No one likes to think about life insurance, or the conditions that could cause its need to arise. But it’s an important foundation for a family‘s financial plan — ensuring that critical needs are met in the worst of circumstances.
The 401(k) derives its name from section 401(k) of the Internal Revenue Code, which enables workers to delay paying taxes on parts of their income when it’s received as deferred compensation.
According to the 2018 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute, only 17% of respondents reported feeling very confident in their ability to live comfortably in retirement.
Americans do a poor job saving for retirement, but there are special hurdles — and opportunities — for women.
Only 24% of American men feel confident that they can fully retire with a comfortable lifestyle. What’s more concerning is that only 12% of women feel that same degree of confidence.
Life is full of emergencies. When the unexpected occurs and expenses suddenly come out of nowhere, it may be tempting to borrow from your 401(k); after all, retirement is years away, and you have plenty of time to replenish the account.
Debt is a part of almost every person's life. There may be times when you look at your paycheck and wonder if the money you are putting aside for your retirement outweighs the cost of your debt. You may think it is best to stop contributing towards your retirement and put that money to paying off your debt.
.jpg)
When planning for retirement, investment advisors recommend the stability and the savings that 401(k) or 403(b) contribution plans offer.
If your employer is a retirement plan sponsor, you’ve probably received information about your retirement plan, including descriptions of all the investment options available to you. Why do retirement plans offer different options?
Have you made up your mind on just about everything, even before you know what it is? For instance, when you meet someone, is your opinion of the person formed from the first impression? Or, when you hear a political argument from the other side, is your mind opened or closed? Are you able to concede the “good points” the other side make, or do you dismiss the whole argument?
One of the first lessons of finance we are taught, by our parents or through some basic personal finance course, is to make creating an emergency fund our top priority. Having a reserve of cash equivalent to six to 12 month’s worth of living expenses is considered the most fundamental principal of financial security.
Your 401(k) is one of the most powerful retirement planning tools at your disposal. Are you taking full advantage of yours? Here are eight questions to help you answer this important question.
1. Am I enrolled?
Nearly 40 percent of millennials have no retirement savings, according to Personal Capital’s 2018 Retirement Readiness Survey. But millennials willing to take the long view can be reassured that time is on their side largely due to the remarkable power of compound interest.
No one likes to think about life insurance, or the conditions that could cause its need to arise. But it’s an important foundation for a family‘s financial plan — ensuring that critical needs are met in the worst of circumstances.
© 2018 The Participant Effect. All rights reserved.
