans are potentially missing out on retirement savings by falling victims to the 401(k) to IRA rollover cash trap. According to Andy Reed, head of investor behavior research at Vanguard, “IRA cash is a billion-dollar blind spot.”¹ A recent report from Vanguard found that almost two-thirds of rollover investors unintentionally hold cash without investing
- [What to Do If You’re Nearing Retirement with Less Savings Than Expected](https://finance.hawkscompanies.com/2024/10/28/what-to-do-if-youre-nearing-retirement-with-less-savings-than-expected/) - If you are nearing retirement and have less savings than expected, you are not alone. Many Americans feel the same way. The 2023 Protected Retirement Income and Planning (PRIP) study from the Alliance for Lifetime Income found: 51% of consumers between 45 and 75 feel they do not have enough retirement savings to last their
- [Social Security COLA Increase Is Not Designed to Cover Retirement](https://finance.hawkscompanies.com/2024/10/21/social-security-cola-increase-is-not-designed-to-cover-retirement/) - On October 10, the new Social Security COLA increase was announced, and many retirees were disappointed. Each year, there is a cost-of-living adjustment (COLA), which is determined by a measurement of the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. The 2025 Social Security COLA increase is merely 2.5%.¹ This
- [5 Things to Consider with Your 401(k) When You Change Jobs](https://finance.hawkscompanies.com/2024/10/14/5-things-to-consider-with-your-401k-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
- [401(k) Balance by Age: How Do You Measure Up?](https://finance.hawkscompanies.com/2024/10/07/401k-balance-by-age-how-do-you-measure-up/) - According to Vanguard’s 2024 How America Saves Report, the average 401(k) balance for participants in 2023 was $134,128, with a median balance of $35,286. Vanguard participants’ average account balances increased by 19% since year-end 2022.¹ How does your 401(k) balance compare to others in your age group? In this post, we break down the latest
- [Is Professional 401(k) Account Management Really Worth It?](https://finance.hawkscompanies.com/2024/09/30/is-professional-401k-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.
- [Finance Tips You Should Not Ignore](https://finance.hawkscompanies.com/2024/09/23/finance-tips-you-should-not-ignore/) - As we approach the end of 2024, it’s important to make the most of the last 90 days if you want to reach your financial goals. Take a look at these 12 Q4 finance tips that may help you boost savings and finish strong. #1 Assess Your Goal Keeping Take some time to assess
- [16 Budget-Friendly Fall Activities for Families](https://finance.hawkscompanies.com/2024/09/16/16-budget-friendly-fall-activities-for-families/) - With the holidays right around the corner and the end of the year fast approaching, the last thing you want to do is blow your budget on fall activities. Between fall sports, Halloween, and fall travel, the costs add up…and it’s too easy to overspend. If you aren’t careful, you might miss out on your
- [5 Financial Risks to Plan for Now before Year-End](https://finance.hawkscompanies.com/2024/09/09/5-financial-risks-to-plan-for-now-before-year-end/) - As we approach the final quarter, it’s time to talk about financial risks that could significantly cost you. Let’s say you’ve made a financial goal for 2024. If you aren’t paying attention, you may miss that goal because you have to pay more in taxes than expected. Or you may be really close to having
- [Your Retirement: Don’t Be Another Statistic](https://finance.hawkscompanies.com/2024/09/02/your-retirement-dont-be-another-statistic/) - Americans are not saving enough for retirement. In a report entitled Americans Face Alarming Retirement Savings Shortfall, the National Institute for Retirement Security shares, “Most Americans will not have enough money for a financially secure retirement. […] NIRS research found that for Generation X, a generation that is quickly approaching retirement and the first that
- [National Public Data Breach: What You Need to Know](https://finance.hawkscompanies.com/2024/08/26/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
- [What to Do If You’re Behind on 401(k) Savings](https://finance.hawkscompanies.com/2024/08/19/what-to-do-if-youre-behind-on-401k-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
- [Why Early 401(k) Withdrawals May Derail Your Retirement](https://finance.hawkscompanies.com/2024/08/12/why-early-401k-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%
- [Help Yourself First Before Helping Kids Financially](https://finance.hawkscompanies.com/2024/08/05/help-yourself-first-before-helping-kids-financially/) - It is natural for a parent to want to help their children financially, but helping kids financially isn’t always the best decision. You may end up hurting them more than helping them – especially if you dip into your retirement savings. While it is understandable to want to help, the amount of financial help adult
- [Strategies to Maximize Your 401(k) Contributions](https://finance.hawkscompanies.com/2024/07/29/strategies-to-maximize-your-401k-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
- [What Investors Need to Know for the Second Half of 2024](https://finance.hawkscompanies.com/2024/07/22/what-investors-need-to-know-for-the-second-half-of-2024/) - Despite a brief 6% correction in the latter part of the first quarter, the stock market has shown resilience and growth in the first half of 2024. Keep reading for factors contributing to this and what you need to know. Federal Reserve’s Stance on Interest Rates The market’s performance has been driven by the anticipation
- [Women Are Saving Less for Retirement but Living Longer](https://finance.hawkscompanies.com/2024/07/15/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
- [Tax-Savvy Retirement: Mastering Your 401(k) Tax Implications](https://finance.hawkscompanies.com/2024/07/08/tax-savvy-retirement-mastering-your-401k-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
- [10 Budget-Friendly 4th of July Ideas [Recipes Inside]](https://finance.hawkscompanies.com/2024/07/01/10-budget-friendly-4th-of-july-ideas-recipes-inside/) - While we are all about celebrating the birth of our great nation, we don’t believe you should spend a lot of money (or go into debt) celebrating it. But that wasn’t the case in 2023. Americans spent more than ever. “Total consumer spending [for 2023’s] Fourth of July holiday is expected to reach $9.5 billion,
- [Third Quarter Finance Tips to Turn Things Around](https://finance.hawkscompanies.com/2024/06/24/third-quarter-finance-tips-to-turn-things-around/) - In mid-2024, Americans are still facing high inflation and high interest rates. And they are saving less and spending less. According to data from the Commerce Department, “The personal saving rate, the share of income that Americans are squirreling away, was 3.8% in January, well below the recent peak of 5.3% last May and the
- [Check Your Statements–There Are Record High 401(k) Savings in 2024](https://finance.hawkscompanies.com/2024/06/17/check-your-statements-there-are-record-high-401k-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
- [Is Your 401(k) at Risk from Cyberattacks?](https://finance.hawkscompanies.com/2024/06/10/is-your-401k-at-risk-from-cyberattacks/) - You’ve worked hard to build up your savings to ensure you have a comfortable retirement. What if cybercriminals stole from your 401(k)? Sadly, it’s happening, and experts are fearful it may happen more frequently with retirement accounts – with some even referring to the risk as “a sleeping giant.”¹ While most of the time it’s
- [6 Ways to Boost Your 401(k) Halfway Through the Year](https://finance.hawkscompanies.com/2024/06/03/6-ways-to-boost-your-401k-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
- [Top 5 401(k) Questions Answered](https://finance.hawkscompanies.com/2024/05/27/top-5-401k-questions-answered/) - It’s important to your retirement savings and to your future retirement lifestyle to understand what you’re invested in. If you have a 401(k), this begins with asking questions – the right questions about your 401(k). Read on to see the top five 401(k) questions and answers investors have. #1 What Type of Contributions Should I
- [Budget-Friendly Summer Fun: 20 Free or Low-Cost Family Activities](https://finance.hawkscompanies.com/2024/05/20/budget-friendly-summer-fun-20-free-or-low-cost-family-activities/) - It’s easy to see why people are searching for free or inexpensive things for families to do this summer – summer isn’t cheap! Mass Mutual reports, “Nearly half of Americans plan to travel this summer – a ten-point increase over last year – but an astounding 36% say they cannot afford to.”¹ As a result,
- [How to Become a 401(k) Millionaire](https://finance.hawkscompanies.com/2024/05/13/how-to-become-a-401k-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
- [Why Decreasing 401(k) Contributions Is a Bad Idea](https://finance.hawkscompanies.com/2024/05/06/why-decreasing-401k-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%
- [6 Questions Every 401(k) Investor Needs to Ask ASAP](https://finance.hawkscompanies.com/2024/04/29/6-questions-every-401k-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
- [401(k) Rollover Mistakes to Avoid](https://finance.hawkscompanies.com/2024/04/22/401k-rollover-mistakes-to-avoid/) - Whether you’ve lost your job or plan on changing jobs in the near future, there are common 401(k) rollover mistakes you need to be aware of. Ignore these, and a rollover could take a chunk out of your retirement savings, trigger a big tax bill, and impact the quality of your retirement. Keep reading for
- [8 Gift Ideas That Set Graduates Up for Financial Success](https://finance.hawkscompanies.com/2024/04/15/8-gift-ideas-that-set-graduates-up-for-financial-success/) - Graduation season is upon us. If you don’t have a gift for your grad yet, may we suggest something better than a gift card or cash? It doesn’t matter if they are graduating high school or college – young adults need financial help. A recent report from the Pew Research Center claims, “Fewer than half
- [5 Perks of Saving for Retirement in a 401(k)](https://finance.hawkscompanies.com/2024/04/08/5-perks-of-saving-for-retirement-in-a-401k/) - Saving for retirement is essential, and a 401(k) plan can be an effective way to have a comfortable retirement. Yet, according to a 2023 survey, 4 in 10 workers with a 401(k) don’t contribute.¹ If you are hesitant to set aside a bit or more of your paycheck for your retirement, consider these 5 perks
- [3 Personal Money Moves for Q2](https://finance.hawkscompanies.com/2024/04/01/3-personal-money-moves-for-q2/) - No two people spend or save the same way. What works for you may not work for someone else. But there are tried-and-true ways to save more and build wealth for retirement. Use the following 3 personal money moves to guide your financial decisions in Q2, and your checking account, savings account, and retirement account
- [401(k) Early Withdrawals May Cost You More Than You Think](https://finance.hawkscompanies.com/2024/03/26/401k-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
- [Should I Consider the Roth 401(k)?](https://finance.hawkscompanies.com/2024/03/18/should-i-consider-the-roth-401k/) - The Roth 401(k) is gaining in popularity due to employers offering it inside their plans and also thanks to provisions in the Secure Act 2.0 that only pertain to the Roth option. The question is, is it right for everyone? Read on to see if the Roth 401(k) is the right choice for you. How
- [401(k) Millionaires Soared at the End of 2023](https://finance.hawkscompanies.com/2024/03/11/401k-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
- [Over Half of Americans Think There’s a Retirement Crisis](https://finance.hawkscompanies.com/2024/03/04/over-half-of-americans-think-theres-a-retirement-crisis/) - There is a looming retirement crisis. It’s not a possibility. It’s about to be a reality for many Americans. According to a survey by Clever, “Two-thirds of retired Americans say the U.S. is in a retirement crisis (66%). The average retiree owes $15,393 in non-mortgage debt, and 40% worry they will outlive their retirement savings.”¹
- [How the 401(k) Match for Student Loans Works](https://finance.hawkscompanies.com/2024/02/26/how-the-401k-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
- [Market Outlook: What’s Next for 2024?](https://finance.hawkscompanies.com/2024/02/20/market-outlook-whats-next-for-2024/) - We’ve been through a lot over the last couple of years, but 2024 is showing signs that things may be turning around. In 2024, we have had a really good market thus far. We hit new highs on the Nasdaq, the Dow Jones, and the S&P 500 – marking the end of the bear market
- [5 Crucial 401(k) Mistakes to Avoid in 2024](https://finance.hawkscompanies.com/2024/02/12/5-crucial-401k-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
- [How Long Will Your 401(k) Savings Last in Retirement?](https://finance.hawkscompanies.com/2024/02/05/how-long-will-your-401k-savings-last-in-retirement/) - Will your 401(k) savings last in retirement? It’s a question on the minds of a lot of 401(k) investors. Despite that, most people underestimate how much money they will need in retirement. Experts tend to recommend saving 80% of your pre-retirement income. If you and your spouse bring in $120,000 annual income, you should save
- [What to Know Before You File 2023 Taxes](https://finance.hawkscompanies.com/2024/01/29/what-to-know-before-you-file-2023-taxes/) - With tax season right around the corner, it’s time to talk about what you need to know before you file 2023 taxes. According to the IRS, “Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if
- [Are These 5 Bad Financial Habits Sabotaging Your Retirement Savings?](https://finance.hawkscompanies.com/2024/01/22/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,
- [How Much Should I Contribute to My 401(k)?](https://finance.hawkscompanies.com/2024/01/16/how-much-should-i-contribute-to-my-401k/) - For those who wonder, “How much should I contribute to my 401(k)?” you’ve come to the right place. As much as we’d like to be able to tell you an exact amount to contribute, we can’t. It varies from one person to another, depending on how much you’ve already saved, how much you need to
- [3 Reasons to Get the 401(k) Company Match in 2024](https://finance.hawkscompanies.com/2024/01/08/3-reasons-to-get-the-401k-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
- [2024 Financial Checklist for Q1](https://finance.hawkscompanies.com/2024/01/02/2024-financial-checklist-for-q1/) - Many of us start the New Year resolving to do better financially, and based on reports from 2022, it’s easy to see why. A 2023 Bankrate survey found the following: “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
- [10 Most Read 401(k) Maneuver Blogs of 2023](https://finance.hawkscompanies.com/2023/12/26/10-most-read-401k-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
- [The Silent Crisis: Americans’ Reluctance to Discuss Aging Parents’ Finances](https://finance.hawkscompanies.com/2023/12/18/the-silent-crisis-americans-reluctance-to-discuss-aging-parents-finances/) - There are few things more taboo than talking about money and death. But, if you are a parent approaching retirement, it is imperative to have the aging parent money talk with your adult children. Unfortunately, this doesn’t happen as often as it should. According to a Wells Fargo survey, only 38% of Americans with aging
- [5 Major Changes Coming to Your 401(k) in 2024](https://finance.hawkscompanies.com/2023/12/11/5-major-changes-coming-to-your-401k-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
- [7 Things to Help Maximize 401(k) Savings in 2024](https://finance.hawkscompanies.com/2023/12/04/7-things-to-help-maximize-401k-savings-in-2024/) - Contrary to popular belief, there is more to maximizing your 401(k) savings than simply contributing more. There are things you can do that don’t require you to spend a single penny. If you want to maximize 401(k) savings in 2024, the time to plan is now. Keep reading for 7 things you can do that
- [Do You Know What’s in Your 401(k)? If Not, You Should](https://finance.hawkscompanies.com/2023/11/27/do-you-know-whats-in-your-401k-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
- [The #1 401(k) Mistake Married Couples Make](https://finance.hawkscompanies.com/2023/11/20/the-1-401k-mistake-married-couples-make/) - In an ideal marriage, both spouses want the best for each other. This includes a comfortable retirement. Unfortunately, there is one 401(k) mistake married couples make without even realizing they are doing it. It may seem small, but it can make a big impact on your retirement future. The mistake? Not communicating and clearly deciding
- [How to Manage Holiday Gift Expectations](https://finance.hawkscompanies.com/2023/11/13/how-to-manage-holiday-gift-expectations/) - No one wants to come across as Scrooge during the holidays, but without managing holiday gift expectations, many people wind up saying, “Bah Humbug!” When we fail to manage holiday gift expectations, we tend to spend more than we should, and find ourselves in debt well into the new year. Both are outcomes no one
- [Retirement Plan Contribution Limits for 2024](https://finance.hawkscompanies.com/2023/11/06/retirement-plan-contribution-limits-for-2024/) - The IRS just announced contribution limits for qualified retirement plans for 2024. Keep reading below to find out exactly how much you can contribute for 2024, and start making plans now to do what you can to max out your retirement savings next year. 401(k) Retirement Plan Contribution Limits for 2024 401(k)s Employees with 401(k)s,
- [Why Now Is NOT the Time to Stop Funding Your 401(k)](https://finance.hawkscompanies.com/2023/10/30/why-now-is-not-the-time-to-stop-funding-your-401k/) - 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,
- [Answers to the 10 Most Common 401(k) Questions](https://finance.hawkscompanies.com/2023/10/23/answers-to-the-10-most-common-401k-questions/) - A major factor in achieving your financial goals is being engaged with your finances and investments. This includes your 401(k). According to CNBC, though 401(k)s are the “most common retirement savings vehicles, 63 percent of Americans don’t understand exactly how it works.”¹ Additionally, when people in the survey were asked common 401(k) investor questions, only
- [Investing More in Your 401(k) May Help You Beat Inflation](https://finance.hawkscompanies.com/2023/10/16/investing-more-in-your-401k-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
- [Don’t Lose Your Match: The Danger of Ignoring Your 401(k) Vesting Schedule](https://finance.hawkscompanies.com/2023/10/09/dont-lose-your-match-the-danger-of-ignoring-your-401k-vesting-schedule/) - It’s common financial advice – save enough in your 401(k) to get the company match. It’s great advice (after all, who doesn’t want free money?), but it may not be yours to keep should you change jobs or withdraw from your 401(k). This is because each employer match follows its own vesting schedule. And, if
- [Boost Your Finances: Fourth Quarter Financial To-Do List](https://finance.hawkscompanies.com/2023/10/02/boost-your-finances-fourth-quarter-financial-to-do-list/) - It feels good to wrap up things nicely before the end of the year, but there’s a lot to do. That’s where having a fourth quarter financial to-do list comes in. It helps you prioritize the things you need to do to ensure you are in your best financial shape going into 2024 and beyond.
