Question: Where do I find free 401k advice? Who should I trust for 401k information?
Answer: As with any words of wisdom, advice about how to invest your money can be found nearly everywhere.
Good advice, especially good, free guidance, can be harder to find, but not impossible.
"Some debts are fun when you are acquiring them,
but none are fun when you set about retiring them."
- Ogden Nash, American Writer |
Certainly, it’s a wise move to become well educated about how your 401k account works. Not all 401k accounts are exactly the same way.
Be sure you’ve read the fine print provided by your employer when you first established your account.
If you cannot locate this information, contact your employer to receive a copy.
There are at least three ways to find quality 401k guidance.
These include:
- Professional advisor
- Employer, HR Benefits Dept.
- Through your own research
Obtaining professional help from someone like a financial planner, CPA or Investment Rep. is always a good option if their fees are not too high. While not free, their knowledge on investment services can be of great help.
A professional advisor can review the 401k rules for your specific program and help you to understand the various options on how best to plan for your retirement.
Take the time to get references from coworkers or friends to find a reputable professional who can give you solid 401k advice. Look for someone with experience in retirement planning who is willing to provide references should you request them.
If you’d rather get your advice for free, you can do the research yourself. Public libraries are still a good place to begin any research project. There are numerous texts that you can reference in order to learn how to manage your money more effectively.
Most people today turn to the Internet for information on any given subject and there are plenty of websites offering quality insights. By using a search engine like Google, you can look up “free 401k advice” or “401k maximum contribution”, or “money saving tips” and have a wealth of information at your fingertips.
The danger in doing your own research is that you may become overwhelmed with the sheer volume of resources available to you, both at the library as well as from the enormous number of search engine results Google will provide.
Another source of information on how to manage your 401k is your employer. After all, your employer originally established the plan and should know all the important 401k tips. Your employer is often the most cost effective and trustworthy source of 401k advice you have.
Best of all, typically employers won’t charge you for asking questions and most will do their best to provide you with the information you seek. The downside is that they are not licensed Investment professionals so they are not able to provide you with specific advice on where to invest your money.
Perhaps the best plan is to use a combination of all three resources.
Begin by doing a bit of research on your own and compare that with what you learn from your employer. Clear up any confusion by chatting with a professional. Soon you’ll be well-versed in managing your 401k retirement account and you’ll be able to assist others who may still be struggling.
"The only way not to think about money
is to have a great deal of it.”
- Edith Wharton |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
