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Joseph R. Biden was sworn in as the 46th President of the United States on January 20. While the incoming administration is expected to take significant steps on a host of issues in the coming weeks and months, there are several proposed changes to the American retirement system that could impact 401(k)s for people across the income spectrum and some that will increase awareness of the benefits of offering 401(k)s to employees.
Read MoreFinancial professionals often preach the importance of the “buy and hold” strategy— especially for long term investments such as small business 401(k) plans — a point I emphasized at the beginning of the COVID crisis. Investors should be disciplined to avoid selling stock investments selling equities during a trough in the market.
Read MoreThose two simple steps allow compound interest to work its powers and easily set you up for retirement. Unfortunately, it’s a lot easier said than done. Especially for Millennials, who have more debt than any other generation, according to the New York Federal Reserve. Millennials — anyone born between 1981 and 1996 — are experiencing student loan debt, car loan debt and worst of all, credit card debt. Simple math suggests it’s probably better to pay off debt before saving for retirement, but one could argue that you should always save for retirement while paying off debt. Let’s first discuss the importance of savings for your future.
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