Aug 10, 2018
Learn answers to the common
401(k) questions that many people have. Learn how to use your
401(k) to your utmost advantage and keep an eye on your
Main Questions Asked:
How can I get the most out of my
Is now the time to rebalance and
protect some of the gains that my investments have made?
Key Lessons Learned:
do I do about health insurance when retiring before age 65? Before
retiring, you need to create an income plan and see if you have
enough money to retire and afford your insurance
is better: term life insurance, universal life insurance, or whole
life insurance? This depends on your circumstance, but for most
people term insurance with 10x your income is a good
- Can I
spend money after retiring? Sometimes this is fear based. A
financial plan can ease your mind. It could be a family philosophy
but having a good plan can ease fears about spending after
Common Questions Asked About 401(k) Plans
- Should I use the advice from my company plan?
This advice is better than nothing. It’s basic asset allocation
advice. It’s not true financial planning.
- Should I contribute as much as I can? Most
should. Especially up to the max. Save 15% of your
- Should I use a target date fund? It’s better
than nothing and takes emotions out of it. You are better off
talking to a qualified financial advisor.
taking a 401(k) loan a bad idea? Yes. Don’t touch this
should I roll over my 401(k)? When you leave the company.
Consolidate and talk with an advisor for a plan that covers the
Income Planning Essentials
on being retired for decades not just years. Retirement has
changed. People are living longer. Plan to be retired for 30
ignore inflation. If you live longer, you need to get raises each
year to protect against inflation. The power of inflation and the
cost of living can make people run out of money.
- Taking social security at the wrong time. The
less money you have, the longer you should wait. People with more
money should take it earlier. It depends on your
- Understand all of your income generating
investment options. Bonds, preferred options, REITs, and many other
options are out there.
Links To Resources Mentioned
Money Map Retirement
Ultimate 401(k) Guide
Thank you for