Common Mistakes with 401(k) Plans: Fees, Losses, and Taxes

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Common Mistakes: 401(k)

Dear Colleague, When it comes to managing retirement accounts, many people unknowingly make three very costly mistakes: fees, losses, and taxes. Check out our series on retirement planning. Stop making costly mistakes on your 401(k), register for a free workshop today! 401(k) Fees Most individuals that have a 401(k) plan aren't aware of how much they're actually paying in fees. Let's begin to focus on what you may be doing wrong and how to fix it. It's important to understand how much you are actually paying in 401(k) fees because it will dramatically impact your investment returns over time. Read full article...  The Impact of Losses When we listen to Wall Street and other financial institutions, they all repeat the same old stories decade after decade. Common mantras like: "buy and hold, the market always comes back" or "you haven't lost until you sell," and "invest as much money as you can in the stock market as soon as you can." These are just a few examples of what you hear from the financial industry, experts who are consistently promoting the services they sell to you. Is this really the right way to invest? Let's dive deeper into these mantras and make sure the decisions you make are best for you, not the financial industry. Read full article... Taxes The marketing powerhouses behind Wall Street program tells us to contribute as much money as we can to our 401(k)s. But why? Is this really the best way to save for your retirement? Who really benefits, you or banks and financial institutions? There are two primary benefits to contributing to your 401(k): tax deferred growth and employer matching. Most people understand these benefits upfront but don't really think about the consequences of over contributing until they're retired and it's too late. To illustrate, let's run through an example. Read full article... Learn to Think Like Wall Street Instead of trying to beat Wall Street, learn to think and act like them. Register for a free seminar and start learning how to utilize strategies that put more money in your accounts, not the accounts of banks and financial institutions. Online Trading Academy

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