Manage episode 285438181 series 1942938
Whether you’re an individual working for a company or a business owner, you need to understand your 401(k). Along with Social Security, your savings, and a few other key assets, your 401(k) is probably going to be the single most important account you have.
Today’s guest, Brian Hartstein, is the Director of Corporate Development here at Bayntree. For nearly 30 years, his passion has been retirement planning, and he has extensive experience answering all kinds of tough questions about 401(k)s.
In this conversation, Brian and I dig into why it’s so important that people understand these assets, how best to take advantage of them, and the major mistakes people make as they create (and manage) their 401(k)s.
In this podcast interview, you’ll learn:
- How eliminating pensions in the 1970s and early 1980s put the onus on employees to save for retirement.
- Why choosing to take ownership of your retirement funds, as opposed to putting them on autopilot, is likely to help you retire with much larger accounts.
- Why not taking advantage of employer matching is throwing away money.
- Why 401(k)s and other generators of real wealth are “boring” - and why that’s not bad.
- The importance of understanding the specifics of your employer-provided 401(k) plan - and how to work with a financial advisor to make the most of your options.
- What target-date funds are and how to use them.
- Recommended tools for DIY 401(k) planners.
- What people with multiple 401(k)s from multiple jobs should do with those accounts.