#401k #retirement #taxes

Don’t put in more than the match! This is why…

Taxes only have one direction to go. 📈

And you are likely in the lowest tax bracket you will ever be in.

Why would you defer taxes if you believe like most financially educated people that taxes will be higher in the future?

Reach out anytime with questions.

Keep smiling!…(read more)

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If you’re like many Americans, you have a retirement plan through your employer, such as a 401k or 403b. These plans are valuable tools for building a secure financial future, but before you pour more of your hard-earned money into them, it’s important to take a step back and assess if they are the best investment for your long-term goals.

Here are a few key things to consider before contributing more to your company retirement plan:

1. Explore other investment options: While your employer-sponsored retirement plan may offer some great benefits, it’s important to consider other investment options as well. Depending on your financial situation and long-term goals, you may find that investing in an IRA, mutual funds, stocks, or real estate could provide a better return on investment. It’s a good idea to speak with a financial advisor to explore all of your options and determine the best course of action for your particular circumstances.

2. Evaluate fees and expenses: Many retirement plans come with fees and expenses that can eat into your returns over time. These costs can vary significantly from plan to plan, so it’s important to carefully review the fee structure of your employer-sponsored retirement plan. If the fees and expenses are high, it may be worth exploring other investment options that offer lower costs.

3. Consider diversification: While your company retirement plan may offer a range of investment options, it’s important to consider diversifying your portfolio even further. By spreading your investments across different asset classes, such as stocks, bonds, and real estate, you can reduce the overall risk of your investment portfolio. Diversification can also help you take advantage of different market conditions and potentially increase your overall return on investment.

4. Review your retirement goals: As you think about contributing more to your company retirement plan, it’s important to review your retirement goals and assess if your current plan is aligned with those goals. Are you on track to retire when you want to? Do you have enough savings to support the lifestyle you envision during retirement? By carefully evaluating your retirement goals, you can determine if your current investment strategy is the best fit for your needs.

5. Consult with a financial advisor: Ultimately, the decision to invest more in your company retirement plan should be based on a thorough review of your overall financial situation and long-term goals. A financial advisor can provide valuable insight and advice to help you make the best decision for your future. They can help you assess your current investment strategy, explore alternative options, and create a plan that aligns with your unique financial objectives.

In conclusion, before you invest more in your company retirement plan, it’s important to carefully assess your overall financial situation and long-term goals. By exploring alternative investment options, evaluating fees and expenses, considering diversification, and consulting with a financial advisor, you can make informed decisions that will set you up for a secure retirement.