A workplace 401(k) retirement plan can be a great tool to help you prepare for retirement. But only if you know how to use a 401(k) and take advantage of all it has to offer you. You can make this happen by avoiding some of the common 401(k) mistakes people make. As a leader in asset management in Washington, DC and Northern Virginia, AOG Wealth Management can help. Here are common 401(k) plan mistakes to avoid:
- Not getting a full sense of your workplace plan. You should have a better understanding of the 401(k) plan that your company offers. This way, you can find ways to make it work for you. You do not have to become an expert in cash management. All you need to do is make informed decisions.
- Shortchanging your health savings account. Your health savings account can offer the potential for additional retirement savings. Letting assets in your HSA thrive over the long term may help you cover health bills in your retirement. This is especially handy for employees in higher tax brackets. If you prefer a more comprehensive guide to your 401(k) plan, you can consult us as part of your McLean asset management needs.
- Missing the full company match. Be sure to put in enough contribution to your company matching program. This offers an excellent way to boost the amount in your retirement savings and increase your 401(k) plan’s investment returns.
- Emptying your old retirement account. If you’re leaving your job, it is better to roll over your retirement funds from your previous one to your new workplace. Cashing out can reduce the advantage you have, leaving you with a smaller amount after taxes and the penalty for early withdrawal.
AOG Wealth Management is the premier company you can count on for strategies that can help you achieve your financial goals. We are committed to providing exceptional investment management in Washington, DC and Northern Virginia. With our experienced advisory team, we can provide financial guidance to help you plan for your retirement years. Call us at (866) 993-0203 or fill out our form today for a complimentary consultation.