4 Pointers Related To Your 401K Provided By Bob Jain

By Jason McDonald

If you don't know what a 401k is, it's essentially a savings plan that is used to help someone prepare for retirement. As money is regularly taken out of one's pay, it is then pooled into a separate account that can be used once retirement is reached. You might know the importance of saving, but did you know that there are other ways to get the most out of your 401k? Here are 4 tips, offered by Bob Jain, to help you do so.

According to authorities on finance like Robert Jain, you should contribute more to your 401k with every pay raise you receive. While you don't have to contribute your entire raise to each month's savings, the truth is that a little more can go a long way. This is especially true if you remember that a 401k has to be built over the course of several years. Don't let your raises go to waste; invest them wisely in this plan.

What if your employer is able to match your contribution? Believe it or not, many workplaces match what their employees put into their respective 401k plans, which means that those men and women earn more money toward said plans. This accumulation of "free money," for lack of a better term, ensures that these individuals retire sooner in life. If you feel like you're not receiving this benefit, ask your employer to learn more.

You should also resist dipping into the money in your 401k plan, as it can have many negative consequences. First, you will be penalized for taking money out, meaning that you'll have to make a payment on top of what you've withdrawn. Second, you will reduce progress made from a retirement saving standpoint. While it's understandable that someone may fall on hard financial times, taking money out of the 401k is an absolute last resort.

To wrap things up, and to help you truly maximize your 401k, review the plan in question at the end of each year. This will provide you with an opportunity to evaluate the progress you've made up until that point. It may also encourage you to make any financial changes that you see fit. If you feel like more money can be invested without hampering your day-to-day responsibilities, this should be considered. The more thorough your review is, the more you stand to gain from it.

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Bob Jain: 4 Ways For Retirees To Use Their Time

By Jason McDonald

For many people, retirement is the ultimate goal of working full-time. People want to make enough money so that, one day, they can leave the workforce and live their golden years to their fullest. Retirees might be under the impression that they can't contribute, though, which is far from the truth. As a matter of fact, here are 4 ways that retirees can use their time wisely, courtesy of financial minds including Bob Jain.

One of the best ways that retirees can spend their time is by learning new skills. Have you ever wanted to learn how to play guitar, for example, but never had the time to do so? Once you're out of the workforce, in theory, you have all the time in the world to become a musician. While there are other ways to spend retired life, this is one of the most common that the likes of Bobby Jain can recommend to others.

You may believe that retirement leads to a life with no work involved, but this isn't always the case. As a matter of fact, it's not far-fetched for a retired individual to take on part-time work. One of the reasons why this may be done is out of boredom. It could also help someone get out of the house from time to time. Whatever the case may be, the ability to work part-time, regardless of the workplace, can lead to a satisfying feeling of productiveness.

You may not believe this, but someone that's retired can go to school as well. College is one of the most rewarding experiences in the long term, which is especially true when you have the time to devote to your studies. No matter how old someone is, they are still many skills and experiences that they should be open to. This is where different colleges, universities, and places of learning come into the picture, meaning that going back to school is a definite possibility.

What if someone doesn't want to go to work or school, but still wants to make a difference in their area? There are many organizations that encourage people to get into volunteer work, which is a great opportunity for any retiree. By working together with other people, oftentimes from different backgrounds, a sense of unity is created. It also doesn't hurt that volunteers feel empowered, which makes sense given the fact that they can make a considerable difference.

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For more details regarding retirement planning and saving, please consult Bob Jain.. Free reprint available from: Bob Jain: 4 Ways For Retirees To Use Their Time.