Right time to invest in a 401(k) plan? Absolutely By Michelle Singletary - Washington Post Writers Group If you are wondering if it’s still worth the worry to invest in a 401(k) or similar workplace retirement plan, stop your hand-wringing.
It is.
Or at least it’s worth it for the people who consistently invest, according to new research by the Employee Benefit Research Institute and the Investment Company Institute.
Yes, it’s been painfully apparent that 2008 was a crushing year for those of us who invest. The average 401(k) retirement account fell 24.3 percent, according to the institutes.
But retirement plan data studied by the groups found that over a five-year period — from 2003 to 2008 — 401(k) participants saw their account balances increase at an average annual rate of 7.2 percent. The calculations include ongoing worker contributions, employer contributions and investment gains and losses. Read the entire article here |
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401(k) investors: Hit hard in '08, doing better nowBy Jeanne Sahadi, CNNMoney.com senior writer - October 7, 2009 Thankfully, that's not the end of the story. Many investors have recouped a lot of what they lost. There are two reasons: the S&P 500 has been on a fairly steady upward march in the past several months; and most participants have kept making contributions to their 401(k)s despite the crisis. The crisis last fall hurt all 401(k) participants, but it hurt them each a little differently. That's because how well a 401(k) investor does depends on a host of factors: age, tenure, years as a 401(k) participant, starting balance and size of contributions. Read the entire article here |
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National Save for Retirement Week |
Plan for retirement – This week and every week Keith Lyle - The Post-Searchlight Given these factors, it's clear that you must be proactive in building resources to achieve the retirement lifestyle you've envisioned. So consider taking the following steps: • Contribute to your 401(k) or other employer-sponsored plan. If possible, try to put as much as you can afford into your 401(k) or other tax-advantaged, employer-sponsored plan, such as a 403(b) or 457(b). It's a good idea to spread your 401(k) dollars among the available investments in a way that reflects your risk tolerance and time horizon. And as your income increases, try to increase your 401(k) contributions. Due to the prolonged economic slump, some employers have cut back or eliminated their 401(k) matching contributions, but if one is offered, put in enough to earn it. Read the entire article here |
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Study shows employers cutting 401(k) matchesBy HR Specialist: New York Employment Law According to a survey by accounting firm Grant Thornton, 29% of companies have reduced or intend to otherwise modify their contributions to employees’ 401(k) accounts. Of those employers, two-thirds have eliminated matching contributions altogether.
Large employers were more likely than small employers to change plans. In particular, technology, retail/trade, and ironically, the financial services/banking sectors were the most likely to cut contributions. Read the entire article here |
Critical 401(k) Deadline Looms For Small BusinessesStuart Robertson, 09.17.09 Entrepreneurs can reap a tax benefit by setting up a Safe Harbor 401(k)--if they act quickly. Small businesses looking for shelter from the tax man might want to consider setting up a Safe Harbor 401(k) plan. But they have to move fast.
A Safe Harbor 401(k) enables small-business owners to make the maximum contribution of $16,500 in the current tax year without the additional administrative hassles that come in the form of "non-discrimination testing" by the IRS. Safe Harbor 401(k) regulations ensure that plans serve all employees, not just owners and highly paid lieutenants. To qualify, owners have to match employee contributions in accordance with the safe harbor provisions. And they have to set up their plans before the government-mandated Oct. 1 deadline. Read the entire article here
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