401K Loans and Other Ways to Doom Your Retirement

Get that free 401K review from Blooom and find out why 401K Loans and hidden investment fees will wreck your retirement https://mystockmarketbasics.com/blooom 401K plans are arguably one of the best investments you’ll ever make but there are a lot of mistakes lurking in these programs. From borrowing money from a 401K to investment fees and Target Date funds, there are a lot of ways to destroy wealth rather than create it. It’s a big reason that so many retirees have so little saved, even the ones with a company 401K plan. It’s not investing too little but investing it the wrong way. That means it might not matter if you max your 401K or whether you have a Fidelity 401K, Prudential 401K, Vanguard 401K or any other plan – you could still be falling for some of these mistakes. That’s why it’s important to use a third-party, independent provider to check your 401K fees, investments and make sure you’re on track to reach your goals. In this video, we’ll look at the five most common 401K mistakes and how to avoid them. It’s the first in a series of three 401K tutorials in partnership with Blooom. Be sure to subscribe to see those next two because we’ll be looking at how much to put in a 401K and other questions next week. Average 401K Balances by Age Being Too Aggressive or Too Conservative in Your 401K Plan Why a 401K Target Date Fund is a Mistake Forgetting to Rebalance Your 401K Investments Hidden Fees and 401K Loans Managing Your 401K Plan SUBSCRIBE to create the financial future you deserve with videos on beating debt, making more money and making your money work for you. https://peerfinance101.com/FreeMoneyVideos Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps. The information is provided for discussion purposes only and should not be considered as advice for your investments. Please consult an investment advisor before you invest. Investing involves risk. Your investments are subject to loss of principal and are not guaranteed. Blooom is limited to the funds available in your employer sponsored retirement plan. There is no guarantee blooom can or will reduce your fund expenses. Source *Retirees living in poverty: Kaiser Family Foundation analysis of Current Population Survey, 2017 Annual Social and Economic Supplement https://www.kff.org/medicare/issue-brief/how-many-seniors-are-living-in-poverty-national-and-state-estimates-under-the-official-and-supplemental-poverty-measures-in-2016/ Source *42% reduction in fees from Target Date funds: https://www.blooom.com/learn/facts-and-stats/ Source *Forbes quote fees cost to investor: https://blog.blooom.com/pitfalls-going-alone-401k/