- [The Real Impact of 401(k) Hardship Withdrawals](https://finance.hawkscompanies.com/2023/09/25/the-real-impact-of-401k-hardship-withdrawals/) - While data shows more people are saving for the future, others are putting their financial futures at risk by taking 401(k) hardship withdrawals. 401(k) hardship withdrawals should be a last resort, but people are playing fast and loose with their retirement savings, as shown by recent reports from Vanguard, Bank of America, and Fidelity. According
- [IRS Announces 2-Year Delay to 401(k) Catch-Up Contribution Changes](https://finance.hawkscompanies.com/2023/09/18/irs-announces-2-year-delay-to-401k-catch-up-contribution-changes/) - The IRS recently announced a 2-year delay to the planned changes in catch-up contributions in 401(k)s and Thrift Savings Plans. The new rule requiring high-income investors to make catch-up contributions only to Roth 401(k) accounts will not take effect until 2026. This update comes as a relief to many who were concerned they might not
- [Balancing Debt and Retirement Savings in 2023](https://finance.hawkscompanies.com/2023/09/11/balancing-debt-and-retirement-savings-in-2023/) - With today’s economic landscape characterized by persistent inflation and rising interest rates, it’s no surprise that American households are feeling financial pressure. This has many Americans grappling with crucial financial questions: Should I pull back on my retirement savings contributions? Should I focus on paying off debt instead of saving for retirement? How do I
- [The Danger of Forgetting to Roll Over Old 401(k)s](https://finance.hawkscompanies.com/2023/09/04/the-danger-of-forgetting-to-roll-over-old-401ks/) - One of the perks of employment is a 401(k). But what happens with the money you’ve accrued for retirement when you change jobs? The money is still there. But leaving behind an old 401(k) may be a costly mistake. Keep reading for the costly dangers of forgetting to roll over an old 401(k). Why So
- [Big Catch-Up Contribution Changes Coming in 2024](https://finance.hawkscompanies.com/2023/08/28/big-catch-up-contribution-changes-coming-in-2024/) - Starting in 2024, new rule changes to 401(k) catch-up contributions go into effect for investors ages 50 and over. These changes impact not only where you can save more, but also if you’re even able to. Some might argue this new law is essentially a tax increase. And that hurts investors who are closer to
- [Are Target Date Funds the Best for Your Retirement Goals?](https://finance.hawkscompanies.com/2023/08/21/are-target-date-funds-the-best-for-your-retirement-goals/) - Everyone seems to have an opinion about target date funds. On one side, they make 401(k) investing easy. On the other, there can be a significant difference in performance over time from target date funds versus other plan options. In this article, we’re breaking down everything you need to know about target date funds so
- [IRS Delays Certain RMD Rules: What You Need to Know](https://finance.hawkscompanies.com/2023/08/14/irs-delays-certain-rmd-rules-what-you-need-to-know/) - The Secure Act 2.0 brought about numerous changes to how we save for retirement, including when investors need to start taking required minimum distributions (RMDs). However, the IRS is making RMD changes yet again – this time delaying certain rules in order to provide a smoother transition not only for plan administrators, but also for
- [Navigating the Market Right Now [Video Interview]](https://finance.hawkscompanies.com/2023/08/07/navigating-the-market-right-now-video-interview/) - Let’s face it. There’s a lot going on with the economy, the Fed, and the markets. It doesn’t help that in this 24/7 newscycle world we live in that the media sensationalizes headlines that cause panic and fear in investors. If you’re feeling doom and gloom or uneasy about your investments, it’s helpful to zoom
- [Saving for Retirement When You Are In Your 20s](https://finance.hawkscompanies.com/2023/07/31/saving-for-retirement-when-you-are-in-your-20s/) - Saving for retirement is critical, but many in their 20s and early 30s put it off. It’s easy to see why. It’s not cheap to build a new life, buy a home, or start a family. Add in inflation, the high cost of housing, and rising interest rates, and it is understandable why many in
- [12 Tips for Dealing with Hidden School Costs](https://finance.hawkscompanies.com/2023/07/24/12-tips-for-dealing-with-hidden-school-costs/) - Back-to-school shopping is in full swing. Have you made space in your back-to-school shopping budget for hidden school costs? Recently, the following Facebook post went viral. According to the 2023 Deloitte back-to-school survey, parents are expected to spend $597 per child on back-to-school shopping.¹ One reason it is so expensive is that the prices of
- [How to Deal with Financial Stress of Taking Care of Kids and Parents](https://finance.hawkscompanies.com/2023/07/17/how-to-deal-with-financial-stress-of-taking-care-of-kids-and-parents/) - The financial stress of taking care of kids and parents should not be glossed over or ignored. Parents typically feel financial stress, with new reports suggesting it costs a middle-class family with two children $310,605 to raise children from birth to age 17.¹ This is generally broken down into the following percentages: 32% to housing
- [Should You Talk to Kids about Money Problems? Yes. Here’s How.](https://finance.hawkscompanies.com/2023/07/10/should-you-talk-to-kids-about-money-problems-yes-heres-how/) - Parents strive to protect their children, and this often means hiding family financial issues. But should you talk to kids about money problems? The answer is YES. Shielding them may actually be doing more harm than good. Consider these results from two important studies: “In 2010, the American Psychological Association (APA) found that during the
- [The 4th of July: Then and Now](https://finance.hawkscompanies.com/2023/07/03/the-4th-of-july-then-and-now/) - Americans have celebrated the signing of the Declaration of Independence on the 4th of July since 1776, even though the Declaration of Independence wasn’t signed until August 2, 1776. There is a lot of fun history to learn about the 4th beyond the confusing sequence of dates surrounding the holiday. For example, even though the
- [Reclaiming Your Retirement: Catch Up on Retirement Savings after 40](https://finance.hawkscompanies.com/2023/06/26/reclaiming-your-retirement-catch-up-on-retirement-savings-after-40/) - If you’re over 40 and worried about your retirement savings, take a deep breath. You’re not alone, and it’s never too late to turn things around. In this article, we’re exploring 10 actionable strategies to help you catch up on retirement savings after 40. #1 Assess Your Current Situation If you don’t know where you
- [Q3 Personal Finance To-Do List](https://finance.hawkscompanies.com/2023/06/19/q3-personal-finance-to-do-list/) - And just like that, we are halfway through 2023. If only there were a Q3 personal finance to-do list you could consult… Based on the title of this article, it’s easy to see you’ve come to the right place for Q3 personal finance tips. Now that we have reached the second half of the year,
- [7 Most Common 401(k) Mistakes [What to Do Instead]](https://finance.hawkscompanies.com/2023/06/12/7-most-common-401k-mistakes-what-to-do-instead/) - There are common 401(k) mistakes we see investors making over and over again – from failing to rebalance to not keeping up with legislation. The 401(k) is one of the biggest assets people have in retirement. It’s not enough to think you’ll be ready to retire simply because you regularly fund your 401(k). Far from
- [Pros and Cons of a Roth 401(k): Key Differences and Tax Implications](https://finance.hawkscompanies.com/2023/06/05/pros-and-cons-of-a-roth-401k-key-differences-and-tax-implications/) - When it comes to planning for retirement, choosing the right savings vehicle can make a significant impact on your financial future. Traditionally, 401(k) plans have offered tax-deferred contributions, but in recent years, the Roth 401(k) has emerged as an appealing alternative. With its unique tax advantages and considerations, understanding the key differences between a traditional
- [15 Fun Ways to Teach Kids about Money This Summer](https://finance.hawkscompanies.com/2023/05/29/15-fun-ways-to-teach-kids-about-money-this-summer/) - Summer is expensive for parents, which is why it is the perfect time to teach kids about money. With kids out of school, parents have to either spend money on childcare, camps, or entertainment. It adds up. Fast. Pre-pandemic, families were already spending quite a bit during the summer months. A 2019 Pearachute survey found,
- [12 Tips to Quit Retail Therapy and Boost Your Finances](https://finance.hawkscompanies.com/2023/05/22/12-tips-to-quit-retail-therapy-and-boost-your-finances/) - When you have a bad day, do you head to Target? When you are bored, do you shop online? When you have cause for celebration, do you splurge on something new? These are all common ways to engage in retail therapy. The problem is that retail therapy is not true therapy. It is simply a
- [How RMD Changes Protect Your Retirement Savings](https://finance.hawkscompanies.com/2023/05/15/how-rmd-changes-protect-your-retirement-savings/) - The original SECURE Act of 2019 extended the Required Minimum Distribution (RMDs) age from 70½ to 72 for retirement accounts. Now with the passing of the Omnibus Bill, SECURE Act 2.0 extends the RMD beginning date to age 73, starting in 2023. Not only does the new legislation push back the required minimum distribution age,
- [When It May Not Make Sense to Roll Over Your 401(k)](https://finance.hawkscompanies.com/2023/05/08/when-it-may-not-make-sense-to-roll-over-your-401k/) - Contrary to what most experts advise, there are times when it may not make sense to roll over your 401(k). We even advise most investors against leaving behind an old 401(k). However, there is an IRS rule that – if you qualify – may help you have more money and avoid penalties that could eat
- [Don’t Break the Bank: Tips for Planning Your Family Summer Vacation](https://finance.hawkscompanies.com/2023/05/01/dont-break-the-bank-tips-for-planning-your-family-summer-vacation/) - Now is the time to plan and save for a family summer vacation. If you wait too much longer, you’ll be too late. This is because Americans are still feeling the need for pent-up “revenge” travel following the pandemic – even with inflation. According to Forbes, “The U.S. Travel Foundation is forecasting an increase in
- [What Are My Rights as a 401(k) Investor?](https://finance.hawkscompanies.com/2023/04/24/what-are-my-rights-as-a-401k-investor/) - The more you know your rights as a 401(k) investor, the better choices you will be able to make building wealth for retirement. But far too many 401(k) investors don’t know their rights due to the lack of education. Most of us sign up for a 401(k) plan and are handed a packet of information
- [The High Cost of Raiding Your 401(k)](https://finance.hawkscompanies.com/2023/04/17/the-high-cost-of-raiding-your-401k/) - 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 easy way out
- [Costly 401(k) Mistakes Investors over 50 Are Making](https://finance.hawkscompanies.com/2023/04/10/costly-401k-mistakes-investors-over-50-are-making/) - 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 and set yourself
- [Build Wealth with a Pay Yourself First Budget](https://finance.hawkscompanies.com/2023/04/03/build-wealth-with-a-pay-yourself-first-budget/) - One of the most common financial mantras to building wealth is “pay yourself first,” but there isn’t much guidance on how to create a pay yourself first budget. That might be why so many Americans struggle with saving money. A 2023 Bankrate study found, “Nearly half (49 percent) of U.S. adults have less savings (39
- [Pay Off Debt or Contribute to a 401(k)?](https://finance.hawkscompanies.com/2023/03/27/pay-off-debt-or-contribute-to-a-401k/) - 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 the overall cost of living has jumped 8%”¹
- [The Banking Crisis: What Investors Need to Know [Video Explanation]](https://finance.hawkscompanies.com/2023/03/20/the-banking-crisis-what-investors-need-to-know-video-explanation/) - 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 to SVB? Before we dive in, it’s important to note that the tier one capital requirements – which
- [Cyberattacks Are Increasing: How to Prepare](https://finance.hawkscompanies.com/2023/03/13/cyberattacks-are-increasing-how-to-prepare/) - When it comes to preparedness, we tend to focus on preparing for our financial futures. Unfortunately, this often includes providing our readers with tips for avoiding becoming the victim of cybercrimes. Victims of cybercrimes suffer personal and financial identity theft, stolen money, fraud, embezzlement – not to mention the disruption it causes to one’s life.
