There are many things we can be thankful for this holiday season. Our families, our friends, our jobs, our country. When I think of the holidays, particularly during Thanksgiving last week, I always picture Norman Rockwells
While 401(k) plans may not be the perfect retirement plan vehicle, they do have a number of important attributes that most of us probably take for granted:
Freedom to direct your investments. Isnt it wonderful to know that you have control over your 401(k) plan account and if you manage it correctly you can end up with a fantastic retirement?
Freedom and ability to accumulate retirement savings. We live in a country and at a time when most of us are able to earn more than enough to live on. We can actually save some of our earnings for our retirement. Our economic system, entrepreneurial spirit and work ethic make this possible and are unique in the world.
Freedom of fear from loss. Our 401(k) plan savings are tucked safely away in trust accounts, free from interference from our employers and the government. Laws exist to preserve our 401(k) accounts in the event of our bankruptcy and protect them from seizure by creditors. These, and a number of other features, give us solid reasons to believe in the possibility of retirement.
Freedom to get smarter and obtain help. Many tools are available to help participants become better investors. Nearly all plan participants have the option of receiving investment advice from a professional. All these services are available at no charge. Nothing stands in the way of a motivated saver who wishes to create the retirement of his/her dreams.
I hope that you and your family enjoy a wonderful holiday season.
Robert C. Lawton is president of Lawton Retirement Plan Consultants, LLC a Registered Investment Advisory firm helping retirement plan sponsors with their investment, fiduciary, employee education and compliance responsibilities. Mr. Lawton may be contacted at bob@lawtonrpc.com or 414.828.4015.
