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Simple and Effective Ways to Get the Most Out of Your 401(k)

by AOG Wealth Management

As a registered investment advisor, AOG Wealth Management always acts in our clients’ best interests, offering personalized investment solutions to meet our clients’ financial objectives, goals and circumstances. Our investment management services can help high net-worth individuals, endowment funds and companies. Today, we offer tips to help you manage and maximize your 401(k) plan.

Effective Ways Most Out 401k

  • Avoid Withdrawing Early:  Every 401(k) withdrawal means you are sacrificing important benefits from your previous plan contributions. One of the biggest benefits of the plan is that the contributions are tax deductible and growing tax-deferred. Withdrawing early means you have to pay income tax on the amount you withdraw along with an additional 10% early distribution tax.

  • Consider Automating Future Increases to Your Savings: Most people’s financial situations are constantly changing, so it’s important for your plan to take this into account. There are many retirement plans that include a contribution rate escalation program. This updates the contribution amount every year, and it can have a significant effect on the amount of your 401(k) balance by the time you retire. If you need more information about retirement planning, give one of our asset management advisors a call.

  • Choose the Right Investment Mix for Your Needs: Your asset allocation model needs to match your investing time horizon with your comfort level with risk as an investor. Carefully study your retirement plan and diversify your investments according to your financial situation and objectives. It may be helpful to consult with a registered investment advisor like us for more specific advice.

Our asset management services can help you safeguard and grow your wealth. We observe rigorous, on-site due diligence in all our prospective investments and provide our clients with customized financial solutions. AOG Wealth Management serves communities in and near McLean, VA and Washington, DC. Call us at (866) 993-0203 to learn more about our wealth management services. You can also fill out our contact form for a complimentary consultation.

Category: Wealth Management