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9009 West Loop South, Seventh Floor, Houston Texas
1-866-889-9347 |
CCCS of Maine
A Division of Money Management International |
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Regional Headquarters - 111 Wescott Road, South Portland Maine |
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Staying In Touch With Your 401(K) |
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 Seventy-five percent of American workers are invested in a 401(k) program, making them the preferred vehicle for retirement planning. Staying on top of where your money is going is paramount to ensuring your nest egg will still be there when you retire.
When you enrolled in a 401(k), you spent time researching your investment options in order to make informed decisions. Yet other than moving their 401(k) when they change jobs or retire, most people fail to actively manage their accounts by rebalancing their allocation of assets when market conditions change. Rebalancing your portfolio every year to keep the percentages where you want them is the key to maximizing returns and minimizing risk.
Do you know how much of your 401(k) consists of company’s stock? As the Enron collapse has clearly highlighted, placing too much of your retirement money in a single stock can leave you without enough savings to retire at all. Congress is considering a law that limits your holdings of company stock in a 401(k) to 10 percent or 20 percent of the money, but don’t wait for legislation to force you to diversify.
Don’t despair if you have watched your 401(k) balance decline over the last year. If it is any consolation, you aren’t alone. Here are some things to consider when assessing your 401(k).
- If you don't feel you have enough choices in your retirement account, lobby your plan administrator for more choices.
- If you have experienced a raise in compensation, consider increasing your contribution.
- Seek professional guidance. They can help you determine your tolerance for risk and map out a strategy that will bring you closer to your financial goals.
The biggest mistake you can make is to not participate. Just be sure to regularly review your statements and re-evaluate your investments as necessary.
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CCCS, A Division of Money Management International
Regional Headquarters - 111 Wescott Road, South Portland Maine
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096
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