E149 – What You Should Know About Your 401k

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Here’s what you should and shouldn’t be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research.

Welcome!

[5:4] Things to always be mindful of
●     Don’t withdraw 401k early mainly to avoid penalties
●     The value of your money now will considerably grow in the next 20-30 years from now
●     It can be disastrous to use your 401k money to payoff loans

[9:30] What you should do with your 401k account
●     Decide wisely on how much your contribution amount should be
●     Check your available investment options

[13:54] What to expect on 401k fees and taxes
●     All contributions toward your 401k are pre-taxed
●    Withdrawals made during retirement age will be taxed

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