Saving for retirement is crucial for everyone. Defined benefit plans, such as a pension plan, is not something that is readily available for most people any longer.
For many year’s pensions were a standard retirement plan that many employers provided. Some do still offer these, but they are becoming much rarer. Most employers have opted to offer 401k plans in place of these because they can be less expensive to administer. As companies continue cost-cutting and fuel the philosophy of more with less, more defined benefit pension plans will likely start to disappear.
Being 401k’s are for retirement, it is important for plan participants to ensure the investments have the possibility of growing as much as possible and also avoid mistakes.
This podcast episode looks at things you should and should not do with your 401k.
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