Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
When you think of the benefits of your retirement plan, tax-deferred savings and matching contributions are probably top of mind. But there’s more to your workplace retirement plan than meets the eye. Beyond the basics, retirement plans can come with a number of lesser-known advantages that can help you protect, grow, and pass on your savings more efficiently. Here are six perks you might not even realize you have.
With all the advanced technology, calculators, and strategy tools available, it is still often difficult to understand the difference between what you can save for retirement and what is needed to retire. It is not an exact science, and it comes with many variables at play – investment returns, inflation, unforeseen expenses, all of which can affect the longevity of your savings. Sometimes, it is helpful to see what your account will likely provide over the course of your retirement. This can also help you set an achievable goal.
Before You Take a Retirement Plan Loan Know the Facts Your retirement plan may allow you to borrow from your account—but before you do, it’s important to understand how it can impact your future savings. Think of it like a U-turn on your savings highway. It could cost you more time and money than you expect.
Retirement could often be seen as the “end of the road,” but that idea may not fit everyone. Your retirement could be a new chapter rather than a closing one.
Frequently, the news about retirement can sound discouraging. Traditional pensions are less common for most workers, many people are not saving as much as they may need, and questions continue to be raised about the long-term outlook for Social Security. However, the picture may not be as bleak as it is sometimes portrayed. Here are three practical steps that individuals can take to help strengthen their retirement readiness:
Starting a brand new job is exciting and full of a lot of new benefits, but don’t forget about the retirement plan you left behind. There are many different ways to handle an old retirement account, and here are your four options: