Carstens Financial Group
  • Home
  • About Us
    • Pro-Am
  • Services
    • Retirement Income Strategies
    • Tax-Efficient Solutions
    • Investment Planning
    • Long-Term Care
    • Estate Preservation
    • Securities
  • Resources
  • Blog
  • Contact

Blog

5 Steps to Maximizing Your 401(k)

6/1/2015

0 Comments

 
Picture
How confident do you feel about your plan for retirement? If you’re lucky, you may be feeling very optimistic. But if you’re like 80 percent of Americans, you might be worried that you won’t be able to cover your regular expenses when you need to stop working.

If your company sponsors a 401(k) retirement fund, you are in a fortunate position. With a few small changes to your strategy, you can maximize your retirement income and put yourself in a better financial position in the future.

Determine your needs. Most people aren’t even sure how much they need to save for retirement! So before you start worrying about it, meet with your financial advisor to discuss your goals. He or she can help you to establish a savings objective. Now you just have to utilize your 401(k) to get there!

Take advantage of your full employer match. If your employer offers matching retirement funds, why wouldn’t you claim that money? Contribute at least the amount of your employer match to your 401(k) fund each year.

Save more after you reach age 50. You may have now reached the earnings peak in your career, so this is the ideal time to stash extra money for retirement. Once you reach age 50, your contribution limits change. You can now save an extra $6,000 per year in your retirement account. Considering the impact of compounding interest, that will add up to quite a chunk of change over the next decade or so.

Examine your expense ratios. With a 401(k), you get to decide how your money is invested. But when you make your fund selections, carefully examine the fund fees. In many cases it is not prudent to pay high fund fees unless you are absolutely sure you will stick with that fund for the long haul. Remember that index funds generally carry comparatively low fees. They may be worth consideration as part of your portfolio.
​
Never take early withdrawals. You might think that you can just pay yourself back, but you’re forgetting something important. Your 401(k) fund will lose not only the money you withdraw, but years’ worth of compounding interest on that money. You may also face a stiff penalty. It’s almost never a good idea to withdraw money from your retirement fund before you actually retire.  

14572 - 2015/6/5
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Kirt Carstens

    Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014

    Categories

    All
    2020
    CARES Act
    COVID
    Economic Update
    Election
    Employer Plans
    Estate Planning
    Fed Chairman
    Financial Planning
    Fourth Quarter
    FRA
    Full Retirement Age
    Funding
    GDP
    Health Care
    Health Savings Account
    HSA
    Income
    Inflation
    Insurance
    Managing Medical Expenses
    Medicare
    Planning
    Portfolio
    Retirement
    Retirement Home
    Retirement Planning
    Retirement Strategy
    Risk
    Risk Tolerance
    Say Yes
    Social Security
    Stimulus
    Stock Market
    Supplemental Retirement Income
    Tax Planning
    The Market
    Working In Retirement
    Working Part Time
    Yes

    RSS Feed

Kirt Carstens, CLU, ChFC
Investment Advisor Representative
P: (712) 332-5960
F: (712) 332-5391

605 Hwy 71 S
Arnolds Park, IA 51331
Get Directions

Home     About Us     Services     Resources     Blog     Contact

This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor.  Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
​
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

Check the background of an investment professional.  |  Privacy Policy
  • Home
  • About Us
    • Pro-Am
  • Services
    • Retirement Income Strategies
    • Tax-Efficient Solutions
    • Investment Planning
    • Long-Term Care
    • Estate Preservation
    • Securities
  • Resources
  • Blog
  • Contact