Avoiding Common 401(k) Mistakes

Have you really sat down with someone to figure out your savings strategy? Moving through the financial world on your own can be tough, but that’s why we’re here; we can help you to avoid some common pitfalls when it comes to 401(k) and IRA contributions, giving you a greater ability to set yourself up for success. These can be effective tools to help you grow your wealth, but it can be helpful to work with a professional to figure out ways to maximize their advantages.

When you come see Guardian Financial Management, you have a team that’s dedicated to your future. We understand that, right now, things can feel a little uncertain, and we are here to help you understand what’s going on with your money. From timing the market to managing your 401(k), IRA, or another investment vehicle, when you have questions, our team is here to answer them.

Understand your strategy. Schedule a time to speak with Guardian Financial Management.

The Differences Between A 401(k) And An IRA

While IRAs and 401(k) savings strategies have some similarities, there are key differences between the two, and knowing them can help you to navigate your future. 401(k)s are primarily offered through employers, while IRA accounts are usually opened by individuals, and this is just the start. IRAs tend to offer more investment options, but they can limit annual contributions, especially as you grow older; 401(k) contributions can be higher, and the Secure 2.0 Act even extends those limits further for those aged 60-63.

If you are trying to figure out your plan, speaking with a financial management team that you trust can make a real difference. It’s your money, and being able to understand your options can give you both control and clarity. So, when you find yourself looking for answers online, reach out to a qualified financial team to talk about your options.

Common Mistakes People Make

Are You Maximizing Your Match?

If your company offers a match for your investment, take advantage of it. This is essentially free money, so talk to our team about ways to make your match work for you. Otherwise, you could just be leaving that cash on the table.

Rolling Over 401(k) Investments

Did you know that at age 59 & ½, you have the opportunity to roll your 401(k) investments before you retire? Your choices are limited when your money is in your 401(k), but when you reach this age, you can move it from this account to somewhere that matches your retirement strategy.

Determine Your Direction With Guardian Financial Management

If you have questions about your investments, we’re here for you. To learn more about ways to maximize the effectiveness of your IRA or 401(k) strategy, call Guardian Financial Management in Flower Mound, TX at 972-996-7858 today.