A Retirement Check-up
Wednesday, June 24th, 2009
As the economy has worsened, not only have retirement funds dropped in value with the market, but also many people have been tempted to tap savings as a way to cut debt or otherwise shore up their finances after a job loss. Still more have found that employers have dropped matching contributions to shore up their own finances.
Worry about retirement seems to be widespread. A January survey by the National Institute on Retirement Security noted that 83 percent of Americans are concerned about their ability to retire.
Yet the worst thing you can do is tap or give up...
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Tags: 401K, retirement, retirement advice, retirement planning
Posted in Planning | 3 Comments »
Continue Contributing to your 401K?
Saturday, February 7th, 2009
Simply put the answer is yes - absolutely. Here are the reasons why. Let’s assume you took a substantial hit to your 401K plan when the stock market plummeted approximately 40%.
The amount of stocks, bonds, mutual funds, and other holdings that your 401K provider continues to purchase at the currently lower prices will eventually increase in price once the stock market rebounds. If you do not contribute, you will be losing out on the potential increase your overall portfolio will obtain.
The basic rule of investing is to buy low and sell high. Now is therefore a great time to make...
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Tags: 401K, retirement, retirement advice, retirement planning
Posted in 401K | 1 Comment »
Withdraw Funds from a 401K?
Friday, February 6th, 2009
With the current economic crisis on everyone’s mind, you may be wondering if you should withdraw money from your 401K. My recommendation is that you do not. Rather your contributions should continue based on the “buy low-sell high” theory.
What does this mean for you? Simply stated, right now most individuals may have incurred a severe loss in their 401K plans. But, considering that the stock market has dropped approximately 40% since the economic decline, your portfolio will likely increase with stocks, bonds, and mutual funds that can now be purchased at lower prices. See my...
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Tags: 401K, 401K Withdrawal, retirement, retirement advice
Posted in 401K | No Comments »
Retirement Considerations in the Current Economic Environment
Friday, February 6th, 2009
Just when you thought you could finally retire, stocks take a nose dive and you may have lost much of your retirement savings. What do you do?
Individuals, especially baby boomers, who had chosen to defer retirement for a few years are now forced to work even longer. Conversely, those who have retired in the last two years are faced with an even greater challenge.
Here is one woman's account of how retiring early affected her. "As one who retired two years ago at age 57, I have seen my 401K plummet 30% or more. ...
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Tags: 401K, IRA and Roth IRA, retirement, retirement advice, retirement planning
Posted in Planning | No Comments »
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