401(k) Tips To Ensure Your Future
April 22, 2020 - During this national pandemic and time of uncertainty, Interra stays committed to serving and assisting you with your financial needs. We know your future is important to you, and we want to help you every step of the way.
“Human nature is to pull your money out of investments,” said Vice President of Wealth Services, Brandon Yoder. “When it is in fact, the opposite. In difficult times you want to invest.” adds Yoder. Investing has the potential of providing the highest returns in the long run. Now maybe a good time to invest and talk with an experienced financial advisor.
There are five important tips to keep in mind while saving for your future.
- Start your 401(k) contributions early
- Maximize employer matching contributions
- Select the best savings rate for you
- Increase your contributions rate over time
- Leave your money in your account
Perhaps, the best 401(k) advice of all, is to leave your account alone until you retire. “You are jeopardizing your future wealth if you use your retirement savings for quick cash to fill a shortage of funds,” said Yoder. Consider the effect it will have on your future wealth. The money you put aside for retirement today compounds over time, so if you pull money out, you’re impeding its ability to grow.
Resist the urge to use your retirement savings to pay bills during this unprecedented time. It may seem hard given the situation we are all in, however, your self-control today will pay off in your future.
Interra Investments is located at Interra Credit Union, 300 West Lincoln, Goshen, Indiana. Advisors are registered representatives of CUNA Brokerage Services, Inc. Interra Credit Union, headquartered in Goshen, was charted in 1932 and has assets of $1.2 billion. The credit union’s field of membership spans 18 counties in northern Indiana, with more than 300 full and part-time employees serving nearly 87,000 members. Interra currently operates 15 offices in Elkhart, Kosciusko, LaGrange, Marshall and Noble counties in Indiana and via a suite of robust electronic services at interracu.com.
Interra Investment Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. Cuna Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America.