Horizon Financial’s Post

The Hidden Costs of Ignoring Your 401(k) Did you know your old 401(k) could be quietly draining money in fees? Even if you’re not adding to it, the costs can stack up! Let’s make a plan to keep your hard-earned savings growing! #FinancialHealth #RetirementPlanning

If you currently offer a SIMPLE or SEP IRA, now is the perfect opportunity to convert to a 401(k) plan for 2025. Benefits of a 401(k) plan compared to SIMPLE or SEP IRAs include: • Greater flexibility in managing costs and deductions • Contributions from both employer and employee • Penalty-free access to funds (unlike SEP/SIMPLE IRAs) Additionally, small businesses may qualify for up to $5,000 in tax credits annually to help cover the costs of establishing a new 401(k) plan. The Greater Akron Chamber MEP 401k Plan, in partnership with CAPTRUST, Transamerica, and Rea & Associates, Inc. saves you time and money - we encourage you to take advantage of your GAC membership to speak with our partners about the benefits, potential cost savings, and tax advantages of starting a 401(k) plan. Learn more: https://lnkd.in/egGkBZUe

Ever forget about an old 401(k) that you had with your previous company? Right now there are roughly 29 million 401(k)s that have been left behind by US professionals after making a move. If you happen to fall into this category, then what do you do? There are several options available to you, including: 1) Leaving the 401(k) where it is 2) Rolling it into a IRA 3) Rolling it into your new employers plan 4) Cashing it out The best course of action depends on your specific situation. No matter what you do, I suggest calling your plan provider and asking what the account is invested in, and taking a look at how the fee structure works.

Congratulations! You’ve worked hard, transitioned to the next step of your career, and ensured that maximizing your 401K contributions has been at the forefront every step of the way. Only one problem: What should you do with the 401K at your old employer? There are certainly plenty of options. You could take a lump-sum distribution, leave assets in the former employer’s plan, roll assets into a new employer’s plan, or even roll assets into an IRA. Regardless of what you decide to do, make sure you understand all the implications of the decision, seek advice where needed, and keep track of where your money is. You’ve worked for your money. Make sure that money continues to work for you.

How many of you have a 401k at your place of business? How many of you have a 401k but have no idea what you are invested in? How many of you have a 401k and check it once a year, if that? How much in returns are you giving up each year for being allocated incorrectly? Most likely, you said yes to at least one of those questions. At Kramer Wealth Advisory, we can help manage your 401k and get you allocated correctly.

🌟 Hey there! Heard about the Roth 401(k)? 🤔 It's becoming popular with more employers offering it and new provisions in the Secure Act 2.0. But, is it your best bet? 💡 Dive into our latest post to find out if the Roth 401(k) suits your financial goals! 💼✨ Learn more: https://lnkd.in/gCvs97x6 #Roth401k #SecureAct #FinancialPlanning #HawksFinancial

Meet one of our new clients: Amy Lawson. Amy’s full of life and a big smile. She came to us as “a strong recommendation.” As a 41-year-old saleswoman, Amy earns a nice salary ($215k) and has done a good job allocating to her 401k over the years. Her main concern when meeting was: “Guys, I just want to ensure I’m financially secure in the future.” Amy didn’t have a financial plan. She had almost $200k spread across a few former employer 401ks. Her focus was continuing to excel at work, setting aside a percentage to her 401k, building her HYSA ($41,000), and traveling (she recently got to experience Coldplay in Europe). Today, Amy’s set up with a financial plan, and we’ve got her mapping toward future financial independence. --- We help high-achieving professionals work toward future financial security. Financial planning can be overwhelming, and we don’t just list ideas to improve your life. We work alongside you to help you build and execute YOUR financial plan. If you could use the help of a financial planner, please connect with us. -Nic

If you've maxed out your deductions or you don't have a company-sponsored 401k plan, you might be wondering what options you have for investing beyond 401k. Good news...you have several options. In this segment from Business First AM, my colleague Jim Uren CFP® breaks down which other options are available. Watch now and please share with your network.

Happy Monday! Did you know Friday was National 401(k) Day? It’s a perfect time to start the week strong by taking control of your financial future. Need help navigating your 401(k)? Let’s chat! Secure your future today. #401k #FinancialFreedom #RetirementPlanning #MondayMotivation

To help you get the most out of your 401(k), there are a few things you should know about the plan’s management, from what a 401(k) is and how it works to how 401(k)s are different from IRAs and how to handle taxes with your 401(k). Our guide can help answer all of your questions: https://hubs.ly/Q02FPltL0