Let’s get right to the list. No one has the time to consistently manage their Minnesota company 401(k) retirement plan account. Below are the four most important things to focus on.
Limit your investment choices. You don’t have time to become an expert in all the mutual fund options on your company 401(k) retirement plan menu. Limit your choices to stocks and bond. Then decide how much money you want invested in each of those two categories.
Ask questions. Find out how other employees at your company have managed their company 401(k) retirement plan accounts. Do they work with a professional investment advisors? Do they manage their company 401(k) retirement plans on their own? Don’t be shy about asking the questions to find out information that can help you.
Put a plan in place as soon as possible. By now, you should have your stocks versus bonds decision made. You should also know which company 401(k) retirement plan mutual funds you want to own now. Make it happen. Don’t hesitate on your follow through.
Manage your investment risk. The stock and bond markets make gradual changes every day. Eventually those gradual changes lead to a change in the overall direction. You need to change your investment strategy when the markets change. Keep the investment gains that you made in the past. And set yourself up for more investment gains in the future.
Ric Lager
Lager & Company, Inc.
