{"id":536,"date":"2025-01-28T08:21:33","date_gmt":"2025-01-28T13:21:33","guid":{"rendered":"https:\/\/tfolifeacademy.com\/tfowealth\/?post_type=read_it&p=536"},"modified":"2025-01-28T08:26:38","modified_gmt":"2025-01-28T13:26:38","slug":"new-job-and-four-tips-for-your-new-401k","status":"publish","type":"read_it","link":"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/new-job-and-four-tips-for-your-new-401k\/","title":{"rendered":"New Job and Four Tips for Your New 401(k)"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Land a great new job? Awesome. Now is the perfect time to think about your 401(k) and retirement plan, whether you had one before or not. Saving for retirement is important at all ages, so don\u2019t let this opportunity fall to the bottom of your list.<\/p>\n

Here are four tips to consider when starting a new job and a new 401(k).<\/p>\n

    \n
  1. <\/strong>Make more contributions if you have a bigger paycheck.<\/strong>
    \nWhen you get a raise, it is a good idea to increase the amount you contribute to your 401(k). You didn\u2019t have this money in your pocket, so you don\u2019t miss it when you put it straight into your 401(k). The contribution limit for 2025 for those under age 50 is $23,500. If you already meet the limit, ask your financial advisor whether you should consider contributing to an individual retirement account (IRA) for even more retirement savings.<\/li>\n
  2. <\/strong>Don\u2019t pass up the new employer\u2019s match.<\/strong>
    \nSometimes, employers provide a 401(k) match as part of their employee benefits package. They may match your contribution dollar for dollar or a percentage of it up to a set amount. Your company match is free money. Don\u2019t let it slip through your fingers. If I offered you a bundle of cash \u2014 a few thousand dollars\u2014 would you turn it down? Find out the limit and at the bare minimum, contribute that amount.<\/li>\n
  3. <\/strong>Name your beneficiaries for your new 401(k) plan.<\/strong>
    \nKeep your beneficiaries consistent across all retirement accounts and according to your estate plan. So be sure to update your new plan to reflect changes in your beneficiaries. Are you now a parent or do you have a new spouse? Updates allow your 401(k) account to pass directly to the person of your choice should you pass away.<\/li>\n
  4. <\/strong>Above all, don\u2019t forget to enroll in your new plan.<\/strong>
    \nWhile this may seem obvious, it\u2019s easy to forget signing up for your new company\u2019s 401(k) plan, because many employers require a short waiting period before new employees are eligible to join. If you have to wait, put a reminder in place \u2013 circle the enrollment date on your calendar and set an alarm on your smartphone. Just don\u2019t forget.<\/li>\n<\/ol>\n

    If you have an old 401(k) account, wondering what to do with it? You may prefer to roll your old 401(k) over to an IRA, as it gives you the ability to invest your account in a variety of mutual funds, stocks or bonds beyond what your employer may offer. This helps you to build a well-diversified investment allocation.<\/p>\n

    For easier management, some may consider consolidating an old 401(k) account with a new one. First, you need to research what investment options your new plan offers. It is common that employer-offered 401(k)s have a smaller number of investment options than an IRA. For example, emerging markets equity funds and small-capitalization value funds are rarely offered.<\/p>\n

    Then you should compare the underlying fees and expenses in your plan with those in an IRA. The operating expense ratios of the available options can often be higher. Finally, talk to your new 401(k) plan administrator to guide you through the steps for rollover.<\/p>\n

    Taking your money out of an old 401(k) as a distribution is not a good option. If you\u2019re under 59\u00bd, you have to pay taxes on the withdrawal and a penalty from the Internal Revenue Service. Typically, keeping those dollars in a tax-free or tax-deferred account as long as possible is a good idea.[\/vc_column_text][vc_column_text el_class=”disclosure-small”]Source: https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000<\/p>\n

    Advisory services provided by TFO Wealth Partners. This Article is being provided for informational purposes only, does not constitute investment advice. TFO Wealth Partners, LLC does not provide any guarantee, express or implied, that the information presented is accurate or timely, and does not contain inadvertent technical or factual inaccuracies.<\/p>\n

    As always, please keep us apprised, in writing, of any changes to your personal\/financial situation or investment objectives. Also, if you would like to add or modify, any reasonable restrictions to our investment advisory services, please contact us so we may evaluate and properly manage your account(s) and service you. We shall continue to rely on the accuracy of information that you have provided.<\/p>\n

    Legal and tax information is general in nature. TFO Wealth Partners is not engaged in the practice of law or accounting; always consult an attorney or tax professional regarding your specific legal or tax situation. We believe this information provided is reliable, but do not warrant its accuracy or completeness. It is provided for informational purposes only and should not be construed as legal or tax advice. Laws may change pursuant to the new administration\u2019s legislative agenda.<\/p>\n

    332bWP \u2013 2025.01[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    Has your younger family member recently landed a great new job? Here are four tips they should consider when starting a new job and a new 401(k).<\/p>\n","protected":false},"featured_media":537,"template":"","read_it_category":[22],"acf":[],"yoast_head":"\nNew Job and Four Tips for Your New 401(k) - TFO Life Academy<\/title>\n<meta name=\"description\" content=\"Has your younger family member recently landed a great new job? 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