We explore how to maximize your 401(k) balance and integrate it effectively into your overall retirement strategy.
• 401(k) plans emerged in 1979, giving workers an automatic way to save for retirement without employer-provided pensions
• Most Americans lack proper education on 401(k) investing, contributing blindly without understanding rules or optimal strategies
• We discuss how to start with your employer match and gradually increase contributions, especially after receiving raises
• Consider Roth 401(k) options for tax-free growth but recognize the immediate impact on take-home pay
• Early withdrawals before 59½ trigger penalties, but leaving a job after age 55 may create a penalty-free access opportunity
• Consider diversifying smartly beyond company stock and be aware of hidden mutual fund fees that may silently erode returns
• Your 401(k) doesn't have to be a standalone retirement plan but could be one component that integrates with other assets
• Watch time horizons - younger investors may consider being more aggressive while those approaching retirement may need more protection
• Required Minimum Distributions (RMDs) often require careful planning, especially with multiple 401(k) accounts
For a complimentary consultation about your retirement plan, visit masterplanretire.com or call 770-980-9262. We'll analyze your current situation and provide a 10,000-foot view of your retirement strengths and weaknesses.
Have a topic or question you'd like Mark and Evan to address in a future episode? Email us at info@masterplanretire.com or call 770-980-9262.
https://masterplanretire.com/
Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodes
Listen to Mark Fricks on Saturdays a
Visit masterplanretire.com to access our retirement checklists, podcasts, and schedule a complimentary consultation.
Call 770-980-9262 to speak directly with someone about your retirement planning needs.
https://masterplanretire.com/
Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodes
Listen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3 FM WFOM.
Sign up for one of our upcoming events at https://www.masterplanyourretirement.com/events
Purchase Mark’s book, The Road Less Traveled: Turning Your Retirement Worries Into an Excursion of a Lifetime, on Amazon: https://a.co/d/4fx94Al
Advisory services offered through MasterPlan Retirement Consultants, Inc., a Registered Investment Advisor in the state of Georgia. Insurance, tax and commodities services offered through Fricks and Associates, Inc. dba MasterPlan Retirement Consultants. The aforementioned are affiliated companies.
