Financial Literacy Basics: Starting a 401(K)
Think about your current 401k situation. How many of these questions can you answer?
- If you “roll over” your 401k after leaving a particular job, what is the best option for re-investing your money without penalties or tax consequences? (Knowing this alone can save you LOTS of money… and time dealing with the IRS.)Do you know the six most common funds that are used for 401k’s, and which one is best for you based on your retirement plans? Most people don’t, and they end up missing out on tens of thousands of dollars!
- Do you qualify for a “hardship withdrawal?” The IRS currently accepts six reasons for hardship withdrawals, and if you know what they are – you can use your 401k to decrease the impact of financial hardships you may be experiencing.
- What are the top-rated funds for your 401k? Do you know the triggers that indicate when it’s time to shift from one fund to another?
- Exactly how much money do you need in your 401k along with your personal savings and Social Security benefits to retire in comfort, and never need to worry about money again?And much, much more!