While the small business may be the life blood of our economy, many small business owners are not taking the proper steps to save for retirement. In some cases, they are just not saving enough to properly fund their retirement, while in other cases they aren’t saving a dime for the day that they will…
It’s rare today to find someone who stays with a single company for their entire career. In many cases people change jobs several times and some even jump careers during their lifetime. Assuming you did take steps to save for your retirement at each of your jobs, you could end up with several 401k plans just sitting there not really doing anything. Trying to figure out what to do with these plans is essential if you want to earn the most back from your hard earned money so you are prepared for retirement.
Unfortunately, trying to figure out what your options are can be difficult at best, and often it is just plain confusing. However, there are options available to you that will allow you to consolidate these multiple 401k plans and rollover their balances into other savings plans so you can continue to earn money from these investments long after you have left the company that opened the 401k for you.
President Obama touched on retirement savings briefly in his recent 2015 State of Union (SOTU) address. He spoke about the wealth gap that has existed and even grown over the past few years even with a growing economy and stock market. While we can wordsmith and cherry pick statistics to make any case, the fact is many who can save don’t for many reasons- some good, some bad, some indifferent.
As 2014 comes to a close, it’s been an eventful year for the stock market. Looking ahead to 2015 this 2014 FTSE Market Performance Review provides valuable reflections about the year.
Parrish Capital Founder, Ted Parrish was asked to weigh in on Turmoil in Europe in September of 2012 on Fox Business News.