Good Financial Reads: The 411 on 401(k)'s

The 411 on 401(k)s

What Is A 401(k) Match?

by Darren Straniero, OnPlane Financial Advisors

Most of you reading this likely contribute to your employer's 401(k) plan. And a good percentage of you also receive matching contributions from your employer. Or if you own your own business, you might contribute to and also be responsible for the matching contributions. I imagine you've heard these employer matching contributions referred to as "free money". Sure, we can call it that and if it feels good, do it. If you aren't taking advantage of your company's match you're leaving money on the table.

[Read the Full Article]

 

3 Ways To Save Before You Max Out Your 401(k)

by Jake Northrup, Experience Your Wealth, LLC

401(k)s are the most common type of savings plan offered by employers. You’ve heard it before – make sure you save money into your 401(k)! The more money you make, the more you should contribute into your 401(k), right? Maybe not.

Most employers offer some type of match on your contributions. Let’s say you make $100,000 and your employer matches your contributions up to 3% of your salary. This means if you contribute $3,000 to your 401(k), the employer will also contribute $3,000 to your 401(k). This is literally free money, or viewed another way, a 100% return on your investment.

[Read the Full Article

 

What to Do If Your Employer Cuts Your 401(k) Match

by Sahil Vakil, MYRA Wealth

The coronavirus pandemic has led to huge amounts of financial upheavals in the business world. It has sent shockwaves through employer’s and employee’s pockets, and if you are anything like the tens of millions of Americans in dire financial straits right now, it might have you worrying about your retirement fund.

With a lot of companies having to cut costs just to simply get through each day, you can bet every manager is looking at the best cost-cutting measures to make it. An appetizing option is freezing its 401(k) matching contribution plans, taking away matching employer contributions from its workers’ funds.

[Read the Full Article

 

For more on 401(k)'s, be sure to check out Good Financial Reads: 401(k) Saving & Investing.


Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Good Financial Reads: How to Budget Like a Boss Good Financial Reads: How to Budget Like a Boss
Are You In A Committed, But Unmarried, Partnership? You Need To Think About A Few Things Are You In A Committed, But Unmarried, Partnership? You Need To Think About A Few Things
Good Financial Reads: Is Life Insurance Worth It? Good Financial Reads: Is Life Insurance Worth It?
7 Mistakes Investors Make 7 Mistakes Investors Make
Good Financial Reads: How to Afford College (Part Two) Good Financial Reads: How to Afford College (Part Two)

Subscribe to Email Updates