How to Make Your 401k Choices Count –
Now and in the Future
Open enrollment season is here. And while you’re (rightfully so) focused on your healthcare choices. Don’t overlook your financial health!
This is the perfect time to review and re-evaluate what you’re doing to manage your 401k*, how you’re doing it, and why.
But, will you?
Or, will you be like 52% of the respondents to a recent study by Charles Schwab —
Will you choose not to review your plan’s materials and take advantage of this benefit because you lack time, knowledge and/or interest?
If you said, “yes!” I would actually understand. Especially if:
- You find choosing your mutual funds and deciding how much to invest in each confusing
- You find calculating how much you can afford to contribute and how much income you’ll need when you retire downright overwhelming
- You find wading through your employer provided-information not only timing-consuming, but exasperating as you try to figure out what is and isn’t relevant and important for your needs and goals.
It can all leave you wondering…
I’d love to show you.
Once you take the workshop – “What the Heck Should I Do With My 401k?” – you’ll be able to:
- quickly scan your plan options and narrow your target list down to ten or fewer mutual funds
- use the internet to analyze your mutual funds and create a diversified portfolio
- analyze your cashflow to see how much you should contribute (the IRS maximum or another amount)
- design a review process that feels natural to you (and helps you track your progress)
I’m Jacquette M. Timmons, a financial behaviorist. I created this workshop experience because I’m tired of people letting a lack of interest, time and knowledge be the reason they don’t strategically manage a key component of their financial life.
I mean, really…in the time it takes you to watch your favorite TV drama, you can put together a kick-butt financial strategy that doesn’t just take into account one 401k (or retirement account) – but how it fits in with other accounts as well.
But I also happen to be annoyed with my beloved industry because it has a tendency to use scare tactics to get you to take action – moves that tend to cause you to focus more on getting smarter about the investments you have. The problem: That’s only part of the financial picture and puzzle.
You need to also get smarter about how the decisions you make regarding your retirement account/s complement the other financial decisions and choices you need to make — now and in the future!
I am known for taking an integrated approach to money. And I’m slightly obsessed with getting you to embrace the idea that financial success isn’t just about the dollars and cents. You’ll hear me say often — you don’t manage money; you manage choices.
That’s why I created this workshop.
I get excited about going beyond the generic, technical training that is often associated with 401k training.
I get excited about sharing the skills you need to develop and cultivate in order to design a strategy and portfolio that feels just right for you – your needs and goals.
I get excited about helping you make informed 401k choices that count – now and in the future.
And, I hope you’ll join me for “What the Heck Should I Do With My 401k?”
It all begins:
Tuesday, November 15 at 8pm ET – Live training (dial-in details will be provided after you enroll)
Wednesday, November 16th – “Your Turn” this is where you put into practice what you learned the day before
Thursday, November 17th – Q&A calls offered at three different times: 12pm ET – 4pm ET – 8pm ET
(please note: this training applies to 401k, 403b, IRA, ROTH IRA and other retirement-designated accounts that use mutual funds)
Create a kick-butt 401k (and beyond) financial strategy
Questions you may have
My employer offers free 401k training, why should I pay for a workshop?
Most employer-based training tends to be too generic in scope. And, it often doesn’t offer a framework for making decisions about this 401k in the context of your full financial picture – including other investment portfolios.
I am invested, but haven’t made any changes. What’s wrong with my set-it-and-forget approach?
If the stock market didn’t fluctuate and if your circumstances and goals didn’t change, there wouldn’t be anything wrong with a set-it-and-forget approach. But it is absolutely natural for the market to go up and down, which means you probably need to reallocate or rebalance your portfolio – repositioning it back to your target allocation. So, let’s say you started out with the target allocation of 70% stocks; 30% bonds. Now, your portfolio is 80% stocks; 20% bonds. Adjustments are required to get back to your original target. And, if you have no idea what you’ve just read means, then you definitely need this workshop! 🙂
Similarly, maybe you’ve gotten married (or, sadly, divorced), maybe you’ve had (or adopted) a child. These life changing circumstances will no doubt have an impact on the financial considerations and projections that should be factored into your investment decisions.
You should at least review your 401k portfolio at least annually. Even if you choose not to make any changes, at least that is an intentional choice, and not one by default.
I choose target-date funds – what’s wrong with that?
While I get the appeal of target-date funds (it’s akin to a set-it-and-forget-it approach), the problem with these funds is that it presumes everyone who is invested in them has the exact same needs. But having a common retirement date does not mean you have the same needs nor the same resources.
I work with an advisor, why do I need this workshop?
This training will help you to be a more engaged and informed client. That means a better, more constructive relationship with your advisor. It’s not either/or — it’s both/and.
“Cashflow is tight.” or “This is a temporary job; I won’t be here long enough.” These are typical reasons I often hear about why people choose not to participate in one’s 401k (or any retirement vehicle)?
Okay, this isn’t a question. But it may be a thought of yours. And here’s where I stand: Saving a dollar is better than not saving at all. People often end up staying longer than they originally presume.
Money needs two elements to increase: time and compounding. So, when you choose not to invest, you’re not giving money what it needs to grow on your behalf. Thus, you end up leaving money on the table, which will no doubt have an impact on your and your family’s future.
Here’s a question you may not have thought of, but it may be important: Do I need to be comfortable with spreadsheets?