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Many people were shocked to see their 401k accounts dropping in value after the 2020 economic slowdown. This is why you need to know how to manage your 401(k) the right way and in this video, we talk about how to manage your 401k during a recession.
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How To Manage Your 401k During A Recession
0:23 – The majority of people have been investing in their 401k as their retirement plan for years and are worried about what to do with their 401(k)
1:44 – How the 401k works as a tax deferred retirement account and an investment account
2:45 – How the 401k is changing during this pandemic by letting you pull out $100,000 from your 401k
3:30 – Understanding 401k taxes in this economic slowdown and comparing a Traditional 401k with a Roth 401k
5:00 – How to protect yourself from taxes going up in the future with a Roth 401k
5:10 – What to do if your company suspends your 401k match
6:20 – The downfall of investing in your 401k especially if you aren’t getting a company match
7:30 – Why financial education is so important to invest your money in your 401k
8:04 – Understand your 401k fees by comparing actively managed funds and passively managed funds in your 401k
10:20 – Comparing a passively managed fund with actively managed fund for your 401k
11:55 – When actively managed funds can be the most useful
12:08 – Asset allocation in your 401k – how to manage your 401k money the right way
13:36 – Why I’m not a big fan of retirement planning and my idea of lifestyle design plus investing for cash flow
14:45 – How to grow your money tax free with real estate
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Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated – but there’s no additional cost to you.
DISCLAIMER CONT’D: I’m just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence….(read more)
LEARN MORE ABOUT: 401k Plans
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HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
During an economic recession, managing your 401k retirement plan can be a daunting task. However, there are several things you can do to help safeguard your financial future. One of the most effective options available during these tough times is the 401k CARES Act.
The 401k CARES Act is a financial support package aimed at providing relief for individuals affected by the ongoing COVID-19 pandemic. The CARES Act allows for more flexible retirement plan options, including enhanced hardship withdrawals and loans from 401k accounts. If you’re experiencing financial hardship during this recession, this could be beneficial for you.
To manage your 401k effectively in a recession, consider the following strategies:
1. Maximize your contributions: Contributing as much as you can to your 401k can help you earn more in compound interest while leaving you with fewer liquid assets to spend.
2. Diversify your portfolio: Both within your 401k and outside of it, investing in different sectors can help spread your investments across multiple industries. This helps mitigate your exposure if one sector suffers significant losses.
3. Consider risk management: Managing risk can help protect your investment portfolio, especially during a recession. Understanding your risk tolerance and the risks associated with different investments can protect you from significant losses.
4. Stay engaged with your employer: Stay up-to-date with your employer and their policies surrounding their 401k plan. Consider attending their financial education courses or consulting with a financial advisor to ensure you’re making informed decisions.
If you’re experiencing financial distress, the 401k CARES Act may be a helpful option worth exploring. Use these tips to make better investment decisions and take control of your retirement plan, even during tough economic times.
Thank you for watching! If you enjoyed this video, you should watch – What To Buy During This Crash To Build Wealth: https://youtu.be/gV4exfD6mIQ
Manage my 401k? Do you mean divest because of ESG requirements? Lol. Jk… Unless.
I live in Australia so we have superannuation only. It’s tax free at the retirement age .
Yes you may need to get people engaged and excited but this is too much excitement that it becomes annoying. It’s like a video for kids.
Is there a way to actively protect your 401K if you suspect a crash coming?
I love jatspreet
Caveat…..I'm not a fortune teller but this seems like we're setting-up for a "Collapse of Unprecedented Proportions….. Possibly a crash of the Dollar….a moving away from the fed…..Total World restructuring…..his 401k tips sound nice in a mild downturn but this looks to be anything but mild…..
What if both Stocks and Bonds fall?
Good job man, good information. I watch your videos all the time. A couple of things about withdrawing your money from your 401k or 403b retirement account, both accounts are eligible for penalty free withdrawal through the CARES ACT but your company has to opt in for you to be able to withdraw your money without the penalty. From what has been reported, most companies are opting out. Also, you don't have to put the money back in the account, if you put the money that you took out back into the account you don't have to pay taxes on it, otherwise the taxes are spread out over a three year period. Feel free to verify my information. If you have a 401k not associated with a company, this does not apply to you.
Is the stock symbol “NOW” too high?
You're man Ja!
I believe you can also have the 20% taxes deferred if you roll the withdrawal into another investment account within the 3 year period… So technically it's free to leverage that money for the time being. It's like a 3 year window without worrying about market uncertainty. What do you think? lol
One important note you left out about the CARES Act: Your plan sponsor may not be "participating" or utilizing the provisions. I tried to do a withdrawal because my situation qualifies under the CARES act, but my plan was not participating. Check with your plan sponsor before doing so.
I have family who decided to quit their job at 36 and the other retired from state after 10 years both are under 43 years old. The one who quit will pull out full 401 k under 77,000. And that worries me. What can I tell them.
Who wants to pay Canadian taxes? Now we will see your 401K.
Everyone here NEEDS to read "the Little book of Common Sense Investing" by John C. Bogle, the man who started the Vanguard Group and created the first Index fund.
I’d love to see a collaboration of Jaspreet and Stephen Graham
If you have work max out your 401k. It will give you a huge boost. Stocks are basically on sale.
I love your videos full of information and straightforward explanations. How can I contact you?
When will Gucci sell guac?
Good content. What's your website? Are you licensed to practice money?
My job doesnt let me do shit with my 401k. Cant pull any money unless i quit. Fucking assholes
Please flex on me. Mhm.
by time im 59 the new world will be well in effect and my 401k should be completely gone along with social security and pensions. Get your money out now and purchase gold and silver before its too late.
The fed is giving you a second chance to get out without losing anything. Allocate wisely.
I had to wait unit 7:59 for my first BEL-LOW!!!
great information. thank you so much.
Thanks!
Great info on your channel.
Check it out, TAX FREE IUL ..protect your money and Never lose $$$$, have access before 59 1/2, UPWard Stairs for your money & Long Term Care if needed!! If want to be Rich & Wealthy…do what the Rich and Weathy Do. Makes sense?? Roth IRA can still lose $$$$ in the market.
Take the H and N out of China and you got? 22/10/2010 the film red, ex c.i.a. agent speaks Chinese, you speak Chinese says lady, yes I learned in Wuhan China!
03/09/2011 the film contagion about world virus, started in a food market in China!
2019 US dollar about to collapse as is the EU because of Brexit,
2019 Trump starts trade war with China, late 2019 virus starts in a food market in Wuhan China,
2019 the year of the rat, rats spread disease. 😉
People wait forever to buy low! Then when the opportunity pops up, they get scared and stop investing! Moral of the story, be consistent, invest over time, take advantage of what the situations give you.
The thing is, I don't have control over the 401k that my company has negotiated with the corporation that manages the account.
I really appreciate these videos. You have definitely helped me fill in some knowledge gaps and update my financial plan for my household. Thank You!!!
There’s a lot of good info in this video.
Great information.