The Top 401k FAQs in 2024 (Part 1)
We get a lot of questions about 401ks, and we know they can be tricky to navigate. It’s such a unique account because it’s attached to the employer with different custodians from place to place. But we work with several companies to help manage their 401ks and consider this a specialty of ours at CLC Financial, and that's why we're tackling your top questions in two comprehensive episodes.
This first part will discuss six of the most frequently asked questions in 2024, offering expert advice on navigating employer plans, optimizing contributions, and making informed decisions about loans and rollovers. This episode is a must-listen for anyone looking to make informed decisions about their 401k plan.
Here are the questions we’ll cover in this episode:
- My company plan offers a program where I can get advice on my 401k for a low fee. Good idea?
- Should I contribute as much as I can to my 401k or only as much as the company will match?
- Should I use target date funds in my 401k?
- Is taking a 401k loan always a bad idea?
- When should I take money out of my 401k and roll it over to an IRA?
- What are the tax implications of contributing to a 401k, and how does it affect my take-home pay?
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