- [Changing Jobs? Know Your Vesting Schedule before Quitting](https://finance.hawkscompanies.com/2023/03/06/changing-jobs-know-your-vesting-schedule-before-quitting/) - 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 Americans still leaving jobs in droves and many
- [New 401(k) Rules and Benefits for 2023](https://finance.hawkscompanies.com/2023/02/27/new-401k-rules-and-benefits-for-2023/) - 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 2.0, which was passed into law December 29,
- [401(k) Hardship Withdrawals – What You Need to Know](https://finance.hawkscompanies.com/2023/02/20/401k-hardship-withdrawals-what-you-need-to-know/) - 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 rise in hardship
- [12 College Financial Planning Tips for Parents](https://finance.hawkscompanies.com/2023/02/13/12-college-financial-planning-tips-for-parents/) - 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 much college financial planning as you would have
- [Hello world!](https://finance.hawkscompanies.com/2023/02/09/hello-world/) - Welcome to User's blog Sites. This is your first post. Edit or delete it, then start writing!
- [7 IRS Changes to Know before Filing 2022 Taxes](https://finance.hawkscompanies.com/2023/02/06/7-irs-changes-to-know-before-filing-2022-taxes/) - It’s tax time, and there are a few changes you need to be aware of before you file your 2022 taxes. The IRS has warned taxpayers they should expect smaller refunds due to pandemic relief measures that have been allowed to expire. Don’t get caught off guard. Keep reading for 7 important IRS changes you
- [10 Money Habits to Build Wealth](https://finance.hawkscompanies.com/2023/01/30/10-money-habits-to-build-wealth/) - When it comes to money habits, we can either form those that cause us to be saddled with debt and worried about our financial future or those that bring us financial freedom. The good news is that it is possible to break bad habits. It is also possible to form new habits if you make
- [What 401(k) Investors Need to Know: Market Update for Q1](https://finance.hawkscompanies.com/2023/01/23/what-401k-investors-need-to-know-market-update-for-q1/) - 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 time. And that’s where we are now. So, what should you – the 401(k) investor – do right
- [The Real Cost of Retirement: Are You Saving Enough?](https://finance.hawkscompanies.com/2023/01/16/the-real-cost-of-retirement-are-you-saving-enough/) - 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 a $146 increase in monthly Social Security benefits
- [SECURE Act 2.0: How It Affects Your Retirement Savings](https://finance.hawkscompanies.com/2023/01/09/secure-act-2-0-how-it-affects-your-retirement-savings/) - The SECURE 2.0 Act, which was signed into law December 29, 2022, introduces major changes to the retirement system and how you save for retirement. The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 builds on the SECURE Act of 2019. Both aimed to help strengthen Americans retirement savings and make saving accessible
- [10 Financial Resolutions for Financial Freedom](https://finance.hawkscompanies.com/2023/01/02/10-financial-resolutions-for-financial-freedom/) - At the start of the new year, people are looking for ways to improve their lives. They may make resolutions to lose weight or stop smoking. These are great, but what about financial resolutions? The point of making a resolution is to improve behaviors and better one’s life. If you are shackled by debt, you
- [10 Most Popular 401(k) Articles of 2022](https://finance.hawkscompanies.com/2022/12/26/10-most-popular-401k-articles-of-2022/) - Between market volatility and inflation, 2022 was a stressful year financially for many of us. So, it’s no surprise that readers were looking for 401(k) articles to help them understand what they should and should not do when it comes to their retirement savings. 401(k) balances fell, and it raised alarm bells for investors. However,
- [10 Tips for a Stress-Free Christmas](https://finance.hawkscompanies.com/2022/12/19/10-tips-for-a-stress-free-christmas/) - The holiday season is stressful, but you’ve still got time to rein in the crazy and enjoy a stress-free Christmas. Instead of rushing around and trying to create as many magical memories as possible, treat this day like the finish line. You’ve made it. You survived the hustle and bustle, and now it is time
- [Is Professional 401(k) Account Management Right for Me?](https://finance.hawkscompanies.com/2022/12/12/is-professional-401k-account-management-right-for-me/) - There’s a lot of talk right now about professional 401(k) account management after the recent info on the Blooom shutdown – how it’s left investors in the dark. Professional 401(k) account management has been in the news lately with Blooom shutting down services effective November 2022. The direct-to-consumer retirement robo-adviser platform with more than
- [Roth 401(k): Here’s What You Need to Know](https://finance.hawkscompanies.com/2022/12/05/roth-401k-heres-what-you-need-to-know/) - Planning for retirement includes taking into consideration taxes come retirement. And, to avoid a retirement tax bomb later on, many investors are opting for the 401(k) Roth provision. If your employer offers a Roth 401(k) provision, you can enroll in both the traditional 401(k) plan and take advantage of the Roth provision, which allows you
- [25 Ways to Give Back This Holiday Season](https://finance.hawkscompanies.com/2022/11/28/25-ways-to-give-back-this-holiday-season/) - There is always a big push to give back during the holiday season. And sometimes the pressure to do so can be overwhelming. You might be worried about not having enough extra time or money, but there are countless ways to give back this holiday season. This makes it easy to pick and choose what
- [10 Ways to Avoid Holiday Burnout](https://finance.hawkscompanies.com/2022/11/21/10-ways-to-avoid-holiday-burnout/) - Holiday burnout: We always say we won’t let it happen to us another year, yet every year, we find ourselves worn out. Holiday burnout is a real thing, with 1 in 3 Americans experiencing it by mid-December.¹ Consider the following results from a survey by JoyOrganics:² 88% of Americans feel the holiday season is the
- [13 Ways to Avoid Cutting Back on 401(k) Contributions amid Inflation](https://finance.hawkscompanies.com/2022/11/14/13-ways-to-avoid-cutting-back-on-401k-contributions-amid-inflation/) - With inflation sky-high, many Americans are cutting back on 401(k) contributions. Inflation is eating away at our purchasing power. Many of us are stretched too thin even trying to cover basic essentials. It’s not only forcing us to rethink where we put our money, but it’s also increasing our stress levels about our investments. A
- [Don’t Make This 401(k) Mistake during Inflation](https://finance.hawkscompanies.com/2022/11/07/dont-make-this-401k-mistake-during-inflation/) - The current inflation rate in the United States is 8.2%, so it is not surprising that people are feeling anxious about the future. So anxious that many are no longer contributing to their 401(k)s. Given the current prices of food, gas, and shelter, it’s easy to see why people make this 401(k) mistake during inflation.
- [Big Increases to Retirement Plan Contribution Limits for 2023](https://finance.hawkscompanies.com/2022/10/31/big-increases-to-retirement-plan-contribution-limits-for-2023/) - Big increases are coming to retirement plan contributions for 2023, which means you can save a lot more for retirement next year. The 2023 IRS contribution limit increases were anticipated given the recent inflation rates – the highest in four decades. Keep reading below to find out exactly how much you can contribute for 2023
- [Personal Cybersecurity in 2022: What You Need to Know](https://finance.hawkscompanies.com/2022/10/24/personal-cybersecurity-in-2022-what-you-need-to-know/) - Cybercrime is growing at an alarming rate with almost 850,000 reports to the FBI in 2021 alone.¹ Those are just the ones reported! Imagine how many more go unreported. October may be Cybersecurity Awareness Month, but personal cybersecurity should always be at the forefront of our minds. The problem is that the number of incidents
- [Early Holiday Shopping Tips for 2022](https://finance.hawkscompanies.com/2022/10/17/early-holiday-shopping-tips-for-2022/) - For most of our lives, the holiday shopping season has run from Black Friday to Christmas Eve. But those days are done. Just walk into a Hobby Lobby, and you’ll be greeted by Christmas decorations in September. It may drive you crazy to see “Christmas” everywhere before Halloween, but it is risky to wait to
- [Market Commentary for Q4: What It Means for Your 401(k)](https://finance.hawkscompanies.com/2022/10/10/market-commentary-for-q4-what-it-means-for-your-401k/) - There’s no denying the 3rd quarter wasn’t pretty. It culminated in one of the worst Septembers in a long time with the worst Dow performance for a month since 2002, and the worst S&P 500 performance since 2008. Times like this are when you have to guard against making emotional decisions and try to transfer
- [Fourth Quarter 401(k) Tips: Moves to Make Now](https://finance.hawkscompanies.com/2022/10/03/fourth-quarter-401k-tips-moves-to-make-now/) - With the end of the year now in sight, there are 7 fourth quarter 401(k) tips that may help you maximize your account performance. Don’t just sit back and leave your retirement future to chance. Take a moment to read the article below and then take action before the end of the year! #1 Review
- [The #1 401(k) Rollover Mistake – Avoid This at All Costs](https://finance.hawkscompanies.com/2022/09/26/the-1-401k-rollover-mistake-avoid-this-at-all-costs/) - If you’re one of the millions of people who recently left a job, there’s one thing that’s worse than leaving behind your 401(k) with a past employer – and that is making a very costly 401(k) rollover mistake. More than 4 million people have left their jobs each month in the U.S. so far in
- [Why a 401(k) Withdrawal Should Be Your Last Resort](https://finance.hawkscompanies.com/2022/09/19/why-a-401k-withdrawal-should-be-your-last-resort/) - If you’re thinking about making a 401(k) withdrawal right now to pay off high-interest debt, help make ends meet, or have extra cash on hand, you may want to think again. Or at least educate yourself on the possible consequences, so you make the move with eyes wide open. Keep reading to find out the
- [7 Bad Money Habits That Keep You Poor](https://finance.hawkscompanies.com/2022/09/12/7-bad-money-habits-that-keep-you-poor/) - We all have bad money habits, and many of us don’t even realize it’s these habits that prevent us from reaching our financial goals. Over time, bad money habits compound. And, then, one day in the future, we wake up and wonder how the heck we got into so much debt and have so little
- [The Time Is Now to Get Engaged with Your 401(k)](https://finance.hawkscompanies.com/2022/09/05/the-time-is-now-to-get-engaged-with-your-401k/) - September 9 is National 401(k) Day, and to help you get in the spirit, we’re sharing 7 ways to use this tool to potentially change your life in retirement. But first, a bit about this holiday. It was started by the Plan Sponsor Council of America (PSCA) back in 1996 to encourage companies to help
- [The Downside of 401(k) Loans: Investors Beware](https://finance.hawkscompanies.com/2022/08/29/the-downside-of-401k-loans-investors-beware/) - Generally speaking, taking out a 401(k) loan should be your last resort. Yes, there are times when it may make financial sense, such as borrowing to make the down payment on a new home or because you’re in dire financial need. And with the cost of living skyrocketing in the last year, it may be
- [9 Common 401(k) Questions – Answered](https://finance.hawkscompanies.com/2022/08/22/9-common-401k-questions-answered/) - It’s critical to your retirement savings and to your future retirement lifestyle to understand what you’re invested in. If you have a 401(k), this begins with asking questions – the right questions about your 401(k). Keep reading for the 9 most common 401(k) questions and answers investors have. #1 Can I Change the Default Investment
- [3 Ways Target Date Funds May Hurt 401(k) Investors](https://finance.hawkscompanies.com/2022/08/15/3-ways-target-date-funds-may-hurt-401k-investors/) - Target date funds (TDFs) do exactly as the name suggests – they are designed to target your anticipated retirement date. Instead of having to choose a number of investments and create a portfolio, you select a fund that will help you reach retirement income goals. So, if you’re younger and plan to retire in 2060,
- [4 Reasons to Move Your Old 401(k)](https://finance.hawkscompanies.com/2022/08/08/4-reasons-to-move-your-old-401k/) - Many workers leave a 401(k) behind after switching jobs for a variety of reasons: It’s not a top priority, they don’t know what to do with it, or they simply forget about it. Zippia, a company that helps people find career options, pulled data on the average jobs in a lifetime. Here’s what they found:
- [Tips for Booking a Last-Minute Vacation on the Cheap](https://finance.hawkscompanies.com/2022/08/01/tips-for-booking-a-last-minute-vacation-on-the-cheap/) - We tend to think booking a last-minute vacation is a mistake. We worry we won’t be able to find a place to stay or that we will spend more money because prices will rise. This isn’t always the case. There are actually several ways you can save money when booking a last-minute vacation, such as
- [13 Unique Ways to Save Money on Back to School Shopping](https://finance.hawkscompanies.com/2022/07/25/13-unique-ways-to-save-money-on-back-to-school-shopping/) - If you are like most parents, you’re looking at ways to save money on back to school shopping. Between gas prices and inflation, the idea of spending a ton of money on school supplies and new clothes for kids is stressing many parents out. A recent survey found, “Parents are worried about being able to
- [Practical Ways to Save Money on Gas and Utilities Right Now](https://finance.hawkscompanies.com/2022/07/18/practical-ways-to-save-money-on-gas-and-utilities-right-now/) - If you’re like most Americans, you’re searching for ways to save money on gas and utilities. As of press time, here’s where things stand: The current annual inflation rate in the U.S. has climbed to 9.1% from a year earlier, up from an annual rate of 8.6% the prior month and the largest gain since
- [Inflation and the Market – What Every 401(k) Investor Needs to Know](https://finance.hawkscompanies.com/2022/07/11/inflation-and-the-market-what-every-401k-investor-needs-to-know/) - The current economic and market environment uncertainty has a lot of investors nervous. And, rightfully, so. The market is ugly right now. Listen or read the news, and it’s all doom and gloom. While we are experiencing unpleasant market volatility, it’s important not to focus too much on the negative – as hard as it
- [What to Do with Your 401(k) Right Now](https://finance.hawkscompanies.com/2022/07/04/what-to-do-with-your-401k-right-now/) - For an investor, the only thing guaranteed is changing market conditions. And, we’re seeing a whole lot of it right now. It’s not only the market that’s volatile – gas prices, utilities, and food costs are putting a serious strain on investors’ pocketbooks. And interest rates are going up. The current amount of uncertainty naturally
- [7 Ways to Save a Rainy 4th of July Celebration](https://finance.hawkscompanies.com/2022/06/27/7-ways-to-save-a-rainy-4th-of-july-celebration/) - People tend to associate Independence Day with outside fun, but what happens if the weather is calling for a rainy 4th of July? Sure, it’s disappointing. You probably had plans to grill out, play in the pool, and watch fireworks. What are you supposed to do on a rainy 4th of July? You still celebrate!
