Future-Proofing Your 401(k): Gen X Strategies for Success

In this episode, Jim Martin, a financial advisor and founder of Martin Wealth Solutions, explores the intricacies of 401k investing. He shares his journey from landing his first job to becoming a financial advisor and emphasizes the importance of planning for retirement early. This comprehensive guide covers crucial topics such as employer matches, the difference between traditional and Roth 401ks, investment strategies, the role of target date funds, and managing your portfolio to ensure diversification. Jim also touches on what to do with old 401ks and the benefits and risks associated with company stocks. Whether you're new to investing or looking to optimize your retirement plan, this episode provides valuable insights and practical advice tailored to help you grow your wealth securely and wisely.

 

00:00 My First Job and the 401k Advice

01:07 Introduction to 401k and Retirement Plans

02:02 Understanding the Basics of a 401k

02:55 The Importance of Automatic Contributions

03:29 Maximizing Employer Match Contributions

03:54 Choosing Between Traditional and Roth 401k

06:00 Investment Options Within a 401k

07:22 The Role of Target Date Funds

08:49 Diversifying Your 401k Portfolio

14:29 Employee Stock Options in 401k

16:25 In-Service Distributions and Rolling Over 401k

18:06 Final Thoughts and Professional Advice

20:00 Disclaimer and Legal Information

 

http://retiresmartscore.com <- Get your retirement score!

http://retirewithmartin.com/ <- Learn about working with Jim

www.planwellretirehappy.com

 

Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.