The I’m over 59 ½ 401(k) solution
Well, we made it this far, so let’s celebrate life! Congratulations to me and you! If we play our cards right, we just might have another 20-30 years in us.
The big question is: Will your 401(k)?
The 5 mistakes people over 59½ make with their 401(k)
By age 59 1/2, you should have saved at least 7 times your salary in your 401(k). If you haven’t saved that much, you need to start catching up now.
Don’t just put your money in the default option in your 401(k). Take some time to learn about the different wealth-building options and choose ones that are appropriate for your age, risk tolerance, and investment goals.
As you get closer to retirement, you should start to reduce your risk exposure. This means choosing a strategy that offers guarantees and the safety of your principal.
Over time, your investment portfolio can become unbalanced. This means that you may have too much money in one type of asset and not enough in another. To keep your portfolio on track, you need to rebalance it regularly.
You can start withdrawing money from your 401(k) without penalty at age 59 1/2. However, it’s generally best to wait until you’re at least 65 to start withdrawing money. This will give your money more time to grow.
(Actually, there are 15 mistakes, and number 9 is a real doozy!)
I’ll share the other 10 mistakes with you when you schedule a complimentary conversation with me!
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