- [Financial Checklist for the Third Quarter 2022](https://finance.hawkscompanies.com/2022/06/20/financial-checklist-for-the-third-quarter-2022/) - We’re halfway through 2022, which means it’s the perfect time to review your financial checklist for the third quarter. At this point in the year, you can assess how you have been doing financially. And you still have time to make improvements to finish the year strong. 2022 is already proving to be a volatile
- [5 Things That May Boost 401(k) Savings in Your 50s](https://finance.hawkscompanies.com/2022/06/13/5-things-that-may-boost-401k-savings-in-your-50s/) - With volatile markets and soaring inflation, can you still boost 401(k) savings in your 50s? You bet you can. And you don’t have to invest a ton more to do it. Obviously, if you really want to boost 401(k) savings in your 50s, the solution is to contribute the maximum this year and every year
- [17 Easy Ways to Teach Kids to Budget This Summer](https://finance.hawkscompanies.com/2022/06/06/17-easy-ways-to-teach-kids-to-budget-this-summer/) - It’s easy to overspend during the summer months, which is why it is the perfect time to teach kids to budget. Vacations, entertainment, and endless snacks at the pool add up to a pretty penny. Instead of going into debt trying to treat your kids to the perfect summer vacation, use the time to show
- [15 Tips for Saving on 2022 Vacation Spending](https://finance.hawkscompanies.com/2022/05/30/15-tips-for-saving-on-2022-vacation-spending/) - Experts anticipate 2022 vacation spending to be even higher than pre-pandemic years. In fact, according to Tripadvisor, “In the United States, 2022 leisure travel intent is up 8 percentage points (pp) compared to 2019, with 71% saying they are likely to travel for leisure in 2022. […] American travelers are expected to spend 29% more
- [Memorial Day Backyard BBQ Activities [Recipes Included]](https://finance.hawkscompanies.com/2022/05/23/memorial-day-backyard-bbq-activities-recipes-included/) - Retirement savings are important, but there are times when it’s best to put money talk aside and focus on what really matters – our family, friends, and freedom. The weather is getting warmer, and summer vacation is getting closer, which is why Memorial Day is often celebrated as the unofficial start of summer. And what
- [8 Ways to Boost 401(k) Retirement Savings Right Now](https://finance.hawkscompanies.com/2022/05/16/8-ways-to-boost-401k-retirement-savings-right-now/) - If you really want to boost 401(k) retirement savings, the obvious solution is to save more. But that’s easier said than done: otherwise, more people would be on track for a better retirement. There’s a retirement crisis in America that’s been brewing long before the pandemic hit. According to the June 2021 National Retirement Risk
- [3 Ways to Use Your Tax Refund for 2022](https://finance.hawkscompanies.com/2022/05/09/3-ways-to-use-your-tax-refund-for-2022/) - If you have an IRS check headed your way soon, chances are, you already know how you’re going to use your tax refund for 2022. Sure, upgrading your appliances would be amazing. Or taking that trip abroad. Before you spend the money, we encourage you to think about your financial future for a moment. Americans
- [401(k) Vesting Schedule: How It Works and Why You Should Care](https://finance.hawkscompanies.com/2022/05/02/401k-vesting-schedule-how-it-works-and-why-you-should-care/) - Many workers who save a portion of each paycheck in their 401(k) and receive a matching contribution from their employer often wait years before the money is fully theirs. Some don’t see any employer matching dollars because they leave the company too soon. If you don’t want to lose your company’s 401(k) match, it’s critical
- [Secure Act 2.0: How It May Impact Your 401(k) Savings](https://finance.hawkscompanies.com/2022/04/25/secure-act-2-0-how-it-may-impact-your-401k-savings/) - In response to the retirement crisis in America, the U.S. House of Representatives recently passed the Securing a Strong Retirement Act of 2022 by an overwhelming bipartisan vote of 414 to 5. The bill, which passed March 29, is referred to as Secure Act 2.0 because it builds on the Setting Every Community Up for
- [Getting Your Affairs in Order [Checklist]](https://finance.hawkscompanies.com/2022/04/18/getting-your-affairs-in-order-checklist/) - Getting your affairs in order means all the pertinent information about yourself, your medical history, and your finances is documented and organized. Should the unthinkable happen and you pass away before it is expected, this will save your family from even more stress in the aftermath of your death. We have all heard horror stories
- [401(k) Maximization Strategies in Your 30s](https://finance.hawkscompanies.com/2022/04/11/401k-maximization-strategies-in-your-30s/) - There is no better time to put a serious dent in your 401(k) savings than in your 30s. Sure, some of you may have young families to feed or you aren’t at peak earning potential yet, but the amount you save now provides a golden opportunity to accumulate a serious amount of retirement wealth. Keep
- [How to Protect Kids Online](https://finance.hawkscompanies.com/2022/04/04/how-to-protect-kids-online/) - Parenting is hard work, especially when you have to parent in unfamiliar ways. Today’s parents are dealing with issues generations past didn’t face, such as how to protect kids online. Previous generations certainly had their own fears, but, today, many of the issues facing our children result from the internet. Yesterday’s story of a pedophile
- [12 Second Quarter Personal Finance Tips](https://finance.hawkscompanies.com/2022/03/28/12-second-quarter-personal-finance-tips/) - Just like that, we are headed into spring, which means it’s time for a financial checkup using our second quarter personal finance tips for 2022. Many Americans entered 2022 with big financial goals. According to the New York Life Wealth Watch survey:¹ When asked how they were feeling about their finances going into the new
- [College Savings Mistakes to Avoid [What to Do Instead]](https://finance.hawkscompanies.com/2022/03/21/college-savings-mistakes-to-avoid-what-to-do-instead/) - Far too often, parents prioritize college savings over retirement savings. While many believe they are doing the right thing helping their children avoid financial misery, they fail to realize that prioritizing college savings over retirement leads to more than one generation struggling financially. It’s becoming more common for parents and grandparents to take out loans
- [Are These 401(k) Myths Costing You Money?](https://finance.hawkscompanies.com/2022/03/14/are-these-401k-myths-costing-you-money/) - 401(k) plans are a valuable tax-advantaged retirement savings tool for many Americans. With it often being the largest retirement asset investors own, it’s critical investors understand how to maximize savings so they earn and keep more to enjoy during retirement. The problem is many 401(k) myths keep investors from doing just that. They think they
- [20 Cybersecurity Tips: Protect Yourself in 2022](https://finance.hawkscompanies.com/2022/03/07/20-cybersecurity-tips-protect-yourself-in-2022/) - With cybercrime on the rise, and the threat of it increasing as a form of warfare, it’s critical we do what we can to protect our personal data and bank accounts. At press time, Russia has invaded Ukraine, and they have already launched cyberattacks on Ukrainian banks and government websites. According to U.S. intelligence reports,
- [Important Changes to Know before Filing 2021 Taxes](https://finance.hawkscompanies.com/2022/02/28/important-changes-to-know-before-filing-2021-taxes/) - Tax season is here, and there are a few changes you need to be aware of before you file your 2021 taxes. First of all, this year we all get a few extra days to file our tax returns. Instead of the typical April 15, 2022, deadline, this year it’s April 18 due to the
- [What Happens If I Leave My Job with a 401(k) Loan?](https://finance.hawkscompanies.com/2022/02/21/what-happens-if-i-leave-my-job-with-a-401k-loan/) - 401(k) loans are attractive because you don’t need to have good credit, you enjoy low interest rates, and you pay interest to yourself instead of a creditor. However, if you don’t take time to understand the details, it may end up costing you more than you bargained for and hurt your retirement savings – especially
- [Saving for Retirement vs. College: Which Is the Best Choice?](https://finance.hawkscompanies.com/2022/02/14/saving-for-retirement-vs-college-which-is-the-best-choice/) - College costs are rising, and many parents are worried about their children taking on student loan debt. And, many are likely weighing saving for retirement vs. college. A 2021 report by Student Loan Hero reports, “Americans owe over $1.71 trillion in student loan debt, spread out among about 44.7 million borrowers.”¹ Of 44.7 million borrowers,
- [The Great Resignation and Your 401(k) Plan](https://finance.hawkscompanies.com/2022/02/07/the-great-resignation-and-your-401k-plan/) - People are quitting their jobs in record numbers, and that means many are leaving 401(k)s behind with their old employers. The “Great Resignation” took over the headlines in 2021 – and the trend doesn’t appear to be going away anytime soon. The latest Department of Labor statistics show more than 4 million people quit their
- [State of Retirement 2022: How Do You Measure Up?](https://finance.hawkscompanies.com/2022/01/31/state-of-retirement-2022-how-do-you-measure-up/) - Most people have been taught not to discuss money, but if we’re honest, we all want to take a sneak peek into one another’s bank accounts, saving accounts, and 401(k)s. This isn’t because we have bad intentions. It’s simply because we want to know how we measure up. Let’s consider the state of retirement. You
- [Market Commentary for Q1: What Every Investor Needs to Know](https://finance.hawkscompanies.com/2022/01/24/market-commentary-for-q1-what-every-investor-needs-to-know/) - If you’re concerned about your investments and the current market conditions for early 2022, you aren’t alone. The best way to avoid making costly financial mistakes is to understand what’s going on and the underlying factors at play. In this post (and video below), we hope to put things in perspective with our market commentary
- [5 Ways to Quickly Catch Up on 401(k) Savings over Age 40](https://finance.hawkscompanies.com/2022/01/17/5-ways-to-quickly-catch-up-on-401k-savings-over-age-40/) - If you’re wanting to catch up on 401(k) savings and are over the age of 40, it may seem overwhelming when you think about how you’re going to do it. Fret not. With proper planning, informed action, and determination, it is still possible to catch up and enjoy a comfortable retirement. Just follow these 5
- [7 Things That May Maximize 401(k) Performance in 2022](https://finance.hawkscompanies.com/2022/01/10/7-things-that-may-maximize-401k-performance-in-2022/) - Looking for a way to get ahead on 401(k) retirement savings this year? Check out the list below of 7 things you can do today to help maximize 401(k) performance in 2022. #1 Don’t Stay with the Default Plan More and more employers are automatically enrolling employees in their 401(k) plans. In fact, more and
- [10-Step Financial Checklist for 2022](https://finance.hawkscompanies.com/2022/01/03/10-step-financial-checklist-for-2022/) - The new year is upon us, which means it is the perfect time to create and finalize a financial checklist for 2022. 2021 appears to have been a better year financially for many American families. Why? Because many started financial planning for the first time. According to a study by Northwestern Mutual, “A third (32%)
- [7 Most Popular 401(k) Articles of 2021](https://finance.hawkscompanies.com/2021/12/27/7-most-popular-401k-articles-of-2021/) - 2021 was a good year for 401(k) investors, and these popular 401(k) articles may be some of the reasons why. According to Bloomberg Wealth, “The ranks of 401(k) and IRA millionaires are exploding. The number of 401(k) accounts with balances of at least $1 million at Fidelity Investments grew 84% year over year to 412,000,
- [5 Simple Ways to Unplug at Christmastime](https://finance.hawkscompanies.com/2021/12/20/5-simple-ways-to-unplug-at-christmastime/) - Christmas should be the most wonderful time of the year, but that won’t happen unless you slow down and unplug at Christmastime. You may be saying, “Unplug at Christmastime? That’s impossible!” There is just so much to see, and the fear of missing out is real. But where does this idea come from? It comes
- [Reasons to Be Generous This Holiday Season](https://finance.hawkscompanies.com/2021/12/13/reasons-to-be-generous-this-holiday-season/) - Have you ever felt the urge to be generous at Christmas? There’s a good reason why. Think about the most popular Christmas films. They all have themes of being generous. In A Christmas Carol, Ebenezer Scrooge begins as a close-fisted man unwilling to give to any charitable causes, but upon being visited by three different
- [Should I Borrow from My 401(k) to Start a Business?](https://finance.hawkscompanies.com/2021/12/06/should-i-borrow-from-my-401k-to-start-a-business/) - People often ask us about using their 401(k)s for different purposes, and one of the most common questions is, “Should I borrow from my 401(k) to start a business?” This is an understandable question. According to the New York Times, “From the second half of 2020 through May 2021, the Census Bureau tracked the highest
- [At-Home Christmas Activities for the Whole Family](https://finance.hawkscompanies.com/2021/11/29/at-home-christmas-activities-for-the-whole-family/) - Bob Hope once said, “When we recall Christmas past, we usually find that the simplest things – not the great occasions – give off the greatest glow of happiness.”¹ The simplest things, such as at-home Christmas activities, are the ones we are most likely to remember. Many people overspend during the holiday season because they
- [10 Thanksgiving Traditions across America](https://finance.hawkscompanies.com/2021/11/22/10-thanksgiving-traditions-across-america/) - Many of us assume everyone enjoys the same Thanksgiving traditions across America as we do, but that’s not exactly true. There are many Thanksgiving traditions that are so popular that they’ve become synonymous with the holiday itself. However, no two American households are alike, so no two American households share the same Thanksgiving traditions. Some
- [How Much Is Your Forgotten 401(k) Costing You in Potential Savings?](https://finance.hawkscompanies.com/2021/11/15/how-much-is-your-forgotten-401k-costing-you-in-potential-savings/) - Many investors who have left a 401(k) behind with their past employer may not think it’s a big deal. But it is. And it’s one that may be costing you more in retirement savings than you think. Capitalize recently published a white paper The True Cost of Forgotten 401(k) Accounts stating as of May 2021,
