You signed up for a 401 (k) when you started your job and forgot about it — until now. Where is it? How much is it worth? What should you do next? If you want to know the answers to these questions, you’re not alone. Around half of all Americans are confused by their retirement investment plans, according to a study carried out by investment firm Charles Schwab. It’s time to clear up the confusion once and for all. Follow these simple rules and discover if your 401(k) plan is any good.
Your employer might be making sizeable contributions to your 401(k) plan without even realizing. Therefore, it’s a good idea to talk to your manager about your retirement investment funds. If you work for a large company, the HR team should point you in the right direction. If you work for a smaller company, however, you might want to send an email to your boss.
Investing in a 401 (k) plan can safeguard your financial future, but fees could be reducing your retirement nest egg. The truth is, most Americans are completely unaware of how much they are paying in 401 (k) fees. Don’t be one of these people. Find out how much you are paying in charges — mutual find fees, investment expenses, administrative fees, etc. — on your current plan.
Fifty-seven percent of Americans wish there was an easier way to determine their retirement investments, according to research from investment firm Charles Schwab. Perhaps a 401 (k) management company can help them. Leawood, Kanas-based investment advisors Blooom help people navigate the often-treacherous waters of 401(k) plans with expert investment advice.
In Blooom’s own words: “We are a group of experts dedicated to managing your 401k online in a simple, affordable way — giving people the confidence to make smarter decisions with their hard-earned dollars.”
Companies like Blooom help people manage their retirement accounts and find out whether their 401 (k) is doing any good. You can get smarter about your 401k by using Blooom to optimize your fund selection.
Knowing whether your 401 (k) plan is doing well can be tricky. Follow the three steps on this list, however, and you can make better sense of your retirement investments and finances.
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