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In this video, we’re talking about the 401(k) retirement plan and how you can make the most out of it. Did you know that the average 401(k) balance is only $103,900, while most Americans believe they need $1.25 million to retire comfortably? With over 100 million Americans having access to a defined contribution retirement plan like a 401(k) or 403(b), it’s important to know how to make the most out of your retirement plan.

In this video, our Founder and CEO Johnathan Rankin will cover five important ways to maximize your 401(k). We discuss the impact of taking a loan from your 401(k) to investing tips to maximize your long-term success.

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– Johnathan Rankin CRPC® CEPA®, Founder & CEO
– Theorem Wealth Management
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Disclaimer: Johnathan Rankin is a Registered Representative of Sanctuary Securities Inc. and an Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Theorem Wealth Management is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC. All discussions regarding investments are for illustrative purposes only. Nothing on this channel should be considered as personalized advice or a solicitation to buy or sell any securities….(read more)

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Are you making the most out of your 401(k) retirement plan? If not, now is the perfect time to start. A 401(k) is a powerful tool that can help you build a substantial nest egg for your retirement. By understanding how it works and maximizing its benefits, you can secure a comfortable financial future.

First and foremost, it is important to understand the mechanics of a 401(k) plan. A 401(k) is a tax-advantaged retirement savings account sponsored by your employer. You contribute a portion of your pre-tax salary to the account, and these contributions grow tax-deferred until you begin withdrawing them during retirement.

One of the most significant advantages of a 401(k) is the ability to receive employer matching contributions. Many employers offer a matching program, where they contribute a percentage of your salary to your retirement account based on your own contributions. This is essentially free money, so it is crucial to contribute enough to maximize your employer’s matching contributions. Failing to do so means leaving money on the table.

Another key aspect of maximizing your 401(k) is setting an appropriate contribution level. While it may be tempting to contribute the minimum required, it is wise to contribute as much as possible. The more you contribute, the faster your retirement savings will grow. Aim to contribute at least 10-15% of your salary, or more if you can afford it. As you grow in your career, increase your contributions accordingly.

Additionally, take advantage of the investment options within your 401(k). Typically, you will have a variety of investment choices such as mutual funds, index funds, or target-date funds. It is essential to diversify your investments to minimize risk and maximize returns. Consider your risk tolerance and investment goals when selecting your funds.

Regularly reviewing and rebalancing your portfolio is also important. Over time, the allocation of your investments may shift due to market fluctuations. Rebalancing ensures that your portfolio remains aligned with your risk tolerance and investment objectives. Many 401(k) plans offer automatic rebalancing options, so take advantage of this feature if available.

Furthermore, it is crucial to reassess your 401(k) contributions and investment strategy periodically. As your financial situation evolves, so should your retirement plan. Consider increasing your contributions whenever you receive a raise or bonus. Additionally, evaluate your investment options to ensure they are still aligned with your goals.

Lastly, avoid withdrawing funds from your 401(k) before reaching retirement age. Early withdrawals typically come with penalties and taxes, significantly diminishing your savings. Treat your 401(k) as a long-term investment vehicle and resist the temptation to dip into it for short-term needs.

In conclusion, making the most out of your 401(k) is essential for securing a comfortable retirement. Take advantage of your employer’s matching contributions, contribute as much as possible, and diversify your investments. Regularly review and rebalance your portfolio, reassess your contributions and investment strategy, and avoid early withdrawals. By following these guidelines, you will be well on your way to a financially secure retirement.