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A 401(k) is a retirement savings plan that is usually employer-sponsored. This means you, as an employee, elect to have part of your earnings placed into an individual 401(k) account, which is managed by your employer. Generally, you can select from among a variety of different investment options for your account, usually a mix of different types of mutual funds. Often, you can also use your account to invest in your employer’s stock. Some employers also “match” part or all of their employees’ …

[Read more...] about UNDERSTANDING YOUR 401(K): TRADITIONAL VS. ROTH

Many people assume that the beneficiaries named in their estate planning documents are the same beneficiaries that will automatically receive the assets in their estate. But not all assets are treated equally when the estate is distributed. Insurance policies for example, as well as annuities or retirement accounts such as a 401k or an IRA, are transferred to a named beneficiary no matter what your Will says. Because of this, the beneficiary named in the policy or retirement plan will be the …

[Read more...] about HOW TO ENSURE YOUR INSURANCE MONEY GOES TO THE INTENDED BENEFICIARY

When you create a financial plan for your retirement, saving is essential, but investing your savings is equally significant. As your retirement plan takes form, watch out for these common investment errors. Not Diversifying Diversifying your investment means putting your capital into a variety of money making opportunities. If you prefer safe investments, focus on money market accounts, and government bonds. If you are also concerned with inflation, the stock market is a place to potentially …

[Read more...] about THREE COMMON RETIREMENT INVESTMENT ERRORS