Everyone wants the auto mechanic who is willing to say, “We’ll keep an eye on this, but I don’t recommend you replace this part on your car right now. Why spend money when you don’t absolutely have to?”
No one wants a mechanic who is always trying to urge you into buying that high-priced part or upgrade when it’s not absolutely necessary. That’s because the first mechanic has your best interests in mind.
They’re not trying to wring as much money from their customers as they can; they’re trying to ensure the customers are always on the road, happy and taken care of.
Here are three separate parts of every company 401(k) retirement plan account. There is the sponsor (the company you work for), the provider (the company who has custody of your company 401(k) money…Fidelity, Schwab, Vanguard, etc.), and you, the company 401(k) retirement plan participant.
Which of these three groups has the highest level of concern regarding your company 401(k) retirement plan account?
The U.S. stock markets are near all-time highs. The Federal Reserve is already in the process of rising interest rates from all-time lows. Now is an excellent time to ask yourself about who has the best interest in mind for your 401(k).
If your currently have old company 401(k) accounts laying around from previous employers, this question is especially timely now. Every company 401(k) retirement plan menu has its own set of risks.
Find an experienced and qualified mechanic for your company 401(k) retirement plan accounts. And make very sure that they continue to act in your best interest.
Ric Lager
Lager & Company, Inc.
