Hey everybody this video is showing you how to setup your retirement account with Empower Retirement, but this same info can be used on setting up any retirement account with other companies. Check out the whole video, and see how you will be able to retire with 3.5 million plus dollars in your retirement accounts. If you want to skip ahead to some part check out the time stamps below:
0:00 Intro
01:00 Registering / Logging In
02:15 Explaining Company Matches
04:37 Setting up Contributions
05:55 Selecting Investments
10:50 Comparing Investment Funds
16:35 Explaining Dividends (Free Money)
19:15 Setting up your Percentages
22:20 Setting up Beneficiaries
23:45 Showing you how to retire with over $2,300,000.00
26:05 Why you should never take a loan form the 401K
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*Should I invest with Empower?
*Empower for complete beginners.
*Step by step explanation for setting up my Empower retirement account.
*What is Empower and how can I invest in it?
*Is Empower a safe place to invest?
*Understanding how to use Empower for my 401k.
*What funds can I invest in with Empower 401k?…(read more)
LEARN MORE ABOUT: 401k Plans
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HOW TO INVEST IN SILVER: Silver IRA Investing
How to Set Up Your Empower 401k: A Step-by-Step Guide
Planning for retirement is crucial to ensure financial security in your golden years. One popular retirement savings option is a 401k plan, which provides tax advantages and potential employer contributions. If you have chosen Empower Retirement as your provider, this step-by-step guide will walk you through the process of setting up your Empower 401k.
Step 1: Gather Required Information
Before initiating the setup process, gather the necessary information. You will need the following details:
1. Social Security Number: Have your Social Security number ready, as it is a crucial requirement for setting up your Empower 401k.
2. Employment Information: Be prepared with your employer’s name, address, and contact details, as Empower needs these details to set up your account.
3. Personal Information: Provide your full name, date of birth, and contact details, including your current address and phone number.
4. Beneficiary Information: Identify the individual(s) who will be your beneficiaries and collect their information, such as full names, dates of birth, and Social Security numbers.
Step 2: Access the Empower Retirement Website
Visit the official website of Empower Retirement by entering “www.empower-retirement.com” in your internet browser’s address bar. Ensure that you have a stable internet connection to avoid any interruptions during the setup process.
Step 3: Begin the Setup Process
Once you are on the Empower Retirement website’s homepage, look for the option to “Set Up Your Account” or “Open an Account.” This option is typically located in the top navigation menu or on the homepage’s main section.
Step 4: Choose Your Employer
On the account setup page, you will be asked to select your employer from a list. Use the provided search bar and enter your employer’s name to find them in the options provided. Select the correct employer from the list.
Step 5: Enter Personal Information
At this stage, you will be prompted to enter your personal information. Fill in your full name, date of birth, and contacts details as required. Ensure the information provided is accurate and up to date.
Step 6: Provide Employment Details
Once your personal information has been entered, you will need to provide your employment details. This includes your employer’s name, address, and contact information. Fill in these fields accurately, as they are essential for your 401k setup.
Step 7: Designate Beneficiaries
In this step, you will be required to designate your beneficiaries. Enter their full names, dates of birth, and Social Security numbers as requested. Designating beneficiaries ensures that your retirement account passes to the individuals of your choice in the event of your passing.
Step 8: Review and Submit
Once you have completed all the required fields and ensured the accuracy of your data, review the provided information on the final page. Carefully check if there are any errors, as this information will be used to set up your Empower 401k account.
Step 9: Complete Authentication
To ensure the security of your account, Empower Retirement may ask you to complete an authentication process. This could involve answering security questions related to your personal and financial history.
Step 10: Funding Your Account
After successfully setting up your Empower 401k account, you will need to fund it. Consult with your employer’s HR department or refer to any documents provided by your company to understand how to make contributions to your 401k account.
Congratulations! You have completed the process of setting up your Empower 401k. Remember to regularly review and manage your account to make the most of your retirement savings. It is also recommended to seek professional financial advice to help you make informed investment decisions and maximize your retirement funds.
Edit = In this video I was nervous and I accidentally said the $19,500 contribution limit was a combination of your contribution and the company’s contributions. I wanted to clarify contribution limits are just your contributions. There is no limit to how much an employer can contribute.
a ntgi fund 50% s&p500 50% large cap growth
I know this video is old but very helpful. My bf has empower does anyone know how to check exactly how many shares you own?? Like 10 shares , 20, 30 is that number somewhere in the account??
If you think you might ever need your money in a timely manner, for something like an emergency, then find some other investment company. Empower likes to keep your money as long as possible and will make you wait for BS approvals that can take up to three months sometimes.
If you have a dependent, how would a 401k benefit? If your yearly income lowers from 49,000 to 30,000; how would this affect your 401k?
