How to Know if You Have the Best 401K Plan

Do you have a 401(k) plan through your employer?

Are you sure that your employer is offering you the best retirement plan available?

According to Robert C. Lawton, a contributor for Forbes, the best 401(k) plans include:

  1. The availability of index investment options – “The best 401(k) plans offer a number of index fund options over the entire asset class spectrum. For example, index options should be available in at least the fixed income, U.S. equity and international equity asset classes.”
  2. A cost-efficient target date series – Target date funds are used by employees who don’t want to actively manage their accounts, or find it overwhelming to keep up with what is going on in the markets. “Target date investors contribute to only one fund for their entire careers. They invest in the fund named for the year closest to their expected retirement date.”
  3. Feedback on how you’re doing – On the statements you get each quarter, you should have information available to gauge whether you’re on track to accumulate a balance large enough to fund your dream retirement.
  4. Retirement calculators and projection tools – Planning is a very important part in achieving the retirement you want and deserve. These types of planning tools can help you stay on track, project your expected balance, and help you achieve your retirement goals.
  5. You and your fellow employees should understand the plan – Retirement planning and investing is complicated! The best 401(k) plans are well understood and have straight-forward plan designs. You should also be working with a management team that can explain the plan to you easily. If you don’t understand the plan, you won’t get the most out of it.

According to these factors, how would you rate your 401(k) plan?

Are you unsure if you’re getting the most out of your plan?

Let Us Help You Plan for Retirement in Ann Arbor

Do you need someone to help you figure it all out? That’s where we step in! At Imber Wealth Advisors, we know how overwhelming it can be to have so many options for retirement. To help you achieve your dream retirement, we’ll sit down with you and go over your options and set goals.

To get on the right track with retirement planning, give us a call today!

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