9 401(k) Mistakes & Solutions All Boomers Should Be Aware Of

June 30, 2020 · Personal finance

8^th Mistake: Not Seeking Professional Advice

At first glance, looking for professional help might seem like a bad investment. After all, there are so many online resources you can use, and that’s true! So why not use them for free? Why should you pay someone to tell you exactly what you should be doing with your money and why?

Studies have found that baby boomers who hire a professional to help them with their finances have saved a lot more in their 401(k) accounts. In fact, those who haven’t only had an average of $286,671 while those who did had an impressive $333,085.

On which side of the fence would you like to be?

A healthy retired couple walking across a strong stone bridge in a sunny park. — An active couple walks across a stone bridge, representing the healthy lifestyle you should start building today.

What You Should Start Doing Now

The reason why online resources might only help you on the first leg of the journey is because they’re very limited in nature. Even we can’t tell you exactly what to do and how to do it. Sure, we can give you advice, but a professional will be able to look at your finances as a whole and give you precise pointers.

A financial advisor will spot any mistakes that you make and can help you come up with a comprehensive retirement plan- before and after. If you’re bleeding money they’ll know exactly how to stop it.

Furthermore, most people who pay for services will want to get their money’s worth, so this could be extra incentive for you to really kick it into gear and follow their coaching to the letter!