16.1% of employers have cut matching 401(k) contributions in light of COVID-19. If this happened to you, or you're worried it could, here are our thoughts regarding the 401(k) from tax benefits to hidden fees and expenses. Should our unmatched dollars still be going here?
For a limited time, Americans have the option to withdraw up to $100,000 from their 401(k) or IRA. Considering taking advantage of this change? We'll go over what you need to know before deciding.
What should we be doing right now? Our team is putting together content to give you actionable strategies so you can position yourselves to succeed in the coming years. Keep in mind these strategies are part of a 5-year plan. After 2008 it took nearly 4 years for the S&P to recover all of its value from 2007. We don't expect this shock to look much different. It will take time to recover, but we want to make sure you are there to benefit as it does.
One of the hardest parts about saving for retirement is calculating your future tax burden. Your taxes could either go up or down, depending on the changes that occur in your career, income bracket, marital status, number of dependents, and so on. Additionally, tax laws are always liable to change between now and retirement.
Though they have been around since the 1970s, 401(k) plans are still one of the best ways to save for retirement. However, the 401(k) savings vehicle has evolved a lot over the past two decades and now, many 401(k) plans allow for Roth contributions.