All tagged 401k
There are 4 options when it comes to your 401K from your old employer. We will go through each option in depth below.
Cash Out
Leave it where it is (at your old employer’s plan if it allows)
Roll it over to your new employer’s plan (if it allows)
Roll it over to an IRA
“The best time to plant a tree is twenty years ago. The second best time is now.”
Since most companies are doing their benefits enrollment period in the next few week’s, we though we’d share some of the most common retirement savings options. Even if you are young and have just started your professional career, it’s important to start saving and planning for retirement now so that you can use the power of time to build yourself a hefty next egg when you are older.
Without vision you don't see, and without practicality the bills don't get paid.
If your employer told you you would get a $5000 bonus each year, would you take it? Of course we all would, but we would ask the question, what do we have to do to get the bonus? How much to we have to meet in sales? How many projects do we have to complete? What performance metrics would be tracked and what do we have to do to meet it?
Guess what? That $5000 bonus is actually easier to get than you might think. All you have to do is to save money. Easy right? The reality is that many people don't do this because they don't understand what a 401K is or why they should take advantage of it. Today, we are going to breakdown why you should be taking advantage of your 401K to build your nest egg, to build your retirement accounts and get you to financial independence faster.
