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Converting Your 401(k) to an IRA

September 20, 2021

So you’re leaving your job to pursue new opportunities — congratulations! If you’ve been contributing to a 401(k) in your previous job, you want to make sure you’re safeguarding and optimizing that investment. Generally speaking, when you leave a job, but you’re not retiring, you have four options to address your 401(k) plan:

A Timeless Investment Philosophy

July 8, 2021

by Steve Schou | FNBT Wealth Management Trust & Investments Officer

When an investor takes a proactive approach to their investment plan in three key areas, and is committed to sticking to their plan in negative markets, their investment returns will be significantly greater over the long-term.

Posted in: investing

Why Pay for a Qualified Retirement Planner Instead of Doing It Yourself?

July 8, 2021

by Steve Schou | FNBT Wealth Management Trust & Investments Officer

In many all aspects of life, there are things we can do ourselves and other things we can’t.  If your taxes are simple; you can probably do them yourself, if they are more complicated, you go to a Certified Public Accountant (CPA).  If you cut yourself, you get a band-aid; but if you need stitches, you go to a doctor.  The same holds true for handling your finances.  In the early stages of accumulation for retirement, and you are maximizing your 401(k) contributions, Individual Retirement Accounts (IRAs), and you’re feeling comfortable with your investment selections; you may not need professional help.  The do-it-yourself approach may work well.  Usually, investment mistakes made during the accumulation years can be recovered over time.  However, investment mistakes closer to and in retirement become critical.  There is less time to recover from a wrong move. Too often, self-investing can lead to over concentration in bull markets, panic sales in bear markets, and lopsided investment strategies.

Posted in: investing, retirement

Questions to Ask When Opening a Savings Account

June 21, 2021

Opening a savings account can help you take control of your finances. You can use your account to save for a large purchase or to set up an emergency fund. Emergency funds can help you weather unforeseen occurrences. The common guideline is to save up to three to six months of your common expenses to take on any challenges that come your way. As you explore where to open a savings account, consider the following questions.

Posted in: account, balance, banking, fees, minimum, money, monthly, online, saving, savings