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Ways to manage your 401(k)
Manage episode 297624343 series 2907060
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This is the 8th Episode and the end of Season 1. The first 8 Episodes have been focused on the PG&E 401(k). Today, I will cover the different ways to manage your 401(k) investments. Then we'll discuss your options if you have a 401(k) from a former employer.
How you manage your 401(k) can be a frustrating subject. So why is it people struggle with what to do with their money? It is simple if you try to research the topic. There is an astounding number of articles online, and there is actionable advice in most of those articles.
I thought I would give you the four ways to manage your 401k.
- Default Option – Set it and forget it
- Financial Engines – Plan managed
- Individual Managed Help – Getting outside help
- Self-Managed – DIY
What do you do with your 401(k) when you leave an employer?
- Leave it in the old plan – Leave it behind.
- Consolidate it to your new plan – Take it to your new company
- Roll it over to an IRA – Roll it to your IRA
- Cash It Out – Take the money and run (please don't)
Please have a listen to our final 401k Episode for now. In our next series of shows, we will be taking a look at Social Security.
www.TalkWithDL.com – To set up a time to talk Investopedia Article (link)
For more information, visit the show notes at:
https://poweringyourretirement.com/2021/07/16/ways-to-manage-your-401k-2/
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