Does much of your retirement savings exist inside your company’s 401(k) plan? You’re not alone. The 401(k) is a widely-used retirement savings vehicles. Your 401(k) plan likely offers tax-deferred growth and matching employer contributions, the combination of which can power your retirement asset accumulation.
When and if you ever leave your employer, you may face a choice about what you should do with your vested plan balance. Conventional wisdom is to roll the 401(k) balance into an IRA. When you do a rollover, you avoid taxes and penalties, and you may gain access to a wider menu of investment options.
Do you have any resolutions for the New Year? It’s not too late to make some! While many people make resolutions to get in shape or pursue a new hobby, you may want to make 2018 the year you take control of your retirement planning. Whether you’re quickly approaching retirement or still many years away, it’s always a good time to reassess your planning and make adjustments.
Below are three action steps that can have a big impact on your planning and your financial future. Sticking to just one of these resolutions could strengthen your financial stability and help you have a more comfortable and enjoyable retirement.