Smart401k Blog

This post is part of Smart401k CEO Scott Hollsopple’s contribution to the U.S. News & World Report Smarter Investor blog series. To view the original article, click here. Original post date November 10, 2011.

At first glance, the diet industry and financial services industry seem to have nothing in common, other than being multi-billion dollar markets.

But they share a common goal: making consumers believe there’s an easy solution to issues that typically take time, focus, and determination. The problem with chasing the easy way is that it usually doesn’t work.

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Photo Credit dflorian1980

It’s a new year. With 2012 underway, many of you have received retirement account statements or a notice to view your information online. (If you haven’t yet, you will soon.)

This provides the perfect opportunity to spend some time examining your investment strategy, and make sure you’re on track to reach your goals. This is also a good time to review appropriate benchmarks to see how your investments stack up.

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The end of the 2011 is nearly here, and that means many of us have started setting our financial goals for 2012. Included in your 2012 goals should be getting the most out of your 401(k), and to help work towards that goal, I offer up eight dos and don’ts.

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Despite a year filled with mixed economic news and Washington stalemates, the holiday shopping season kicked off with a bang.

The National Retail Federation reported an increase in total spending of 16% compared with last year, indicating American consumers plan to finish the year strong and take advantage of historic deals on 2011’s hottest items.

One of the hardest things to do this time of year is set a strict spending limit and stick to it. With discounts all over the place, it’s tempting to raid all your accounts to find extra spending money. Credit card debt gets plenty of media attention during the holidays, but alternative loan sources like your 401(k) account deserve some discussion too. And here it is.

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Photo Credit Just Jennifer

I think Halloween is one of the best holidays of the year. I like the horror movies and haunted houses that come with the season because it’s fun to be a little scared, but I don’t want my 401(k) to join in the season’s frights.

What could make a 401(k) scary? A 401(k) monster. It’s a Frankenstein’s monster of mistakes and inaction creating a 401(k) situation to horrify the bravest investors among us.

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As many of you have probably heard, individuals receiving Social Security income will receive a cost of living increase beginning in January 2012. The 3.6% increase is the first since 2009, bringing a much needed boost to the wallets of the nearly 20% of Americans currently receiving monthly Social Security payments.

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Note: This post is our October 20, 2011 contribution to the U.S. News & World Report Smarter Investor blog series. To view more of our articles, click here.

Monday marks the 24-year anniversary of Black Monday, the 1987 stock market crash that nearly broke the system.

Investor panic was a culprit in the market nosedive that left major exchanges down more than 20 percent by the end of the month. The emotional reaction to Black Monday triggered investors to sell in a panicked state rather than follow a strategic plan.

What have we learned in the almost two-and-a-half decades since Black Monday? Some investors, it seems, have learned very little—recent events show investors still follow emotions rather than creating a plan based on goals. Here are some things to keep in mind:

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This is an exciting week in our office, and no, it’s not because the World Series has started, (well, maybe a little because of the World Series) it’s because we are in the midst of National Save for Retirement Week.

Retirement confidence reports continue to paint a picture of American workers unsure of their retirement future. According to a Sun Life Financial survey, one in five workers indicate they will not retire, and only 23% felt ‘very confident’ that they would be able to “meet basic living expenses in retirement.” It is startling to hear these numbers and know that only about 42% of workers, according to an Employee Benefit Research Institute (EBRI) study, have tried to figure out how much to save to reach a comfortable retirement.

These survey results are a signal that change is in order for the American worker to start taking control of their own future.

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In a recent discussion I had with some friends, someone asked, “Which has the greatest return – an IRA, a Roth IRA, a 401(k) or a Roth 401(k)?”

I’m happy to know my friends are taking a more active role in retirement planning, but this particular question doesn’t have an answer. And here’s why:

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Photo credit Rob Crawley

With all the talk in Washington about budget issues and debt reduction plans, changes to 401(k) plans and retirement savings are occasionally thrown into the mix as political talking points. Recently, an article detailing the Senate Finance Committee’s upcoming hearing on proposed changes to retirement programs caught the attention of one of our blog followers, and they asked us to weigh in with our opinion.

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