More For Millennials
I recently posted a blog about millennials and their concerns titled “Millennials, Wills & Retirement”. Here is a great newsletter article for millennials, from the Women’s Institute for a Secure Retirement – http://www.wiserwomen.org that talks about retirement savings. (Don’t let the name wiserwomen fool you. Their information is for everyone!)
One of the interesting factoids in the article is that individuals will change jobs on average ten times during their careers! With all those potential job changes, What happens to the 401(k) money that you may have invested? The newsletter article gives some “wise” tips about what to do and what not to do with that nest egg you are trying to build for retirement. The article is titled: Where’s Your Retirement Savings Nest Egg? Rolled Over? Cashed Out? Consider the Benefits of Keeping 401(k) Accounts Together! And can be accessed via the wiserwomen.org website. It is also free and easy to subscribe to the wiserwomen newsletter.
Here are some other interesting factoids from the article to whet your appetite to visit the website:
“There are 9.5 million job changers per year with 401(k) accounts…”
39% of 401(k) participants are lost are missing…” (I think that you can interpret that at 39% of people who have had 401(k) accounts cannot be located!)
“There’s nothing free about cashing out your 401(k) balance…”” ( You could owe income tax on the proceeds.)
And here is something truly amazing…”If an individual cashes out $5,000 at age 30 (from their 401(k) account) the lost compounded value is nearly $55,000 by age 65…”
OK. Now have I convinced you to visit the wiserwomen.org website to learn more options for your 401(k) accounts? I hope so.
Go to bottom of this page to see my disclaimer and also the column “How I Can Help You.”