Have you updated your will lately? It’s something that’s easy to forget between making school lunches, shuttling children to numerous practices and helping with homework. But even if you remember to update your will, according to a recent report by Fidelity, there’s something else that you might have forgotten: updating the beneficiary on your 401K accounts.
According to CNN Money, this year has been a great year for many 401K investors. CNN Money reports that on average 401K retirement balances have reached “$84,300 during the third quarter, up more than 11% from $75,900 last year,” this according to information provided by Fidelity Investments after reviewing an estimated 12.6 million accounts. Continue reading
The only time it is ever a good idea to cash in a 401 (k) retirement plan early is if you are the beneficiary of the deceased owner of the 401 (k), you actually are in dire need of the money, and you are in a situation where the tax implications for doing so do not cause you any additional penalties. Other than that, there is really not many good reasons to ever cash in a 401 (k) retirement plan retirement account early. Continue reading