Five Steps to a Healthy 401(k)

A solid 401(k) investment strategy is crucial to securing your financial future. Whether you're just starting out or are a seasoned investor, regularly assessing your approach can help ensure you're on track to meet your retirement goals. To assist you, we've compiled a checklist to help you evaluate your current 401(k) strategy.

• Check your account statement
  Ignorance isn’t bliss when it comes to your retirement savings. Take a moment to see whether your balance is up or down, and ensure your investments align with your financial goals.
• Keep contributing to your 401(k)
  Maximize the benefits of your 401(k) by contributing as much as you can. Not only do you reduce your taxable income, but you also benefit from any employer matching contributions. If you change jobs, resist the urge to cash out—transfer your savings to an IRA or your new employer’s 401(k) plan to maintain your tax advantages.
• Stay focused on your goals
  Successful long-term investing requires patience. Don’t let daily market fluctuations distract you from your long-term goals. Focus on the bigger picture.
• Diversify your portfolio
  If you’ve been considering diversification, now is the time to act. Delaying could lead to missed opportunities or potential losses in your portfolio.
• Create a plan
  Developing an investment plan tailored to your long-term goals is simpler than you might think. Proper asset allocation can significantly reduce your investment risk.

For personalized guidance in refining your 401(k) strategy, schedule a free consultation with one of our Provident Financial Consultants²³³ by calling (800) 656-4096 or clicking the appointment button below.

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