Portfolio rebalancing, how to budget your money, what’s an HSA and who needs one? Preparing for retirement is hard. From personal finance basics to retirement planning and everything in between, we’ve got a few ideas to make life a little simpler. Contact MCF with any questions.
Many defined contribution plans include something called employer matching, meaning that your employer contributes a certain amount to your retirement savings plan based on your personal contribution. Employers use various match formulas to determine their contribution, but we have highlighted three common scenarios that show the importance of knowing the facets of your retirement plan.
Investors need to be aware of their own biases when selecting their investments. A University of Michigan study shows that Americans tend to have a higher consumer sentiment during seasons where their party is in office, and a lower sentiment when their party is not. It is important to understand how these political bias's might affect a consumer's views on investing.
The average person is likely unfamiliar with the term “TDF” however it is the most utilized and fastest-growing investment option in an employer-sponsored retirement plan. As a plan participant, it is essential to know what you are investing in. Follow along below to educate yourself about your retirement investments.
Some investors try to “time” the market, or buy and sell based on their guess about which direction the market will move next. By doing so, these investors often miss out on the best days. The graph below shows the difference between investors who stayed in the market during volatile periods with those who only briefly left but missed some of the market’s best days.
Many people often find that they know far less about their retirement plan than they thought. Test yourself with the quiz below and see how much you know about your financial future.
A retirement income replacement rate is the percentage of your income that you will need to have saved to maintain your current lifestyle in retirement. Here are five factors that determine your income replacement rate.