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What Is A 401k?
A retirement savings plan offered through an employer.
Why Do We Need A 401k?
They are one of the best retirement savings plan available for both you and your employees. As an employer, your contributions and plan costs are both deductible. It is also a critical benefit to provide to your employees as a retention tool and to attract new talent.
How Do I Know If My 401k Is Performing Well?
Your plan should be benchmarked every few years; this means you and your advisor should do a retailed comparison to see if your plan has good participation, solid investments and plan design features that are keeping up with the competition and providing useful tools for your employees.
What Are Target Date Funds?
Target date funds or TDFs are well-diversified* investments that adjust the allocation according to how near or far the target retirement date happens to be. The further from the retirement date, the higher the equity mix. The closer the retirement date is, the more the allocation shifts to conservative investments. The change in the allocation over time is commonly referred to as the glide path. TDFs are currently the most popular default option for 401k plans.
Aren’t All 401ks Pretty Much The Same?
No, there are significant differences, especially if you have not reviewed your plan in several years. The industry continues to grow and evolve. Some of these differences include lower cost investments, better allocation models, more customized profit sharing, and many others. Please call or email us (link to Contact Us) to discuss further.