- [Retirement Plan Contribution Limits for 2022](https://finance.hawkscompanies.com/2021/11/08/retirement-plan-contribution-limits-for-2022/) - The IRS has announced contribution limits for qualified retirement plans for 2022. However, there may be changes coming to the info below. In the November 3 draft of the Build Back America Act currently sitting in Congress, there are proposed provisions to curb contributions and accelerated distributions for high-balance retirement accounts. In addition, the bill
- [Identifying and Instilling Family Money Values](https://finance.hawkscompanies.com/2021/11/01/identifying-and-instilling-family-money-values/) - Whether you realize it or not, you have family money values. The way parents talk about money, save money, and spend money affects their children. Business Insider explains, “Often times, the way we understand and deal with money as an adult comes from watching our parents or parent-like figures handle them. These are called ‘money
- [10 Ways to Avoid Taking on Holiday Debt This Year](https://finance.hawkscompanies.com/2021/10/25/10-ways-to-avoid-taking-on-holiday-debt-this-year/) - The holiday season will be here before we know it. Don’t let it sneak up on you; otherwise, you may find yourself racking up holiday debt. According to the National Retail Federation, “Retail sales during 2020’s November-December holiday season grew an unexpectedly high 8.3 percent over the same period in 2019 to $789.4 billion.”¹ Keep
- [5 Must-Know Details about Your 401(k) Plan](https://finance.hawkscompanies.com/2021/10/18/5-must-know-details-about-your-401k-plan/) - If you’re confused by your 401(k) plan, you aren’t alone. According to a J.P. Morgan 2021 Defined Contribution Plan Participant Survey, 401(k) investors are “overwhelmed and unsure about the various aspects of retirement planning.”¹ In fact, 52% feel they are presented with more plan information than they can absorb.² Perhaps this is why 51% of
- [Market Commentary: Where We See Things Headed in Q4](https://finance.hawkscompanies.com/2021/10/11/market-commentary-where-we-see-things-headed-in-q4/) - It’s the start of Q4, and many investors may be concerned about the market volatility and other factors driving the news cycle. Things might feel a bit shaky right now. But when you zoom out and look at the charts and take into account the strong underlying fundamentals, it’s not as bad as it may
- [16 Tips for Encouraging Kids’ Good Financial Habits](https://finance.hawkscompanies.com/2021/10/04/16-tips-for-encouraging-kids-good-financial-habits/) - Parents should be intentional about teaching their kids good financial habits because, if they don’t, no one else will. According to Next Gen Personal Finance, a high school personal finance curriculum company, only 16.4% of U.S. high school students are required to take a personal finance course.¹ And Nitro, a student loan educational website, recently
- [4th Quarter Personal Finance Checklist](https://finance.hawkscompanies.com/2021/09/27/4th-quarter-personal-finance-checklist/) - And just like that, we’ve reached the 4th quarter, which means it is time to review where you stand financially. The good news is, there is still time to get your financial ducks in a row before the end of the year with a personal finance checklist. To make this process as easy as possible,
- [Is It a Bad Idea to Borrow from My 401(k) to Get a House?](https://finance.hawkscompanies.com/2021/09/20/is-it-a-bad-idea-to-borrow-from-my-401k-to-get-a-house/) - “Should I borrow from my 401(k) to get a house?” is a question that comes up quite a bit, especially with first-time homebuyers. It’s understandable because it can be difficult for many first-time homebuyers to accumulate enough savings to make a down payment. It’s standard for banks to require as much as 20% down, and
- [Are You Saving Enough to Cover These Retirement Expenses?](https://finance.hawkscompanies.com/2021/09/13/are-you-saving-enough-to-cover-these-retirement-expenses/) - When it comes to retirement planning, there is often a big discrepancy between how much money people think they need and how much they actually need. And so, year after year, investors fund their retirement accounts based on how much they can afford to save now, rather than really understanding how much they may need
- [Traditional 401(k)s Vs Roth 401(k)s: Which One Is Right for Me?](https://finance.hawkscompanies.com/2021/09/06/traditional-401ks-vs-roth-401ks-which-one-is-right-for-me/) - Planning for retirement may include choosing between traditional and Roth 401(k) plans. Unless you are a financial advisor or have spent a significant amount of time reading up on both, it may be difficult to understand the difference between a traditional 401(k) and a Roth 401(k). Not to worry. We’ve got you covered. Read on
- [Reality Check: Why You Need to Talk to Your Child about Paying for College](https://finance.hawkscompanies.com/2021/08/30/reality-check-why-you-need-to-talk-to-your-child-about-paying-for-college/) - School is starting around the country, which means millions of young adults will be paying for college. And college isn’t cheap. According to Fidelity Investment’s 2021 College Savings and Student Debt Study: For the 2020-2021 academic year, the average cost at a private, nonprofit 4-year college was $54,880. The average cost per year for a
- [Will Personalized Professional Help Really Make a Difference in My 401(k) Performance?](https://finance.hawkscompanies.com/2021/08/23/will-personalized-professional-help-really-make-a-difference-in-my-401k-performance/) - Not taking full advantage of your 401(k) – whether it’s because you don’t understand it or you’re taking a set-it-and-forget-it approach – may have serious consequences at retirement. If you’re concerned your 401(k) is not going in the direction you’d like or you want the potential for greater returns on your hard-earned money, personalized professional
- [Should I Prioritize Retirement Savings over My Kids’ College Tuition?](https://finance.hawkscompanies.com/2021/08/16/should-i-prioritize-retirement-savings-over-my-kids-college-tuition/) - As parents, we make it our goal to take care of our children, protect them from harm, and help them succeed. So, it is no surprise many parents are unsure if they should put their retirement savings over kids’ college tuition or vice versa. Especially when you consider the rising rates of college tuition. Consider
- [401(k) Loans: Stop Using Your 401(k) as a Bank](https://finance.hawkscompanies.com/2021/08/09/401k-loans-stop-using-your-401k-as-a-bank/) - 401(k) loans are attractive because you don’t need to have good credit, you enjoy low interest rates, and you pay interest to yourself instead of a creditor. Taking a 401(k) loan may make sense in some situations, but if you don’t know what you’re getting yourself into, it could cost you more than you bargained
- [Prepare for a Financial Emergency Using These 5 Simple Steps](https://finance.hawkscompanies.com/2021/08/02/prepare-for-a-financial-emergency-using-these-5-simple-steps/) - While we all know the importance of preparing for a financial emergency, the truth is, most people are not prepared. According to Bankrate’s Financial Security Index, “Just four in 10 U.S. adults (41 percent) would cover the cost of a $1,000 car repair or emergency room visit using savings.”¹ The issue is many financial emergencies
- [11 Ways to Improve Financial Literacy](https://finance.hawkscompanies.com/2021/07/26/11-ways-to-improve-financial-literacy/) - 4 in 7 Americans are financially illiterate, according to Walden University – and that’s a serious problem.¹ Financial literacy is understanding financial concepts, including but not limited to budgeting, saving, paying off debt, and investing. Those who demonstrate financial literacy often find it easier to enjoy financial well-being. Not only do these individuals meet their
- [Why Cybersecurity Risks Are on the Rise and What to Do about It](https://finance.hawkscompanies.com/2021/07/19/why-cybersecurity-risks-are-on-the-rise-and-what-to-do-about-it/) - As if the virus that took down the world in 2020 wasn’t enough, digital viruses suddenly rose with cybersecurity risks at an all-time high. According to Cybercrime Magazine, “If it were measured as a country, then cybercrime – which is predicted to inflict damages totaling $6 trillion USD globally in 2021 – would be the
- [9 Personal Finance Tips for Third Quarter 2021](https://finance.hawkscompanies.com/2021/07/12/9-personal-finance-tips-for-third-quarter-2021/) - We’re halfway through 2021, which means it’s the perfect time to check in on your financial goals and objectives for the year. Review our top 9 personal finance tips for third quarter and see what you can do now to end the year strong. #1 Know Where You Are and Adjust Accordingly Assess what you’ve
- [9 401(k) Myths Exposed](https://finance.hawkscompanies.com/2021/07/05/9-401k-myths-exposed/) - A 401(k) is a powerful investment vehicle. However, there is a lot of misinformation surrounding them. Buying into one or more of these common 401(k) myths may cost you a lot more than you bargained for come retirement. Keep reading for 9 401(k) myths exposed. #1 Your Employer Takes Care of Your 401(k) for You
- [10 Fun Fourth of July Family Traditions to Embrace](https://finance.hawkscompanies.com/2021/06/28/10-fun-fourth-of-july-family-traditions-to-embrace/) - At Thanksgiving, families eat turkey. At Easter, families hunt eggs. What are the Fourth of July family traditions and why do they matter? According to Very Well Family, “Traditions can provide families with a sense of identity and belonging. They can inspire positive feelings and memories upon which family members can reminisce. Family traditions also
- [The State of Retirement In America: How Do You Measure Up?](https://finance.hawkscompanies.com/2021/06/21/the-state-of-retirement-in-america-how-do-you-measure-up/) - Saving for retirement may be a personal endeavor, and there’s no one-size-fits-all strategy, but it’s important to understand where you measure up. Take a moment to review the stats below, see where you measure up, and discover 6 ways to save today for a better retirement tomorrow. Americans Are Working Longer Whether they want to
- [4 Ways to Potentially Maximize Your 401(k) Company Match](https://finance.hawkscompanies.com/2021/06/14/4-ways-to-potentially-maximize-your-401k-company-match/) - The 401(k) company match is a powerful tool that may help you maximize your 401(k) retirement income – without contributing any additional money of your own. It’s basically free money for your future. How much you receive depends on the terms of your 401(k) plan. Many employers match a percentage of employee contributions, up to
- [5 Ways That May Reduce Stress When Saving for Retirement](https://finance.hawkscompanies.com/2021/06/07/5-ways-that-may-reduce-stress-when-saving-for-retirement/) - Whether you regret not saving for retirement sooner or you wish you had more to set aside each year, it’s all too easy to get stressed when saving for retirement. The good news is, it doesn’t have to be this way. In fact, a few small shifts in behavior can go a long way to
- [10 Interesting Facts about Memorial Day](https://finance.hawkscompanies.com/2021/05/31/10-interesting-facts-about-memorial-day/) - As the unofficial beginning of summer, many Americans will celebrate Memorial Day weekend with barbecues, 5 Ks, and outdoor picnics. Others will head to cemeteries to honor and remember their loved ones who sacrificed their lives for the sake of our country. Civilians sometimes confuse Veteran’s Day and Memorial Day. Veteran’s Day celebrates all the
- [5 401(k) Savings Tips for the Rest of 2021](https://finance.hawkscompanies.com/2021/05/24/5-401k-savings-tips-for-the-rest-of-2021/) - As we reach the midway point of the year, investors may be wondering: What can I do to further increase my 401(k) savings? If you feel unprepared for the future, you aren’t alone. According to the Schroders US Retirement Survey, only 27% of respondents said they feel very good and fully on track about their
- [3 Things to Do If You Can’t Max Out Your 401(k) This Year](https://finance.hawkscompanies.com/2021/05/17/3-things-to-do-if-you-cant-max-out-your-401k-this-year/) - Maxing out your 401(k) contribution every year helps your balance grow and may increase your chances of retirement with enough money to live comfortably. However, $19,500 (the 2021 contribution limit) is quite a bit of money to stash away each year. Especially when you have a family to feed, bills to pay, and cash to
- [Survey Finds Only 27% of Working Adults Are on Track for Retirement](https://finance.hawkscompanies.com/2021/05/10/survey-finds-only-27-of-working-adults-are-on-track-for-retirement/) - The world has changed over the last year, and, as a result, many of our priorities have shifted – including saving and preparation for retirement. This past January, Schroders US Retirement Survey 2021 asked 1,000 people about their state of retirement readiness and planning, as well as how their saving and investing priorities have changed
- [5 Financial Gift Ideas for Graduates](https://finance.hawkscompanies.com/2021/05/03/5-financial-gift-ideas-for-graduates/) - Instead of gifting the hottest tech gadget that might make you everyone’s favorite parent, grandparent, or family friend, consider these financial gift ideas for the graduate in your life. #1 Individual Retirement Accounts (Roth IRAs) Give the gift of future financial stability with a Roth IRA. While this financial gift idea for graduates might not
- [15 Ways to Prepare for Economic Uncertainty](https://finance.hawkscompanies.com/2021/04/26/15-ways-to-prepare-for-economic-uncertainty/) - Gas prices have recently gone up. And it won’t be long until other goods will start to rise in price. Between the economic effects of the pandemic and the stimulus packages, economic forecasts are all over the map. Before we dive in, we want to make it very clear that we are not predicting economic
- [7 Disposable Income Mistakes to Avoid](https://finance.hawkscompanies.com/2021/04/19/7-disposable-income-mistakes-to-avoid/) - If you have income left over after paying taxes, it’s important to avoid common disposable income mistakes. However, there is a big difference between disposable income and discretionary income. Disposable income is your personal income minus your current personal taxes. For example, if you make $60,000 a year and pay 20% in federal, state, and
- [I Changed Jobs. What Should I Do with My 401(k) Account?](https://finance.hawkscompanies.com/2021/04/12/i-changed-jobs-what-should-i-do-with-my-401k-account/) - It’s not uncommon for investors to change jobs and not know what to do with their 401(k) accounts, so they do nothing and leave it behind. Often, 401(k)s are left behind with old employers due to the misconception that the old employer is taking care of it for the former employee. This is not true.
