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401K PLan Options

Should You Take a 401k Loan?

In today’s troubling economy, many Americans are finding it difficult to stay afloat financially.  Those who are lucky enough to not lose their jobs are still faced with troubles.  They are left wondering, day after day, if the shoe will drop.  Even those in strong and stable careers are being asked to take pay cuts.  If your family is one of the millions suffering financial hardships, you may need financial help and right away.   When one wants to buy a new home, buy a new car, pay for car repairs, or pay for costly medical bills, most turn to...

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The Pros and Cons of 401k Loans

If you need money and cannot get a loan, due to poor credit, you may consider dipping into your 401k.  Many companies allow their employees to borrow from their 401k plans.  If you have this option, you may consider taking it.  However, is it the best idea?  Like most financial choices, 401k loans have their pros and cons.  What are they?   The Pros of 401k Loans   No credit check is required.  In a way, this is your money.  Right now, your company is in control of it.  Since the money will eventually become yours, most employers do not...

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Tips for Doing 401k Rollovers

Changing jobs is common.  Rarely are working Americans with the same company from start to finish.  Have you changed jobs in the past or are you thinking about it now?  If you were saving for retirement with a 401k plan, you were doing a good thing.  It is never too early to start saving for your golden years.  With that said, a job change may leave your 401k plan feeling more like a hassle than an advantage.  This is because you usually have to do a rollover.   Before highlighting a few of your 401k rollover options and their benefits,...

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Tips for Waiting Out the Poor Stock Market

If you have a 401k plan, you are invested in the stock market.  Most financial experts recommend scattering your money between stocks and bonds.  Unfortunately, right now, you may be panicking.  2008 was not a good year for the stock market and the economy as a whole.  Most individuals invested in the stock market saw their retirement savings decrease, some significantly.  Most want to pull out of troubling stocks to invest in new or make the switch to low-risk bonds.  On the other hand, many financial experts are advising investors to sit back and wait.   Sit back and wait? ...

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Tips to Avoid Tapping Into Your 401k

Millions of Americans prepare for retirement with 401k plans.  With these plans, employees contribute money through payroll deductions.  In many cases, employers match.  That money is invested and it continues to grow overtime.  When used correctly, the individual is able to retire comfortably with the money invested, made, and saved.  The keyword is saved.  Those in financial distress often turn to their 401k plans and opt for an early withdrawal.  It is a good idea?  No.   When withdrawing money from a 401k plan, you are charged a penalty.  This is 10% of the amount withdrawn.  Although 10% is a...

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