6 Fact you should know about when relying on a 401(k) for your retirement
Update: 2024-09-18
Description
In this episode of "Retirement Planning with R & L Elevation Enterprises", host Reginald Williams discusses the crucial aspects of 401(k) plans relevant for anyone planning their retirement. He begins by shedding light on the various fees and expenses associated with 401(k) plans, followed by the limited range of investment options typically offered by such plans which may restrict portfolio diversification. The discussion further includes the strict repayment restrictions and penalties for loans taken against 401(k) savings along with a reminder about significant early withdrawal penalties. Reginald highlights the imposition of Required Minimum Distributions from 401(k) savings upon reaching 72 and ends with the potential tax implications during retirement since withdrawals are taxed as regular income. He encourages listeners to familiarize themselves with these facts for informed retirement planning and recommends consulting a retirement strategist or financial advisor for personalized advice.
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