Your video was very helpful sir. I thank you. I'm new to it. I have empower for the last year and been in stocks since day 1. I have 3000 in now but I could not figure out how to move my money around. I did the option where they chose for me and they split it up between 7 stocks and the ones with higher return rates is of course the one they put the least amount of money in. I rather move it to a certain 3 stocks with the higher return rate. Maybe my return wouldn't be negative 13% right now
When one makes changes to their future investments, what’s considered the future? How long till it takes affect?
Why choose change future investments over change current investments? Is there a benefit to not changing it immediately?
Hi, I found this video vary informative and easy to understand. But I have 1 question. When I try to register for an account, it asks for me to select an email to send a verification code to. But I don't have access to that email and there are no other options for me to choose from. What could I do to add another contact for me to receive the code from?
my empower website doess not look anything like that,,,it still has prudential heading
Thanks for the video, i just opened my empower retirement account but i dont see in the list the 2 stocks that you mentioned…
Thank you for the vid! I have a question though please. I'm looking through my list of portfolios I can choose from, and I see one called Vanguard Institutional Index Fund. It has a return rate of 13.77% over ten years. When I click on it, it says at the top it has an "Initial Investment of $5,000,000." Does that mean I am unable to use this portfolio? As I have nowhere near that amount invested right now.
Hello! Thank you for the video it’s really useful information, however I do have a question… on my contribution options it reads: “401k company match 100% on the first 5% of compensation” and then for IRA is says 3% RIA company contribution. Is it still better to choose IRA over standard 401k?
Stay away from this company absolutely horrible. They do not care about you. .
I just started my vanguard 401k plan at work I’m thinking of going into Vinix what do you think about that I’m 23 years old
I got a quiestion bud, the companies that u selecting they don’t appear in my account…do they take them off or im I doing something wrong..thanks very informative video…. Is the vanguard institutional index 500 is the same as the sp 500?
Would it make sense to rollover my empower 401k to fidelity Roth IRA ?? Are the fees lower, if any in fidelity than empower?
Im no longer at my old employer so that’s why im wanting to switch to fidelity instead ..
hope you’re able to answer this !
how do i figure out which type of roth my employment has ? it just says roth and doesn't specify if its IRA or traditional .
Blessings, John 3:16 (NIV). Jesus loves you.
You're saying if I'm 25 TODAY and retire at 62, I'd have $2.3M in TODAY's dollars? What would that be with inflation factored in?
You have answered all my questions with regards to allocations and rebalancing. Of all the videos I have watch in you tube yours are more detailed and easy to understand.my family subscribe in your channel
Thank you for the great information and easy to understand
Pretty irresponsible to recommend against target date index funds
HI sir. good video. question. does it make sense to rollover all from Vanguard to Empower? could you make a video about it? I'm curious if it's possible to keep both or just have a single one.
Best Regards
Great video buddy . My company also put me in a target date fund 2050. So I'm thinking about investing in vanguard institutional index fund which is the s&p 500. So its ok to Invest in two large cap funds in a 401k? I'm 38 and have a long time until retire.
Let's say if you do the age based ones, I would split them up. Do no lower year than the earliest you will retire. Put a heavier weight into the earlier ones and gradually pull back the amount in the later years. However, I agree if you can stay away from those target date funds. I know what I'm doing and I avoid those.
Great video! BUT, the only time you want to take a loan against you 401k is to invest into real estate. I might have last $100,000 but gain 400,000 within 8 years. Anyways you are right never take 401k loan for liability..that is stupid! Awesome video. –
This video was spot on. Thank you!
The IRS limit goes up every few years. It does NOT include employer match. You can put $19,500 in 2021 plus whatever the company puts in. For example you can put in $19,500 and the company can put another $10,000 on top of that.
Great company match. Mine matches dollar for dollar up to $2,500 max from the company, which is only a 1.5625% match based on my income.
Put as much as you can away when you are young. It really adds up. If you retire at 65 based on an 8% return, if you invest $500 per month starting at 25 you will have $1,745k vs if you start at 35 you will have $745k. The difference is you only put $60k difference in but end up with a million more over time.
Hi Joito! I’m on moms account. Can I play with Mari pls
I don't see either of those two options for my investments. I'm located in GA, does that have anything to do with it? Thanks!
Is there anyway we can see or know how much money we have invested overtime ? New to this lol
Great information.
Seems like empowers fees are higher than normal.
Is it bad if I put 100% on the s&p 500
I have $1,3M on my 401K and I have 25 more years to retire at 65.
Is Empower retirement a better investment company over Nationwide….? And if so can I get a detailed break of how and why?
Very informative content. Keep them coming!
extremely helpful! Thank you for making this info. video!