401(k)

Fair Advice for Women (and Men)

“The fair is in October!”

That was the coach’s response to one of my high school teammates when he suggested that the wind sprints everyone was being asked to run after a loss weren’t fair. He didn’t understand why the whole team was being treated that way when only a few players had made errors or failed to come through with the game on the line.

So, when I saw a recent news story about how women are at a disadvantage to men when it comes to retirement savings, I could hear that old coach yelling in the back of my mind.

What Not to Ask When Shopping For a 401(k)

In the previous two articles in this series on retirement, I talked about How to Turn Your 401(k) Into a "Super Roth IRA" and Get the Max Out of Your 401(k). In this third part, I take a look at retirement from a different perspective, that of an employer.

How much is this going to cost me?

Asking how much something costs is a normal question any buyer will ask when considering the purchase of a product or service. One notable exception were Mercedes-Benz shoppers back in the 80’s whose salesmen would respond, “If you must ask, you can’t afford it.”

But what if I told you that this perfectly reasonable question can get a seemingly responsible business owner into an overly expensive deal that can be difficult to break free from. Even worse, it can expose the owner to legal liability if their employees can show that a buying decision was based on the answer?

Get the Max Out of Your 401(k)

Are you leaving 401(k) meat on the bone?

While we are on the subject of 401(k)s, let’s talk about making sure you are maximizing your potential with yours. First off, the elective deferral maximum for 2018 is $18,500 (plus another $6,000 catch-up amount for those age 50). If you don’t update your deferral percentage, you may not be fully taking advantage of your pre-tax saving opportunity.