4 Successful 401k Tips for 2021
With so much confusion in our lives in 2020, it was a challenging year leaving many insecure about what tomorrow would bring. However, it wasn’t all bad. Here are some bright spots for 2020 and going into 2021.
The year 2020 was a whirlwind, and I’m not sure we should expect much different in 2021. If last year taught us anything, we need to make sure we are financially prepared for economic turbulence. Follow these steps to secure your financial and investment portfolios in 2021.
1. Stay Diversified. The left-leaning Democrat party seems to be in full control of Washington. In the short term, the market may welcome the possibility of more stimulus spending, only to later turn depressed over the accumulation of more debt. It’s more important than ever to maintain a well-diversified plan. Keep in mind that the Covid “never open” folks have shut down small businesses, forcing money to go into the publicly traded companies on the New York Stock Exchange. A small Mom and Pop restaurant may have been destroyed, but that doesn’t mean Walmart, Amazon, or Target didn’t benefit.
2. Embrace technology; Especially the art of rebalancing. With the uncertainty of more regulations, we may see greater volatility. Buying the dips and selling the upswings may allow you to take advantage of those swings.
3. Take a look at the possibility of converting money from tax-deferred vehicles into taxable vehicles. With a left-leaning administration typically comes higher tax rates. As the tax code is already set for 2021, it may be essential to consider changes before 2022.
4. Understand your financial roadmap. Too many folks are not using financial planning software to see a clear picture of their financial plan. Where are you now? Where are your investments going, and how are you monitoring that progress to make sure you achieve your goals?
5. Be careful of wholesale changes outside of your risk tolerance. Left-leaning administration will not automatically get their agenda. They tend to swing for bigger projects such as reforming healthcare. These projects tend to be front-loaded with goodies and backloaded with the actual costs. It will be another administration’s problem to pay for it.
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The Financial Guys and Independent Solutions Wealth Management LLC. are not affiliates of Peak Brokerage Services, LLC.”
With so much confusion in our lives in 2020, it was a challenging year leaving many insecure about what tomorrow would bring. However, it wasn’t all bad. Here are some bright spots for 2020 and going into 2021.
So, What is a Certified Social Security Claiming Strategist (or CSSCS)? Certified Social Security Claiming Strategists are individuals who have completed a training course and have gained the proper knowledge to assist you in the area of Social Security claiming.
The Financial Guys have the answer you may be looking for when it comes to managing your 401k during a recession. Watch the video here for details.
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