- [10 Financial Tips for Second Quarter](https://finance.hawkscompanies.com/2021/04/05/10-financial-tips-for-second-quarter/) - From funding your retirement accounts to making sure you’re on track to meet your 2021 financial goals, there’s a lot you can do in the second quarter to stay on course. Here are our top 10 financial tips for second quarter. #1 Review Your Goals, Budget, and Cash Flow Reviewing your 2021 financial goals quarterly
- [10 Financial Lessons for Young Adults Before They Leave the Nest](https://finance.hawkscompanies.com/2021/03/29/10-financial-lessons-for-young-adults-before-they-leave-the-nest/) - The day has come for your little one to leave the nest. But if you haven’t covered the most important financial lessons for young adults, they may end up flying back home. A lack of financial literacy and poor money management skills have left many parents paying for their adult children long after they leave
- [Important IRS Tax Deadline Changes for 2020 Taxes](https://finance.hawkscompanies.com/2021/03/22/important-irs-tax-deadline-changes-for-2020-taxes/) - The Treasury Department and Internal Revenue Service announced on March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. This extension applies to individual taxpayers, including those who pay self-employment tax. In addition, this extension is
- [The American Rescue Plan Act of 2021: What Investors Need to Know](https://finance.hawkscompanies.com/2021/03/15/the-american-rescue-plan-act-of-2021-what-investors-need-to-know/) - It’s official. President Biden signed the American Rescue Plan Act of 2021 into law on March 11th, 2021, making the near $1.9 trillion stimulus package the largest injection of federal aid since the Great Depression.¹ While there’s a lot in this bill, key provisions include direct payments to Americans, expanded child tax credits, and healthcare
- [Important RMD Changes for 2021](https://finance.hawkscompanies.com/2021/03/08/important-rmd-changes-for-2021/) - There are important RMD changes for 2021 that every 401(k) investor needs to know about to avoid penalties. Required minimum distributions (RMDs) are IRS-mandated withdrawals from retirement accounts. The IRS requires these withdrawals to ensure that taxes are paid on amounts that were contributed on a pretax basis, plus any tax-deferred earnings in those accounts
- [7 Overlooked Retirement Expenses When Planning](https://finance.hawkscompanies.com/2021/03/01/7-overlooked-retirement-expenses-when-planning/) - When thinking about retirement, most people’s minds drift to a dream life involving no work, vacations, and finally getting to enjoy their favorite hobbies. However, several overlooked retirement expenses may prevent you from doing any of this during retirement. The disconnect between what people believe they need to attain their retirement lifestyle and what they
- [One Action That May Boost 401(k) Returns in 2021](https://finance.hawkscompanies.com/2021/02/22/one-action-that-may-boost-401k-returns-in-2021/) - If you’re looking for a way to boost 401(k) returns in 2021, rebalancing may help you do just that. Many 401(k) investors fail to rebalance and, in doing so, may potentially miss out on earning more and keeping more of their hard-earned retirement savings. Because when it comes to saving, it’s not only important what
- [Family Financial Planning: Why Awkward Money Talks Are Necessary](https://finance.hawkscompanies.com/2021/02/15/family-financial-planning-why-awkward-money-talks-are-necessary/) - What parent conversation is more uncomfortable than the birds and bees? Talking to your adult children about family financial planning. According to a study by Home Instead Senior Care, approximately 80 million Americans neglect to have important end-of-life discussions regarding family financial planning.¹ The study also reports, “Unfortunately, research indicates that 70 percent of conversations
- [7 Most Common 401(k) Investor Questions Answered](https://finance.hawkscompanies.com/2021/02/08/7-most-common-401k-investor-questions-answered/) - There’s no such thing as a dumb question – especially when it comes to 401(k) investor questions. The problem is that, for whatever reason, many investors don’t ask. If this sounds familiar, you’re not alone. CNBC reports, “Though it’s one of the most common retirement savings vehicles, 63 percent of Americans don’t understand exactly how
- [12 Ways to Teach Kids About Investing](https://finance.hawkscompanies.com/2021/02/01/12-ways-to-teach-kids-about-investing/) - Parents dream about the day their little ones will spread their wings and leave the house…and not return. But that empty nest won’t happen unless kids are taught how to manage money correctly – that includes teaching kids about investing. This isn’t something to hope and pray they learn in school. According to a CNBC
- [Can I Really Catch Up on Retirement If I’m over 50?](https://finance.hawkscompanies.com/2021/01/25/can-i-really-catch-up-on-retirement-if-im-over-50/) - For investors behind on retirement and over 50, it may seem as if there is little they can do to catch up. The good news is that you may be able to get closer to your retirement goals than you think. Below are 9 ways you can catch up on retirement over 50. #1 Revisit
- [Should I Pay Off Debt or Contribute More to My 401(k)?](https://finance.hawkscompanies.com/2021/01/18/should-i-pay-off-debt-or-contribute-more-to-my-401k/) - The question of whether to pay off debt or contribute more to a 401(k) is an important one — and one with no definitive answer. After all, no two investors are created equal. There are also numerous factors to consider when answering the question, such as how on track you are to meet your retirement
- [6 Ways That May Increase Retirement Savings in 2021](https://finance.hawkscompanies.com/2021/01/11/6-ways-that-may-increase-retirement-savings-in-2021/) - Another year around the sun means another year closer to retirement. For 401(k) investors who are behind on retirement savings and for those looking to get ahead in 2021, here are 6 ways that may jumpstart retirement savings in 2021. #1 Contribute as Much to Retirement Savings as Possible The IRS has new retirement plan
- [16-Point Financial Checklist for 2021](https://finance.hawkscompanies.com/2021/01/04/16-point-financial-checklist-for-2021/) - 2021 is officially here, and we are all hopeful it will be better than the last. 2020 might have derailed many of our financial goals, but the silver lining is that it showed us how important it is to financially plan for the future. If you haven’t already, get started on your financial checklist for
- [4 Resources That May Help Increase 401(k) Savings](https://finance.hawkscompanies.com/2020/12/28/4-resources-that-may-help-increase-401k-savings/) - There are many ways investors can increase 401(k) savings ‒ from maxing out yearly contribution limits to rebalancing account allocations at least 4 times a year. However, one of the best ways to increase retirement savings is one that is often overlooked by many investors: gaining the necessary education and becoming proactive about retirement savings. Keep
- [9 Ways to Entertain the Family This Holiday Season](https://finance.hawkscompanies.com/2020/12/21/9-ways-to-entertain-the-family-this-holiday-season/) - 2020 has been a real grinch. Given everything that has happened this year, it would be easy to throw our hands up and just say, “Bah Humbug!” To top it all off, the authorities are telling us to stay home. According to the CDC, “As cases, hospitalizations, and deaths continue to increase across the United
- [Important SECURE Act Retirement Bill Changes Coming in 2021](https://finance.hawkscompanies.com/2020/12/14/important-secure-act-retirement-bill-changes-coming-in-2021/) - The SECURE Act retirement bill went into effect in January 2020 with the intention of helping more Americans have greater access to retirement savings and avoid running out of money during retirement.¹ Most of the changes under the SECURE Act retirement bill went into effect in 2020 – including changes to the required minimum distribution
- [4 Things That May Help Maximize 401(k) Savings in 2021](https://finance.hawkscompanies.com/2020/12/07/4-things-that-may-help-maximize-401k-savings-in-2021/) - With pensions disappearing and the future of social security unknown, American workers are now largely responsible for their retirement savings. For many employees, a 401(k) is their largest asset come retirement. Yet, too many investors set up their 401(k), contribute each paycheck, and do little else with it. Contrary to popular belief, growing your 401(k)
- [Can I Boost My 401(k) Savings without Contributing More?](https://finance.hawkscompanies.com/2020/11/30/can-i-boost-my-401k-savings-without-contributing-more/) - Maxing out yearly 401(k) contribution limits is the best way to ensure investors boost 401(k) savings and have enough money to retire comfortably. But, this isn’t always feasible. Consistently contributing as much as you can and meeting the company match may also make a huge difference in your retirement lifestyle. There is one thing you
- [10 Fun Thanksgiving Facts and Trivia to Entertain Guests](https://finance.hawkscompanies.com/2020/11/23/10-fun-thanksgiving-facts-and-trivia-to-entertain-guests/) - When we think about Thanksgiving, we envision a delicious meal around a table with our family and friends, football, parades, and Black Friday shopping. Except this year…which is a bit different. In the middle of all the traditional Thanksgiving fun, we’re betting there will be lots of post-election and pandemic conversations at your small gathering.
- [12 401(k) Retirement Mistakes Investors Make](https://finance.hawkscompanies.com/2020/11/16/12-401k-retirement-mistakes-investors-make/) - Whether retirement is right around the corner or years away, there’s no better time than the present to start preparing for it. According to the Report on the Economic Well-Being of U.S. Households in 2019, featuring Supplemental Data from April 2020, a majority of non-retirees are worried about making retirement mistakes. The study revealed: One-fourth
- [Retirement Plan Contribution Limits for 2021](https://finance.hawkscompanies.com/2020/11/09/retirement-plan-contribution-limits-for-2021/) - The IRS recently announced retirement plan contribution limits for 2021. While most limits remain the same as 2020, some plans will see a limit increase. Keep reading below to find out exactly how much you can contribute for 2021, and start making plans now to do what you can to max out your retirement savings
- [13 Cyber Security Tips for the 2020 Holiday Shopping Season](https://finance.hawkscompanies.com/2020/11/02/13-cyber-security-tips-for-the-2020-holiday-shopping-season/) - Holiday shopping is already in full swing. But, given that the CDC is recommending shoppers avoid crowded stores throughout the 2020 holiday season, Black Friday is going virtual, and Cyber Monday is every day.¹ According to a recent survey by Convey, “Shoppers are planning to shop earlier and mostly online, and they’re conscious of COVID’s
- [How to Read a 401(k) Statement and Understand It](https://finance.hawkscompanies.com/2020/10/26/how-to-read-a-401k-statement-and-understand-it/) - Too many investors don’t know how to read a 401(k) statement, much less understand it. It’s understandable. There’s a lot in a statement. Knowing how to read and understand the information presented in a 401(k) statement may be vital to your retirement future. Why Investors Need to Open and Read Their 401(k) Statements Many
- [9 Ways to Keep Online Holiday Spending under Control This Year](https://finance.hawkscompanies.com/2020/10/19/9-ways-to-keep-online-holiday-spending-under-control-this-year/) - It’s hard not to get caught up in the holiday spirit of giving and keep holiday spending under control. In 2019, holiday retail sales grew 4.1% to $730.2 billion, and online and other non-store sales were up 14.6% compared to 2018, according to the National Retail Federation.¹ That’s why today’s holiday spending tips are important.
- [How to Use a Health Savings Account If I Qualify](https://finance.hawkscompanies.com/2020/10/12/how-to-use-a-health-savings-account-if-i-qualify/) - Planning for the future means finding all the ways possible to minimize tax payments to the IRS. You may be sitting on just what you need to save significantly on taxes without even realizing it – a health savings account. This is because a health savings account is triple tax-advantaged: The money you put in
- [Presidential Elections and the Stock Market](https://finance.hawkscompanies.com/2020/10/05/presidential-elections-and-the-stock-market/) - With the elections coming up, many investors are concerned about the presidential election and the stock market. There’s uncertainty in the air. And the market doesn’t like uncertainty. So, what do you do with your hard-earned money in the meantime? Before you make a move, check out this video interview with 401(k) Maneuver’s CEO and
- [22 Financial Steps to Take before the End of the Year](https://finance.hawkscompanies.com/2020/09/28/22-financial-steps-to-take-before-the-end-of-the-year/) - Fourth quarter is here, which means there are important financial steps to take before the end of the year. Taking the time now to work through this checklist may help end the year strong and start 2021 with a bang. We recommend printing off this list and scheduling time to work through it in the
- [5 Questions to Ask a 401(k) Plan Provider Sooner Rather Than Later](https://finance.hawkscompanies.com/2020/09/21/5-questions-to-ask-a-401k-plan-provider-sooner-rather-than-later/) - Employees often find themselves confused and frustrated with making changes to their 401(k) because complex terminology is difficult to understand. Other 401(k) investors follow a buy and hold strategy and may see changes as unnecessary. The bottomline is that it’s critical to your retirement savings (and your future retirement lifestyle) to understand exactly what you
- [4 Ways to Potentially Improve 401(k) Performance](https://finance.hawkscompanies.com/2020/09/14/4-ways-to-potentially-improve-401k-performance/) - If you’re looking to improve your 401(k) performance in the remaining months of 2020, check out these 4 tips below. Getting Help May Boost 401(k) Returns If you are looking for a way to improve your 401(k) performance, professional management may help you in more ways than you might think. Although you might have
- [5 Interesting Facts about Labor Day](https://finance.hawkscompanies.com/2020/09/04/5-interesting-facts-about-labor-day/) - It’s Labor Day in the U.S., which means it’s the last big hoorah before fall weather ends our summer fun and ushers in the school year and pumpkin spice lattes. We now celebrate this holiday with BBQs, pool parties, and weekends away with our families. But Labor Day has its roots in violent worker uprisings
- [How to Quickly Catch Up on 401(k) Savings](https://finance.hawkscompanies.com/2020/08/31/how-to-quickly-catch-up-on-401k-savings/) - For investors who are behind on retirement savings, it is possible to make up for lost time no matter how much has been saved or how close one is to retirement. Check out our tips on how to quickly catch up on 401(k) savings today. Get a Plan in Place ASAP If you’re behind on
- [5 Tips for Those Over 40 To Get the Most Out of a 401(k)](https://finance.hawkscompanies.com/2020/08/24/5-tips-for-those-over-40-to-get-the-most-out-of-a-401k/) - For investors over 40 who want to get the most out of a 401(k), keep reading for 5 things to do in the remaining months of 2020 that may maximize a 401(k) this year. #1 Revisit That Retirement Plan or Put One in Place Think it’s too soon to have a retirement plan in place?
