At Cornerstone Wealth Management, we believe everyone should be able to live the retirement they’ve always wanted. Our team of professionals can help you create a well-thought-out strategy, using a variety of investments and insurance products and services, to. For over 60 years the Cornerstone Fund, a ministry of Converge, has helped to start and strengthen churches by mobilizing kingdom resources and equipping Converge churches. We provide financial resources and services that enable churches to expand their ministries, and offer competitive investment opportunities for the constituency of Converge.
- 401k Name Origin
- Cornerstone 401k Changed Their Name Tags
- 401k Plan Name Change
- Cornerstone 401k Changed Their Name
About the author: Curtis has earned the Life and Health Insurance licensure, has passed the Series 66 examination, and has earned a degree from the University of Nevada, Reno. He has over 16 years of experience in the financial industry, helping others protect, grow and manage their wealth. Curtis helps clients create customized strategies for their portfolios based on their unique financial goals.
Getting Started on the Path to Retirement with a 401K
401k Name Origin
I receive a lot of feedback from clients asking if I can help their son, daughter or grandchildren start saving for retirement. Most of the time, they are looking for help with how best to set up a 401k plan. Now I know there are many different types of retirement plans out there, and some are very similar to the 401k but I wanted to take the time here to start talking about some of the basics of getting things going in a 401k.
The first thing you should look at is how much you can contribute to your 401k. Most 401k’s offer matches but we have seen this change depending on the economic climate out there, but for the purpose of this let’s assume that we have a 401k offering a match. If you can, you should contribute to at least the match limit as the match is essentially free money. However, the more you can contribute the better as most financial planners will say you should be saving around 10%-15% for retirement.[i] The earlier you start saving the better, but we know that life happens so contribute as much as you can without putting yourself into a cash flow issue.
The second thing I am usually asked, is should I contribute to my standard 401k or my Roth 401k. I realize some plans do not offer a Roth 401k, but if they do offer one, my opinion would be to utilize the Roth 401k as much as possible. This is due to my belief that taxes will be higher in the future and most younger people are in a lower tax bracket when starting their careers. If you are a believer that taxes will be higher in the future, the Roth 401k may be the right path for you, but personal circumstances such as income in retirement, current tax brackets and earning potential can all play into the equation.[ii] Remember, even though your contributions will be to the Roth 401k, all employee matches go to the Pre-Tax or traditional 401k portion.
The third thing I am asked is how they should be investing into their 401k, what tools should they be using? Now that will be specific to the individual, the tools available to them in their 401k and their risk comfort level. A general rule of thumb is we are more aggressive as we are younger and we take risk off as we get older and closer to retirement. I would recommend speaking to a financial professional when looking at how to best allocate the investments in a 401k, as they vary greatly by plan.
In conclusion, we can try to fine tune as much as possible in a 401k, whether it is utilizing Roth 401k or using low cost ETF’s as our investment tools, but none of that is as important as getting your children and grandchildren to start SAVING! It does not matter how much they put away, just get the ball rolling and try to get them to contribute to their 401k and take advantage of that free money match if available. It is all about creating that habit and getting used to it. It always amazes me how many young people are not taking advantage of their 401k’s available to them.[iii] We know life can be tough starting out in our career paths but taking advantage of a 401k early will pay dividends in the end.
Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Adobe premiere pro cc 2014. Schedule a time to discuss your financial goals with us.
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The fiduciary standard is something we have purposefully chosen to uphold. As a Registered Investment Advisor, Cornerstone believes that you have the right to trustworthy, fiduciary-based guidance. View us as the navigators of your financial life who look at your entire journey and guide you to your best future while utilizing what we have determined are best-in-class resources to achieve your goals.
Cornerstone 401k Changed Their Name Tags
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401k Plan Name Change
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Cornerstone 401k Changed Their Name
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