401(k) Financial Advisor

If you’re an employer who needs help with your employees’ 401(k) plans or an individual investor needing advice about your 401(k) investments, having a 401(k) financial advisor who is passionate about helping you can be very beneficial. 401(k) advisors can offer assistance and advice with 401(k) investing issues for individuals and organizations in Florida and beyond.

At Oxford Advisory Group, we aim for our employers and individuals to have a successful retirement and receive value for the money invested.

What is a 401k?

A 401(k) is a retirement saving and investment plan with tax benefits offered by employers in the US. The employer pays a percentage of the employee’s salary to an investment or savings account chosen by the employee.

401(k) was designed to encourage savings and investment toward retirement, and you can either choose the traditional 401(k), the ROTH 401(k), or both.

Do I need a 401k?

Yes! You should get a 401(k). It is advantageous to make contributions in a 401(k) account and save for your future.
This gives you the assurance that you have some money to look out for when you retire. 401(k)’s can also help you enjoy investment returns on your money.

Is a 401k a retirement plan?

A 401(k) is a qualified workplace retirement plan. A retirement plan is a savings and investment plan where part of your money is invested for you and made available for you when you retire.

How does a 401k work when you retire?

When you retire, you have different choices to make about your retirement contributions. You can either leave the money in the 401(k) account till you are at the age of required minimum distributions (RMD) which is 72 years, or roll over into an individual retirement account.

However, there are rules guiding a 401(k) account which largely depend on your employer and the IRS. It is important to understand these rules and ask questions before making decisions relating to your 401(k) account.

You can also speak with a 401(k) financial advisor at Oxford who can guide you in your decision-making and let you know the right step to take.

How much do I need in my 401k to retire?

The amount you need to have in your 401(k) to retire largely depends on your annual salary and the age you retire.

If you retire at the age of 50, you should have saved six times your annual salary in a 401(k) account. If you retire at age 60, you should have saved eight times your annual salary. If you retire at 67, you should have saved ten times your annual salary. So, if you earn $80,000 per year and you retire at 67, you should have saved $800,000 in your 401(k) account.

The bottom line is that you should save as much as your 401(k) maximum contribution allows. And if your employer matches your contributions, take advantage of the opportunity and save up to your employer’s maximum contribution.

Do I need a financial advisor for my 401k?

Yes! You should get a 401(k) financial advisor. A 401(k) financial advisor might not seem necessary if you think all you need to do is follow some rules, but with a financial advisor, you can make the most of your 401(k). Here are reasons you need a 401(k) financial advisor:

They offer financial advice: With a financial advisor, you no longer have to worry about what to do and what decision to take concerning 401(k) investments. A financial advisor will advise you on what to do and can help you make the right decision.

They allocate your contributions: The 401(k) plan has limited investment options, usually mutual funds. A 401(k) financial advisor can help you choose the right investment options with a high return that aligns with your retirement goal. This is done by helping you allocate your money to these investment options.

They plan your finances: Financial advisors are not only focused on helping you get the most out of your 401(k), but they also provide financial guidance for your other assets and can help you plan the money you have outside your 401(k) account.

401k financial advisor for Employers in Florida & South Carolina

The obligation on employers of 401(k) plans is enormous. They are required to do the following:

• Understand the needs of employees
• Deliver the right service provider
• Pick the best plan and design provisions
• Choose and keep track of investments
• Keep an eye on legislative changes
• Ensure the proper administration of your plan
• Educate and inform plan participants

If these steps are followed, the plan should help employees achieve their retirement goals and help the business keep valuable employees on board.

But how do you know if your 401(k) plan is working for your employees? What are the criteria for choosing providers and investments? Does your organization have the capabilities in-house to take on these responsibilities?

Some of these responsibilities and requirements can be daunting for employers, and this is why you should consult a 401(k) financial advisor.

Unless your business has professional 401(k) plan experts exclusively dedicated to handling employee retirement plans and issues, it’s a smart decision to consult a 401(k) financial advisor who is passionate about helping you maximize the 401(k) possibilities for your company and your employees.

401k financial advisor for Individuals in Florida & South Carolina

A 401(k) financial advisor in Florida can also help individuals make the most of their 401(k) plans. Professional advisors will consult with you about your financial goals, including your ideal retirement timeframe, any travel you desire to do after retirement, or other dreams and plans you have for post-retirement life.

A 401(k) financial advisor can also assist you in investing to achieve these goals as you prepare for retirement.

Contact us at Oxford Advisory Group today to get started!