- [17 Easy Ways to Teach Kids about Money](https://finance.hawkscompanies.com/2020/08/17/17-easy-ways-to-teach-kids-about-money/) - As if the kids haven’t already been home enough lately, now many parents are stuck with them at home for this new school year. If your kids are virtual schooling and you’re panicking, wondering “How will I work, run the house, make sure schoolwork is completed, and entertain the kids all day every day?” Take
- [How Professional 401(k) Management May Help Account Performance](https://finance.hawkscompanies.com/2020/08/10/how-professional-401k-management-may-help-account-performance/) - If you are looking for a way to improve your account performance, 401(k) management may help you in more ways than you might think. Although you might have basic investment knowledge, utilizing an expert to make the moves that require skill and care may change the performance of your account from good to great… And
- [3 Ways That May Improve Retirement Savings without Investing More Money](https://finance.hawkscompanies.com/2020/08/03/3-ways-that-may-improve-retirement-savings-without-investing-more-money/) - If you are short on cash right now, keep reading for 3 ways that may improve retirement savings without investing more money. #1 Invest in Yourself One of the best things you can do that may improve retirement savings without investing more money is to invest in yourself. Financial ignorance is costly. So do what
- [I’m Over 55. What Should I Do with My 401(k) the Rest of 2020?](https://finance.hawkscompanies.com/2020/07/27/im-over-55-what-should-i-do-with-my-401k-the-rest-of-2020/) - If you are over 55 and are unsure what to do with your 401(k) right now, keep reading for 7 things you can do in the remaining months of 2020 that may maximize your 401(k) this year. #1 Contribute as Much as You Are Able Robert Shiller, global economist and 2013 Nobel Laureate in economics
- [3 Strategies That May Maximize Your 401(k) in Third Quarter 2020](https://finance.hawkscompanies.com/2020/07/20/3-strategies-that-may-maximize-your-401k-in-third-quarter-2020/) - While 2020 has left many investors concerned about their retirement accounts, there are things you can do today to ensure you stay on track to meet your retirement goals. Keep reading for 3 strategies that may maximize your 401(k) in third quarter. #1 Keep Contributing to Your 401(k)…and Don’t Panic 2020 has been a bumpy
- [Important IRS Filing and Tax Deadlines Due This Week](https://finance.hawkscompanies.com/2020/07/13/important-irs-filing-and-tax-deadlines-due-this-week/) - The IRS tax deadline is just days away. Typically April 15 every year, the new deadline for filing is July 15, 2020. In addition to the filing extension, the IRS extended other important deadlines back in March as part of their People First Initiative, with the goal of providing Americans with relief due to the
- [14 Online Fraud Prevention Tips](https://finance.hawkscompanies.com/2020/07/06/14-online-fraud-prevention-tips/) - The sad truth is that many people do not take online fraud prevention tips seriously until after they have been a victim. No one wants their identity stolen or their bank account hacked. But it’s happening more and more every day. According to the Insurance Information Institute (III), “In 2020 through April 10, the ITRC
- [10 Unusual Facts about the 4th of July](https://finance.hawkscompanies.com/2020/06/29/10-unusual-facts-about-the-4th-of-july/) - Grilling out, playing yard games, and watching fireworks are activities we look forward to on the 4th of July. While many of the 2020 firework celebrations have been canceled–the 4th of July isn’t. We’ve been celebrating our great nation’s Independence Day since 1776, and we aren’t stopping this year. Our celebrations this year may be
- [6 Financial Tips for Third Quarter 2020](https://finance.hawkscompanies.com/2020/06/22/6-financial-tips-for-third-quarter-2020/) - To say 2020 has been an eventful year is an understatement. While the economic situation is uncertain, there is a silver lining in all of this: it is forcing many Americans to rethink how they manage their finances. Whatever your current employment and financial situation, there are actions you can do today that may protect
- [What’s the Difference between a 401(k) Loan and 401(k) Withdrawal?](https://finance.hawkscompanies.com/2020/06/15/whats-the-difference-between-a-401k-loan-and-401k-withdrawal/) - Restrictions on 401(k) loans and 401(k) withdrawals have recently been loosened for investors looking to tap into their retirement savings to get by right now. Before making a move, it’s important to know the difference between a 401(k) loan and 401(k) withdrawal, and fully understand the consequences of dipping into your retirement savings earlier than
- [How Rebalancing May Boost 401(k) Returns in 2020](https://finance.hawkscompanies.com/2020/06/08/how-rebalancing-may-boost-401k-returns-in-2020/) - If you’re looking for a way to boost 401(k) returns in 2020, rebalancing may help you do just that. Rebalancing is the process of realigning the weightings of the assets (your investments) in the portfolio to stay in line with your risk tolerance and your timeline for retirement. This can involve periodically buying and/or selling
- [3 Ways to Reduce Retirement Savings Stress Right Now](https://finance.hawkscompanies.com/2020/06/01/3-ways-to-reduce-retirement-savings-stress-right-now/) - To say 2020 has been challenging for many Americans is an understatement. The financial strain and uncertainty have left many of us feeling uneasy about our retirement accounts. Keep reading for 3 ways to reduce retirement savings stress right now. #1 Plan for Retirement If you don’t have a clear path to where you want
- [What’s the #1 Thing I Can Do Right Now That May Protect My 401(k)?](https://finance.hawkscompanies.com/2020/05/25/whats-the-1-thing-i-can-do-right-now-that-may-protect-my-401k/) - Times like this test us as investors, and we’re left wondering, How do I protect my 401(k)? The events in the past few weeks have left many of us soul-searching about what we should be doing with our finances to try to recover as best we can from the fastest 30% sell-off in stock market
- [5 Ways to Reduce Financial Stress Right Now](https://finance.hawkscompanies.com/2020/05/18/5-ways-to-reduce-financial-stress-right-now/) - With the current economic situation, many Americans are feeling anxious and worried about their finances. No matter your situation, there are things you can do right now to reduce financial stress. doxoINSIGHTS COVID-19 Impact Report, published early May 2020, gives us a pretty good idea of the economic impact this virus has taken on Americans.¹
- [Think Twice before Making a 401(k) Withdrawal Right Now](https://finance.hawkscompanies.com/2020/05/11/think-twice-before-making-a-401k-withdrawal-right-now/) - If you’re thinking about making a 401(k) withdrawal right now to help make ends meet or have extra cash on hand, you’re not alone. In fact. According to MassMutual, 55% of Americans are rethinking their retirement savings plans.¹ Before you touch your 401(k), we encourage you to think twice and educate yourself on the possible
- [What Should I Do with My 401(k) Right Now?](https://finance.hawkscompanies.com/2020/05/04/what-should-i-do-with-my-401k-right-now/) - If you are wondering What should I do with my 401(k) right now?–you aren’t alone. Millions of 401(k) investors are wondering the same thing. Recent market volatility. Economic instability. Fear of not being employed in the near future. The sense of powerlessness over this entire virus situation and your financial future. It’s very real. With
- [3 401(k) Mistakes Investors May Not Realize They’re Making Right Now](https://finance.hawkscompanies.com/2020/04/27/3-401k-mistakes-investors-may-not-realize-theyre-making-right-now/) - There is a lot of uncertainty with the markets, the economy, and even in our personal lives. Now more than ever, the more informed you are, the better decisions you can make for your financial future. Keep reading for the top 3 401(k) mistakes investors may not realize they’re making right now. #1 Assuming Your
- [7 Tips on How to Manage Your Finances Right Now](https://finance.hawkscompanies.com/2020/04/16/7-tips-on-how-to-manage-your-finances-right-now/) - Losing sleep over your finances and worried about the overall economic impact of the coronavirus? Here are 7 tips on how to manage your finances right now so you feel more in control and confident about your financial situation. #1 Reprioritize Your Spending One of the best things you can do to manage your
- [How Does the CARES Act Impact My 401(k) In 2020?](https://finance.hawkscompanies.com/2020/04/13/how-does-the-cares-act-impact-my-401k-in-2020/) - The $2.2 trillion CARES Act signed into law March 27, 2020, did more than provide financial relief to individuals, families, and small businesses. It also contains provisions that may impact your 401(k) in 2020. Not only does the bill include changes to both defined contribution and defined benefit retirement plans, but it also changes the
- [Should I Stop or Increase My 401(k) Contributions Right Now?](https://finance.hawkscompanies.com/2020/04/06/should-i-stop-or-increase-my-401k-contributions-right-now/) - With recent market volatility and general uncertainty caused by the COVID-19 virus, we’ve received a lot of questions from people asking… Should I stop or increase my 401(k) contributions right now? I’m losing a lot of money, I’m seeing my balance go down. Should I go to cash? Should I get more conservative? Should I
- [Important IRS Changes: Tax Relief for Americans during the Pandemic](https://finance.hawkscompanies.com/2020/03/31/important-irs-changes-tax-relief-for-americans-during-the-pandemic/) - The IRS has announced tax deadline extensions along with their People First Initiative to help Americans with the relief they need during this COVID-19 pandemic. “The IRS is taking extraordinary steps to help the people of our country,” IRS Commissioner Chuck Rettig said in the news release. “We are temporarily adjusting our processes to help
- [Stimulus Checks: How Much Americans Can Expect to Get](https://finance.hawkscompanies.com/2020/03/31/stimulus-checks-how-much-americans-can-expect-to-get/) - On Friday, March 27, President Trump signed into law the largest economic relief bill in the history of our country in hopes of providing relief to individuals, families, and businesses affected by the COVID-19 pandemic. The CARES Act includes stimulus payments, additional healthcare funding, loans and grants to businesses to deter layoffs, and strengthened unemployment
- [10 Personal Finance Tips for Second Quarter](https://finance.hawkscompanies.com/2020/03/30/10-personal-finance-tips-for-second-quarter/) - From funding your retirement accounts to taking care of taxes, there’s a lot you can do in the second quarter to make sure you’re financially on track. Yes, even in the middle of the COVID-19 crisis. Keep reading for 10 personal finance tips for second quarter. #1 Review Your Goals, Budget, and Cash Flow
- [21 Ways to Keep Sane during This Pandemic](https://finance.hawkscompanies.com/2020/03/23/21-ways-to-keep-sane-during-this-pandemic/) - Social distancing. Self-quarantine. Shelter in place. The new norm…for a while at least. We’re all stuck at home for the near future. If you’re worried about how to keep sane during this pandemic, you aren’t alone. After all, there’s only so much binging Netflix or Amazon Prime we can do before we get cabin fever.
- [Families First Coronavirus Response Act (the FACTS)](https://finance.hawkscompanies.com/2020/03/20/families-first-coronavirus-response-act-the-facts/) - On Wednesday, March 18, the Senate passed the Families First Coronavirus Response Act (H.R.6201). This is Phase 2 of a four-part stimulus package aimed to provide relief to Americans as the COVID-19 virus continues to wreak havoc on our lives and our economy. To recap, Phase 1, otherwise known as the Coronavirus Preparedness and Response
- [Pay Off Debt or Save for Retirement? Which Comes First?](https://finance.hawkscompanies.com/2020/03/16/pay-off-debt-or-save-for-retirement-which-comes-first/) - If you are in credit card debt and struggling to get it under control, but are worried about saving for retirement, you’ve probably asked yourself: Do I first pay off debt or save for retirement? It’s a good question to ask. According to a recent report by the Federal Reserve Bank of New York, Americans
- [How to Stay on Track to Potentially Maximize 401(k) Performance in 2020](https://finance.hawkscompanies.com/2020/03/09/how-to-stay-on-track-to-potentially-maximize-401k-performance-in-2020/) - 2020 is flying by, and, before we know it, it will be over. Make sure you meet your financial goals and stay on track to potentially maximize your 401(k) performance this year. Check out our tips below on exactly how to do this. Educate Yourself We took to the streets to ask everyday people about
- [13 Retirement Savings Tips for Every 401(k) Investor](https://finance.hawkscompanies.com/2020/03/02/13-retirement-savings-tips-for-every-401k-investor/) - Whether you are a first-time 401(k) investor or you’ve had a 401(k) for years, don’t leave your biggest financial asset to chance. Keep reading for 13 retirement savings tips that may help you become an engaged investor and make better-informed decisions about your future. #1 Know Your Rights as a 401(k) Investor Far too many
- [Close the Gap on Financial Goals with a Side Hustle](https://finance.hawkscompanies.com/2020/02/24/close-the-gap-on-financial-goals-with-a-side-hustle/) - A side hustle can be a great way to get out of debt faster, pay for college, save money for an emergency fund, or contribute more to your retirement savings. From freelance event photography to creating hospitality offerings with Airbnb, there’s a side hustle to match almost anyone’s passion… And their financial goals. According to
- [What Every Investor over 55 Needs to Know about the SECURE Act](https://finance.hawkscompanies.com/2020/02/17/what-every-investor-over-55-needs-to-know-about-the-secure-act/) - The new SECURE Act legislation aims to strengthen retirement security for Americans and combat the retirement crisis. Pensions have all but disappeared. Social Security is uncertain. People are now largely responsible for their retirement savings. Yet, only 20% have saved 5% or less of their annual income, and less than one-third of Americans have saved
- [A Good Way To Spend Tax Refunds Wisely](https://finance.hawkscompanies.com/2020/02/10/a-good-way-to-spend-tax-refunds-wisely/) - If you have an IRS check headed your way this year, chances are, you’re already planning how to spend your tax refund. Sure, upgrading your appliances would be amazing. And, yes, we know that new backyard jacuzzi would make the neighbors jealous. Before you run out and buy that new tech gadget or make that
- [10 Ways the SECURE Act Is Changing the Future of Retirement](https://finance.hawkscompanies.com/2020/02/03/10-ways-the-secure-act-is-changing-the-future-of-retirement/) - The SECURE Act is changing the future of retirement. The law, otherwise known as Setting Every Community Up for Retirement Enhancement, passed on December 20, 2019, when it was signed into law by President Trump. It went into effect January 1 this year.¹ This new legislation aims to strengthen retirement security for Americans. According to
- [What Every Investor Needs to Know about Rebalancing a 401(k)](https://finance.hawkscompanies.com/2020/01/27/what-every-investor-needs-to-know-about-rebalancing-a-401k/) - If you are like many working Americans with a 401(k), rebalancing your 401(k) is probably not one of your top priorities. You have better things to think about. We get it. But, what if we told you that by failing to rebalance, you are essentially turning your investments (and your future retirement income) over to
- [11 Ways to Get the Most out of 401(k) Savings](https://finance.hawkscompanies.com/2020/01/20/11-ways-to-get-the-most-out-of-401k-savings/) - Whether you’ve been contributing to your retirement savings for only 10 months or 10-plus years, you want to get the most out of your 401(k). If you’re like most investors, your 401(k) can represent a significant portion of your assets. For many, it is the largest asset. Protect your money and set yourself up for
- [How to Easily Boost Retirement Savings This Year](https://finance.hawkscompanies.com/2020/01/13/how-to-easily-boost-retirement-savings-this-year/) - The best way to easily boost retirement savings this year is to maximize your contribution limits. However, for many Americans, this isn’t always an option due to credit card debt, student loans, cost of living, and other financial obligations. The good news is you can save more for retirement without struggling or eating Ramen. Keep
- [What Every Investor Needs to Know about 401(k) Vesting](https://finance.hawkscompanies.com/2020/01/06/what-every-investor-needs-to-know-about-401k-vesting/) - 401(k) vesting is an important concept all investors should understand. Knowing what vesting is, how it works, and what type of vesting schedule you have will help you make smart decisions when it comes to your 401(k) because you don’t always own your employer matching dollars right away. What Is 401(k) Vesting? Vesting simply
- [6 Possible Ways to Maximize 401(k) Performance in 2020](https://finance.hawkscompanies.com/2019/12/30/6-possible-ways-to-maximize-401k-performance-in-2020/) - With the New Year comes the desire to do more, be better, live healthier, and, yes, even contribute more to retirement savings. If you’re wanting to see your savings grow, keep reading for 6 possible ways to maximize your 401(k) performance in 2020. #1 Become an Engaged Investor Too many people don’t understand what
- [Financial Checklist for 2020: Make This the Year to Reach Financial Goals](https://finance.hawkscompanies.com/2019/12/16/financial-checklist-for-2020-make-this-the-year-to-reach-financial-goals/) - If you want to start the New Year off right and reach your financial goals, check out this financial checklist for 2020. #1 Set Short- and Long-Terms Goals for 2020 This comes first on our financial checklist for 2020 because, if you don’t have a plan, rarely will you reach your goals. If you
- [How to Plan for Large Purchases in 2020 [How They Did It]](https://finance.hawkscompanies.com/2019/12/09/how-to-plan-for-large-purchases-in-2020-how-they-did-it/) - Planning for large purchases can be daunting. Especially if you have other pressing expenses such as a mortgage or rent payments, student loan and credit card debts, and healthcare and childcare expenses. If you’re scratching your head wondering how to plan for large purchases in the coming year, you aren’t alone. Keep reading for real-life
- [New Retirement Plan Contribution Limits for 2020](https://finance.hawkscompanies.com/2019/12/02/new-retirement-plan-contribution-limits-for-2020/) - The IRS recently announced new retirement plan contribution limits for 2020, which means you have the opportunity to save even more next year.¹ With company pensions disappearing and the future of Social Security unknown, Americans are now more responsible than ever to ensure they are set for retirement. Whether it’s a 401(k), Individual Retirement Account
- [6 Financial Gift Ideas for Kids and Grandkids](https://finance.hawkscompanies.com/2019/11/25/6-financial-gift-ideas-for-kids-and-grandkids/) - The holidays are upon us, and that means gift buying is in full force. Instead of gifting toys or the hottest tech gadget that might make you everyone’s favorite Grandma or Uncle, consider these financial gift ideas for kids and grandkids. While the latest doll or iPhone might make you popular come the holidays, these
- [9 Ways to Keep Holiday Spending under Control This Year](https://finance.hawkscompanies.com/2019/11/18/9-ways-to-keep-holiday-spending-under-control-this-year/) - It’s hard not to get caught up in the holiday spirit of giving and keep holiday spending under control. Holiday retail sales are expected to increase this year between 3.8% and 4.2% over 2018 and total around $730 billion, according to the National Retail Federation.¹ Consumers will spend an average of $1,047.83 per person. Specifically…
- [5 Ways to Maximize 401(k) Performance after 55](https://finance.hawkscompanies.com/2019/11/11/5-ways-to-maximize-401k-performance-after-55/) - As you near retirement, it’s crucial you do what you can to maximize your 401(k) performance after age 55. No matter how much you have saved or whether you plan on retiring at 62, 65, or later, now is the time to either catch up on or further increase your 401(k) retirement savings. What you
- [The #1 Correctable Behavior Studies Repeatedly Show Improves 401(k) Performance by 3%](https://finance.hawkscompanies.com/2019/11/04/the-1-correctable-behavior-studies-repeatedly-show-improves-401k-performance-by-3/) - What’s the one correctable behavior–when done four times a year–that studies show may improve 401(k) performance by 3% 6 ? It doesn’t require you to contribute more each paycheck… Nor do you have to inject a large sum of cash into your 401(k)… It’s as simple as properly rebalancing your 401(k) four times a year.
