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Many 401(k) providers use terms such as "open architecture 401(k)" and "fee disclosure" in their marketing efforts, but what do those terms really mean? Instead of limiting a plan to a specific list of funds, a true open architecture 401(k) format allows plans to select investments from hundreds of mutual fund families and exchange traded funds (ETFs) without impacting the provider's fees to the plan. This design allows plan sponsors and plan designated investment advisors to fully customize their fund lineups based on the needs of their participants.
We already recognize that we won't work at a "job" for 40 years, receive a pension and a gold watch and live happily ever after, like some of our parents and grandparents. Yet what are we doing about it? We will have on average 7 careers during which we will be responsible for our own retirement savings. 401(k) plans are plans that were created to be portable, so they could move with us, from job to job, career to career. Yet, guess what? We do have to fund them! Related Article Tags: , , , ,
Building wealth takes time and having an effective plan in place can ensure that the monies you save now, will be there later and in a sizable amount. Related Article Tags: , , , , , , , , ,
If you have a 401(k) account, it can be very tempting to borrow from your account especially when your balance is very high and a loan could easily pay off existing debt, fund a home purchase, or pay for college tuition. Before you make the decision to borrow money, there are several things you must keep in mind to avoid risking your funds. Related Article Tags: , , , , , ,
Do you have a 401(k) retirement account? Are you vested yet? Before you move on to your next job, it is critical for you to find out if you are fully vested in your retirement account before you make the move. If you are not, you could lose hundreds if not thousands of dollars in employer contributions. Related Article Tags: , , , , , ,
Building wealth is as simple as saving a little bit here and a little bit there. You need not have great riches in order to accumulate wealth, but you need to have the drive, determination, and discipline to successfully increase your wealth. Let's look at 6 proven wealth building strategies you can put into use. Related Article Tags: , , , , , , , ,
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