Your Survival Guy

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401(k) Collecting Dust? Let’s Clean It Up and Get It Moving

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If you want to reach a certain “number” in savings when you retire, my best advice is to harness the tools available to you like the 401(k). If you have access to one, then I want you to try and do everything you can to max it out: Save ‘til it hurts, especially when you’re young.

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When I worked at Fidelity Investments back in the mid-90s I had a front-row seat—literally—to the explosive growth of the 401(k). Every time there was a spike in the volume of calls, my group was brought in to help “man” the phones. As a phone rep, I was taking orders left and right for all types of buy/sell requests, what percentage of a paycheck to save, and safe harbor distributions, to name a few.

When it comes to your money, you need to stay on it like a parent caring for a child. Over time, these plans can collect dust and get a little lazy. And you know how I feel about getting your lazy cash off the couch. It’s too valuable to collect dust.

Action Line: If you have a 401(k) just sitting around collecting dust, it’s time to take a closer look at what it’s doing for you. I’m here to help if you need to talk with someone about the ins and outs of doing a rollover. Let’s get that lazy cash working.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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