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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
July/August 2020
Easy Ways to Help Grow Your Retirement Accounts
Company-sponsored 401(k) plans have undergone big changes over the years, including matching contributions from your employer, and automatic enrollment, rebalancing and contribution escalators. Even if you don’t have these options, you can still model your individual retirement investing behavior after some of these plan features.
Auto Enrollment
If your retirement plan doesn’t offer automatic enrollment, ask what you need to do to join. If you don’t have a workplace plan, make it your mission to research the qualifications and contribute to an individual retirement plan.Auto Contributions
Before you start a new job, forecast your take-home pay for your monthly budget after subtracting a number like 10% for retirement contributions. (Remember that your contributions will likely be tax-deductible.) Start contributing as soon as you’re eligible, because time means everything when it comes to building your retirement accounts.Auto Escalators
When you get a raise, why not put the extra money into a retirement account? If you never had the raise, you won’t miss it. Employers often do this automatically for plan participants. If yours doesn’t, request a change to your contribution level.Auto Choice
Some people don’t enroll in 401(k) plans because they don’t want to choose among investments. So some employers automatically put employees’ contributions into target-date or balanced accounts for them. Do the same if you don’t want to choose among investment options.Auto Rebalancing
If you choose your own investments in a workplace or other retirement plan, it pays to diversify.* To keep your portfolio diversified as planned, you’ll need to rebalance it regularly, say every six or 12 months. Many 401(k) plans include this feature; otherwise set yourself a reminder.Auto Rollover
Some employers automatically roll over retirement plan balances for employees leaving one job for the next, but the new employer will have to accept these rollovers. If your previous employer doesn’t do this automatically, ask your new place of employment about the process of having the balance rolled over.*Diversification cannot eliminate the risk of investment losses. Past performance won’t guarantee future results. An investment in stocks or mutual funds can result in a loss of principal.
GE-2917467 (1/20) (Exp. 1/22)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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