Should I Pay Off Debt or Contribute More to My 401(k)? 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,…
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February 1, 2021 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…
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Should I Borrow from My 401(k) 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…
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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…
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401(k) plan fiduciaries are often concerned about their fiduciary liability – little surprise when they can be personally liable for fiduciary failures. To mitigate this risk, fiduciaries must understand the sources of liability. A way to do that is asking insurance companies about the factors that increase the price of 401(k) fiduciary liability insurance. Recently,…
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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…
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As required in the 2019 Secure Act, 401(k) plans will soon start providing estimates on income that participants’ savings would provide if annuitized. This content was originally published here.
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Being aware of the different types of self-employed retirement accounts that are available to you is important to get the most out of your retirement and retirement planning. The accounts that are available to most employees are your typical IRA and 401K with Roth and Traditional kickers. However, your account options are much more plentiful…
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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…
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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…
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