Most people take a very passive approach to their 401k plan. They make contributions to the plan throughout the year, and simply trust that those investments will be there when they’re ready to retire. However, in a volatile market, the future of your 401k plan is not guaranteed, and your retirement security could be at risk. If you want to protect your retirement and your vision for the future, it’s important that you take a more proactive approach to managing your 401k.
At Silver Accounting Group, LLC, we don’t take your 401k for granted. We actively manage how your 401k funds are invested, adapting as needed for fluctuations in the market so that you can feel more secure in your ability to retire on your time, in the way that you’ve always imagined.
The economy always experiences rises and falls, but that doesn’t mean weathering the declines is any easier. However, our clients at Silver Accounting Group, LLC, experience a greater peace of mind during these periods of market volatility, knowing that their investments—and their retirement plans—are in good hands.
The way you handle your 401k in a declining market can greatly impact your future retirement. Panicking and moving your investments away from stocks and into money market funds can often have more of a negative impact on your overall worth than you might think, as it locks in your existing losses. Silver Accounting Group, LLC, can help you to effectively manage the way your 401k funds are invested so that you can minimize your losses in a bear market and maximize your growth as the market rebounds.
Our 401k strategies are designed for long-term growth and ongoing stability for our clients. When you work with Silver Accounting Group, LLC, you can feel confident that your retirement is secure, no matter what the market might do.
Many of our clients are unfamiliar with the concept of proactive 401k management. Below, we’ve answered some of the most common questions we receive on this topic. If you have any additional questions, please feel free to contact Silver Accounting Group, LLC, today to speak to one of our 401k managers.
Income tax can be especially burdensome when you’re in your retirement years. Most individuals in this stage of life are on a fixed income, and an unexpected tax bill can quickly derail your retirement plans. Silver Accounting Group, LLC, can help you avoid this situation by providing professional advice on how to minimize the taxes on your retirement income. We’ll help you understand which types of income are taxable, how each withdrawal impacts your tax liability, and how you can minimize your taxes during your retirement years.
Silver Accounting Group, LLC, can provide you with a detailed income plan that considers your tax liability while still addressing your financial needs during your retirement years. A tax-conscious retirement income plan can help you to stretch your retirement savings so that you can enjoy greater financial security throughout this stage of your life.
When you see the value of your 401k declining, continuing to contribute to it can seem counterintuitive. In reality, however, the greatest key to the success of your 401k is consistent and ongoing contributions. Continuing to contribute to your 401k in a down market allows your asset manager to purchase investments at lower prices, which can help your 401k to recover more quickly after the market rebounds. In fact, it may be a good idea to increase your contributions when the market declines so you can take full advantage of lower asset costs.
There is no one-size-fits-all answer to this question, as the best allocation strategy will be based on a number of different factors—not least of which is your projected retirement date. When you intend to retire will influence how much risk you can afford in your asset allocation and, therefore, which investments you should choose. If you’re looking for 401k strategies that take a balanced approach to risk and stability, we usually recommend roughly 60% stocks and 40% bonds for your investments. However, the best allocation strategy for your 401k is one that is tailored to your individual needs.
Your 401k is not a savings account, and it shouldn’t be treated as such. Effective 401k management can help you to get more from your investments and provide you with greater financial stability in your retirement years. If you’re ready to start managing your 401k more effectively, contact Silver Accounting Group today to schedule a consultation with our investment advisors.
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