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Beth A. Botti, CFP®, ChFC, CLU, CDFA™

Financial Consultant

California Insurance License #0G24537

 

612 Wheelers Farms Road, Milford, CT 06460

 

Phone:  203-877-6556 Ext. 169

Fax:      203-301-0736

Email: beth.botti@equitable.com

November/December 2024

Tools to Help Automate Retirement Investing

Investment Tools words in 3d letters in a red metal toolbox to illustrate financial advice and resources to help you grow wealth, income and earnings

Company-sponsored 401(k) plans have undergone significant changes over the years, including matching contributions from your employer and automatic enrollment, rebalancing, and contribution escalators. Even if you don't have these options, you can still model your retirement investing behavior after some of these plan features.


Auto Enrollment
If your retirement plan doesn't offer automatic enrollment, ask what you must do to join. If you don't have a workplace plan, make it your mission to research the qualifications and contribute to an individual retirement plan.


Auto Contributions
Before starting a new job, forecast your take-home pay for your monthly budget after subtracting an amount for retirement contributions. (Remember that your contributions will likely be deducted on a pre-tax basis.) Start contributing as soon as you're eligible because time means everything when building your retirement accounts.


Auto Escalators
Why not put the extra money into a retirement account when you get a raise? Employers can invest your raise automaticallly — before tax — so you do not even see it in your paycheck. If yours doesn't, request a change to your contribution level.


Auto Choice
Some people don't enroll in 401(k) plans because they don't want to choose any investments. So, some employers automatically put employees' contributions into target-date or balanced accounts. Do the same if you don't want to choose among investment options.


Auto Rebalancing
If you choose to invest in a workplace or other retirement plan, it pays to diversify.* To keep your portfolio diversified as planned, you'll need to rebalance it regularly, say every six or 12 months. Many 401(k) plans include this feature; otherwise, set yourself a reminder.


Auto Rollover
Some employers automatically roll over retirement plan balances for employees leaving one job for the next, but the new employer will have to accept these rollovers. If your previous employer doesn't do this automatically, ask your new place of employment about rolling the balance over.


*Diversification cannot eliminate the risk of investment losses. Past performance won't guarantee future results, and investing in stocks or mutual funds can result in a loss of principal.

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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.

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