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401k Plans

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We all worry about having sufficient funds for retirement. Many companies offer investment plans to employees. One of these retirement plans are 401k plans. Here are some ideas on how to best implement 401k plans.

Match Your Employer

Many employers will match the amount of money you invest in your 401k. Use this to your advantage. You will be missing opportunities to increase your savings for retirement if you do not invest the full amount that you can each month. The money that your employer is using to match your investment is basically free money.

Don’t be Afraid to Invest in Stocks

Yes, the stock market is volatile at times, but if you have over 30 years to invest your money, you will receive a greater return if you invest in the stock market. Make sure to invest in different options; you need to have a diversified portfolio. When retirement approaches, move your investments into more conservative options and out of the stock market. This way your retirement funds will be more secure when you are ready to use them.

Make Sure You Quit at the Right Time

The right time? Many employers will contribute to 401k plans but have a required amount of time that you have to work with the company in order to receive all the money that the company has contributed. Leaving the company early may lead to losing the money that was contributed. So make sure that you know when the date is. Whether it is two years or five years, make sure you know how long you are required to work with the company in order to keep all the contributions they make to your retirement fund.

401k’s are great resources to use for retirement. Take full advantage of what your company has to offer you for retirement. It will be a great benefit to you and your future.

Source: CNN Money

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Just a reminder, if you rollover your IRA or 401k Accounts today you will get a $50 gift. Visit us at our Riverwoods Branch or call us at 801.223.7502 for more information.



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What's Your Financial Wellness IQ?







It’s always important to gauge your financial wellness. Financial situations can change very quickly. Understanding how to make adjustments as needed is an important skill to learn. Take this quiz to see where you stand financially and help address any problems shown by the results. The first step toward a financially stable tomorrow is facing the situation today.

Ready to begin? Answer True or False to the following questions, and then tally your score. See scoring beneath the quiz to determine whether or not you are a good candidate for financial counseling.

  1. I normally pay only the minimum amount due on my credit card bills.
  2. My credit card balances increase each month.
  3. There are arguments in my home about money.
  4. I sometimes hide purchases from my spouse.
  5. I frequently charge items that I used to pay for with cash.
  6. I have thought about filing for bankruptcy.
  7. I have begun using cash advances to meet my obligations.
  8. My credit cards are near the limit, so I’ve begun applying for new lines of credit.
  9. I do not know the total amount that I owe.
  10. I skip paying my bills some months, or pay late.
  11. I have depleted my savings.
  12. I am consumed with worries about debt.
  13. My debt interferes with my job and/or home life.
  14. Collectors have begun contacting me.
  15. I have taken money from my retirement account to satisfy debt obligations.
  16. If I lost my job, it would mean an immediate financial crisis in my life.
  17. I use balance transfers.
  18. I have no emergency savings account.
  19. Next month’s bills arrive before I’ve paid this month’s.
  20. I do not open my bills when they arrive, or soon thereafter.
Most people answer “True” to two or three of the above questions. If True was answered more often than three times, you might consider financial counseling. BALANCE offers free and low cost assistance, whether the problem stems from needing more financial education, debt concerns, meeting your mortgage payment, or a host of other personal finance concerns. Discussing it with a certified counselor/3rd party will add insight to help you to resolve the situation.
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$50 Gift Card

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