
The Real Cost of Coffee and Lunch
Saving for retirement isn’t easy. However, what you may not realize is that by making small adjustments you can save a substantial amount that can be added to your retirement plan.
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.
Saving for retirement isn’t easy. However, what you may not realize is that by making small adjustments you can save a substantial amount that can be added to your retirement plan.
Typically, younger people don’t make retirement savings a priority. Living expenses, student debt, rent or house payments, and other day-to-day expenses mean that retirement savings take a back seat. In fact, a survey from January 2016 says that 40 percent of millennials don’t have a retirement plan in place, and 57 percent haven’t started saving.
Retirement Savings Plan Education - Q2 2019
Although you may have the ability to borrow money from your retirement plan in the form of a loan, please proceed with caution! If you borrow from your retirement account, you may end up causing harm to your financial futures.
Do you have retirement plan assets with a former employer’s plan that you’re not sure what to do with? Review the pros and cons of consolidating into your current employer’s retirement plan versus an individual retirement account (IRA).
Elective deferral contributions to a traditional retirement plan are contributed on a pre-tax basis and help lower your current taxable income. Roth elective deferral contributions, however, are much like a Roth IRA in that contributions are made on an after-tax basis.