166. Understanding Your 401(k) Account

Learn more about how you can prepare for retirement by downloading the complimentary Retire Your Way Toolkit - https://bit.ly/3wQnVLh Register for our next Journey to Retirement Online Workshop to learn more about building your income plan and a comprehensive retirement plan. - https://bit.ly/3wHyTTp In this episode of Retiring Today we dive into the 401(k) retirement account and explore common 401(k) misconceptions, maximum 401(k) contributions, and 401(k) investment strategies that can help optimize your investment risk level. We also discuss the important role a 401(k) account can play as part of a comprehensive retirement plan. Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ Chawn Honkomp, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY®, CPA® https://merkleretirementplanning.com/staff-members/chawn-honkomp/ Molly Nelson, Host of Retiring Today https://merkleretirementplanning.com/staff-members/molly-nelson/ Chapters 00:00 A 401(k) Is Not A Retirement Plan 01:25 The Advantages of a 401(k) 02:05 The Downsides of a 401(k) 03:08 Should You Use a 401(k) or a Roth 401(k) 04:15 Changing How You Think About Your 401(k) Investment Strategy 08:13 The Importance of Understanding Your 401(k) Investment Risk Level 11:01 How to Evaluate Investment Risk In Numbers 17:30 2024 401(K) Contribution Limits 18:15 The 401(k) 59 1/2 Rule 22:00 The 401(k) Is Not Designed for Investment Control 24:15 401(k) Withdrawal Rules -- This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.