Maximize the Yearly Limit on Your 401(k)
Key Takeaways One positive that came out of this year is that many Americans found themselves saving more money than usual. If you have extra savings, you may want to take advantage of maximizing your 401(k) contributions for the year. Consider having the entire amount of your last paycheck of 2020 put into your 401(k).
4 Key Items in Your 401(k)
Key Takeaways A 401(k) is a smart way to save for retirement and help you reach your future financial goals. If you’re investing in your company’s 401(k), it’s important to understand the math behind it. There are four key items you’ll want to be aware of when it comes to your 401(k).
Building Your Financial Defenses
Key Takeaways In building your financial defenses, are you aware of how your 401(k) fits in? If you have multiple 401(k)s from past employers, you likely have the option of combining them with your current 401(k). Taking a loan on your 401(k) is a tax-free way to access money if you really need it.
The CARES Act – Withdrawals from Your Retirement Accounts
Key Takeaways The CARES Act allows for retirement fund withdrawals with no 10% penalty. Recent statistics show that 50% of Americans are considering withdrawing funds from their 401(k) plans. There are long-term consequences to withdrawing money from your retirement account, and you need to be aware of what they are.
Using OPM to Pay Off Your Student Debt
Key takeaways Many younger people are focusing solely on paying off their student debt before trying to save any money. Consider how contributing to a 401(k) might help you pay off your student debt using other people’s money. Getting the debt out of the way through a 401(k) loan might be a smart move.
Do You Have an Emergency Fund?
Key takeaways A recent survey from Lending Tree reports that 52% of Americans and 60% of young investors cannot cover a $1,000 emergency. With no emergency fund in place, many are tempted to take out payday loans, which charge predatory interest rates from 300% to 700%. If you haven’t built an emergency fund yet, you […]
Financial Freedom –Looking Long-Term For Short-Term Flexibility
Key Takeaways To have financial freedom, you must look long-term to achieve short-term financial flexibility and financial freedom. The two key areas to look at for short-term flexibility are expenses and savings. The two largest areas of expenses are in housing and transportation. Save 10% of your income and contribute at least the minimum […]