- [With Pensions Disappearing, 401(k)s Are the New Foundation for Retirement](https://finance.hawkscompanies.com/2019/10/28/with-pensions-disappearing-401ks-are-the-new-foundation-for-retirement/) - As pension freezes and cancelations of retiree healthcare benefits continue to make headlines, now more than ever, your 401(k) needs to be your foundation for retirement. The days of our grandparents’ three-legged stool of retirement are gone. No longer is the pension the foundation, followed by Social Security, and last, personal savings. You now have
- [One Simple Way to Boost Retirement Savings without Contributing More](https://finance.hawkscompanies.com/2019/10/21/one-simple-way-to-boost-retirement-savings-without-contributing-more/) - Funding the maximum contribution to your 401(k) or IRA isn’t the only way to boost retirement savings. Yes, consistently contributing as much as you can–and starting as early as possible–makes a huge difference in your retirement lifestyle. However, there’s one simple thing that may potentially have a significant impact on your retirement savings… Seeking third-party
- [22 Financial Tips for Fourth Quarter](https://finance.hawkscompanies.com/2019/10/07/22-financial-tips-for-fourth-quarter/) - Fourth quarter is here, and that means there’s no better time to evaluate where you are versus where you want to be financially come the end of the year. Here are 22 financial tips for fourth quarter–follow these, and you’ll end the year strong! #1 Review Your Year-to-Date Progress Review your 2019 financial goals and
- [6 Questions to Ask Before Signing Up for a 401(k) Plan](https://finance.hawkscompanies.com/2019/09/30/6-questions-to-ask-before-signing-up-for-a-401k-plan/) - If you have a new employer, and they offer a workplace retirement account, there are important questions to ask before signing up for a 401(k) plan. Each 401(k) plan is unique, which is why it’s important to find out about the details of your company’s plan as well as your options. It’s critical you know
- [4 Ways to Maximize 401(k) Savings](https://finance.hawkscompanies.com/2019/09/23/4-ways-to-maximize-401k-savings/) - It’s not enough to simply save. If you want the retirement lifestyle you desire, you have to maximize your 401(k) savings. According to a newly published report, Americans are contributing more to their 401(k)s than in previous years. Fidelity® 2019 Retirement Analysis reports the average 401(k) balance saw a 2% increase from $103,700 in Q1
- [7 401(k) Mistakes Every Investor Should Avoid](https://finance.hawkscompanies.com/2019/09/16/7-401k-mistakes-every-investor-should-avoid/) - Whether retirement is a few years or decades away, it’s important that investors do what they can to maximize their 401(k) account performance. Here are 7 401(k) mistakes investors should avoid if they want to potentially have more income at retirement. #1 Not Regularly Reading Your 401(k) Statements Many employees are apathetic about
- [The Real Cost of Retirement: 4 Most Underbudgeted Retirement Expenses](https://finance.hawkscompanies.com/2019/09/09/the-real-cost-of-retirement-4-most-underbudgeted-retirement-expenses/) - Planning for the type of retirement lifestyle you want is important so you don’t retire and realize you’ve underbudgeted retirement expenses. Depending on the retirement lifestyle you want and can afford, some expenses will go down, while others may go up. For example, if you downsize or move to a less expensive city, your housing
- [9 Simple Ways to Catch Up on Retirement Savings](https://finance.hawkscompanies.com/2019/09/02/9-simple-ways-to-catch-up-on-retirement-savings/) - If you’re in your 40s, 50s, or 60s, and you need to quickly catch up on retirement savings, don’t be discouraged. With planning and a focus on saving and investing, it is possible to make up for lost time. #1 Figure Out How Much You Need If you’re behind on retirement savings and don’t
- [9 Financial Mistakes Women Should Avoid to Ensure Financial Security](https://finance.hawkscompanies.com/2019/08/26/9-financial-mistakes-women-should-avoid-to-ensure-financial-security/) - Financial mistakes happen to everyone, but some can cause serious financial troubles that lead to daily struggle and a less than comfortable retirement. Here are 9 financial mistakes women should avoid to ensure financial security… #1 Not Thinking of Retirement Sooner Saving for retirement is a long game. The sooner you start, the better
- [Avoid These 4 Irreversible and Costly 401(k) Rollover Mistakes](https://finance.hawkscompanies.com/2019/08/19/avoid-these-4-irreversible-and-costly-401k-rollover-mistakes/) - It’s important to know the irreversible and costly 401k rollover mistakes if you want the greatest potential of money in retirement. If you have recently changed to a new employer or you left that job years ago, it’s likely you have some 401(k) retirement savings that accumulated while at your former job. Regardless of how
- [Data Breaches: 6 Things Consumers Can Do to Protect Privacy and Online Data](https://finance.hawkscompanies.com/2019/08/12/data-breaches-6-things-consumers-can-do-to-protect-privacy-and-online-data/) - Data breaches are terrifying. They are unpredictable and unavoidable. They make us feel vulnerable, powerless, and uneasy. But there are things consumers can do to protect privacy and online data. The Capital One data breach is the latest to hit the news. In late July, Capital One announced a data breach that affected 100 million
- [3 Ways to Alleviate Retirement Savings Stress and Meet Goals](https://finance.hawkscompanies.com/2019/08/05/3-ways-to-alleviate-retirement-savings-stress-and-meet-goals/) - Saving and investing for retirement cause stress and anxiety for many Americans. If you’re concerned you aren’t saving enough or aren’t making the best investment choices, keep reading for 3 ways to alleviate retirement savings stress and meet your goals. #1 Put a Retirement Saving Plan in Place If you’re currently saving for retirement and
- [What Happened to the Three-Legged Stool of Retirement?](https://finance.hawkscompanies.com/2019/07/29/what-happened-to-the-three-legged-stool-of-retirement/) - The three-legged stool of retirement is a term the financial industry once used to describe the three common sources of income that, when combined, would provide people a secure retirement. The three legs are… Social Security Pensions Personal Savings Much like a stool, each financial leg was meant to carry its weight to support people
- [Retirement Crisis in America: Why Are So Many People Unprepared for Retirement?](https://finance.hawkscompanies.com/2019/07/22/retirement-crisis-in-america-why-are-so-many-people-unprepared-for-retirement/) - There is a growing retirement crisis in America. Financial experts are alarmed, and even Congress has taken up legislation to “fix it.” According to a Bankrate survey earlier this year, one in five American adults have nothing saved for retirement or emergencies. 20 percent of Americans have saved 5 percent or less of their annual
- [5 Things 401(k) Investors Can Do in 3rd Quarter to Maximize Retirement Savings](https://finance.hawkscompanies.com/2019/07/15/5-things-401k-investors-can-do-in-3rd-quarter-to-maximize-retirement-savings/) - We’re halfway through the year…a time when many investors wonder what they can do in 3rd quarter to maximize 401(k) retirement savings. Which makes it a perfect time to review your 401(k) or other workplace retirement plans…and any other savings goals you set for yourself in 2019. If you’re on target, great! If you’re behind,
- [The Most Common Misconception That’s Disconnecting Investors from 401(k) Retirement Savings](https://finance.hawkscompanies.com/2019/07/08/the-most-common-misconception-thats-disconnecting-investors-from-401k-retirement-savings/) - If you’ve ever found yourself saying or thinking, “I thought my company took care of my 401(k) for me. I don’t need to do anything,” you’re going to want to keep reading. This belief–whether it’s concerning your current or past employer–is all too common among 401(k) investors. And it’s one that’s disconnecting investors like you
- [Behind on Retirement Savings after 60: Avoid these 8 Mistakes](https://finance.hawkscompanies.com/2019/07/01/behind-on-retirement-savings-after-60-avoid-these-8-mistakes/) - In your 60s, retirement is drawing closer or is months away. If you’re behind on retirement savings after 60, check out our 8 mistakes to avoid and tips on what to do instead. #1 Thinking Nothing You Do Now Will Make a Difference If you’re in your 60s and are behind on retirement, you might
- [5 Mistakes 401(k) Investors Make When Seeking Third-Party Advice](https://finance.hawkscompanies.com/2019/06/24/5-mistakes-401k-investors-make-when-seeking-third-party-advice/) - As a 401(k) investor, it’s all too easy to contribute each paycheck and never seek expert guidance on how to grow your retirement savings. Keep reading for the top 5 mistakes 401(k) investors make when seeking third-party advice. #1 Assuming Your Employer Is Managing Your 401(k) Even though your 401(k) is employer-sponsored, it does not
- [Are Target Date Funds Good Or Bad?](https://finance.hawkscompanies.com/2019/06/17/are-target-date-funds-good-or-bad/) - If you have a 401(k), chances are you’ve been advised by a fund manager or your company’s plan representative to invest in target date funds–also referred to as retirement date funds and lifestyle funds. Or, perhaps when you signed up for your plan, you were automatically enrolled into a target date fund (such as 2030,
- [5 Ways to Jumpstart Retirement Savings after 30](https://finance.hawkscompanies.com/2019/06/03/5-ways-to-jumpstart-retirement-savings-after-30/) - In order to avoid stress and worry that come in the 40s and 50s from lack of planning (and working your plan), here are 5 ways you can jumpstart your retirement savings after 30. #1 Have a Plan for Retirement The 30s bring about major life events such as marriage, kids, a new house, and
- [7 Ways to Live a More Fulfilling and Happy Life in Retirement](https://finance.hawkscompanies.com/2019/05/14/7-ways-to-live-a-more-fulfilling-and-happy-life-in-retirement/) - Chances are, at some point in your life, when you thought about retirement, you imagined playing tennis or golf in the mornings, long lunches with friends, or traveling to places you never had time to visit. There’s nothing wrong with these activities. But after a while, doing the same thing day in and day out
- [How to Maximize 401(k) Retirement Savings at Any Age](https://finance.hawkscompanies.com/2019/05/14/how-to-maximize-401k-retirement-savings-at-any-age/) - The question of how to maximize 401(k) retirement savings is one we get asked frequently. Whether you’re in your late 20s or early 60s, it’s an important question to ask because if you aren’t thinking about your financial future, no one else will. According to the Wall Street Journal, more Americans are reaching retirement age
- [5 Ways To Catch Up on 401(k) Retirement Savings after 50](https://finance.hawkscompanies.com/2019/05/08/5-ways-to-catch-up-on-401k-retirement-savings-after-50/) - If you’re behind on your retirement savings and are unsure how to make a difference at this point in your life, it’s easy to want to give up. The truth is, with planning and determination, it is possible to enjoy a comfortable retirement. Just follow these 5 steps below, and you’ll be amazed at what
- [3 Tips for Saving for Retirement After 40](https://finance.hawkscompanies.com/2019/04/30/3-tips-for-saving-for-retirement-after-40/) - Saving for retirement if you’re over 40 brings up a key concern: Will I have enough money to retire based on what I’ve saved thus far? Reports that have flooded the news lately paint a bleak outlook for millions of Americans’ retirement income. Most people in their 40s are at their peak earning potential. Yet,
- [4 Things to Do Right Now If You Haven’t Looked at Your 401(k) Account in the Last 3 Months](https://finance.hawkscompanies.com/2019/04/30/4-things-to-do-right-now-if-you-havent-looked-at-your-401k-account-in-the-last-3-months/) - If you’ve read the headlines lately, you know there is a retirement crisis in America. According to a recent survey conducted for Bankrate by SSRS, 1 in 5 American adults have nothing saved for retirement or potential emergencies.¹ 20% of those surveyed have saved 5% or less of their annual income. Less than a third
- [#1 401(k) Mistake That May Cost More Income at Retirement](https://finance.hawkscompanies.com/2019/04/24/1-401k-mistake-that-may-cost-more-income-at-retirement/) - As an investor, the only thing guaranteed is changing market conditions. So why would you invest your hard-earned savings into your 401(k) or other workplace retirement account and then forget about it? After all, the investments you initially chose to help you meet your retirement goals–whether that was 20 years ago or 2 years ago–may
- [7 Retirement Investment Mistakes to Avoid and What to Do Instead](https://finance.hawkscompanies.com/2019/04/15/7-retirement-investment-mistakes-to-avoid-and-what-to-do-instead/) - #1 Not Having a Plan for Retirement If you don’t have a clear path to where you want to be in retirement, you’re probably not going to end up there. This may sound obvious, but many people fail to set a plan for retirement. For some, it may be because they think their account balance
- [3 Simple Actions That May Maximize Retirement Investments in 2nd Quarter](https://finance.hawkscompanies.com/2019/04/08/3-simple-actions-that-may-maximize-retirement-investments-in-2nd-quarter/) - Contrary to what some investors believe, a 401(k) plan is not a “set it and forget it” program. It’s just like driving cross-country. If there is a roadblock or other obstacle preventing you from reaching your destination, you need to make the appropriate changes in order to stay on course.So, if you’ve set up a
- [More Money at Retirement: How to Spend Tax Refunds Wisely](https://finance.hawkscompanies.com/2019/04/01/more-money-at-retirement-how-to-spend-tax-refunds-wisely/) - With company pensions disappearing, Americans are now more responsible than ever for creating their own “personal pensions.” Whether it’s a 401(k) or other workplace retirement plan, IRA, or other form of savings, it’s up to you to create your own retirement income. And if you aren’t thinking about your retirement income now… If you
- [Why Relying Only On Target Date Funds May Hurt Future Retirement Account Performance](https://finance.hawkscompanies.com/2019/03/25/why-relying-only-on-target-date-funds-may-hurt-future-retirement-account-performance/) - If you’re like most investors, your 401(k) or other workplace retirement plan can represent a significant portion of your assets. For many, it is the largest asset. That said, more investors than ever are following this one piece of advice from fund managers or a company’s plan representative, and are making choices for their plan

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