"Your company-sponsored plan is a bulletproof tax deduction," says Dennis De Gidio, regional sales consultant for Thrivent Financial.
warns that if employees change jobs or are downsized, 401(k) loans may be and most often are due in full.
That creates an expensive problem if funds aren't available to pay off the loan or make the payments.
Since the loan is then considered a premature withdrawal, taxes and penalties are assessed if the employee is under age 591/2.
"The most important factor in 401(k) investing is making sure your investment decisions complement your overall asset allocation strategy," says De Gidio
"Take a hard look at the investment options in the plan to see how they fit with your risk tolerance and time frame.
Then ask yourself: ,Can I sleep at night with the choices I've made?'"
Your Thrivent Financial representative has the expertise to look at all the pieces of your financial puzzle to make sure they mesh with your 401(k) investment choices.
can recommend IRAs, education savings plans, tax-deferred annuities or other vehicles to meet your long- and short-term savings goals.
"This is not a do-it-yourself task," notes De Gidio
stresses the importance of seeking the help of your Thrivent Financial representative.
"Now, more than ever, employees need to make sure their employee benefit package meshes with their overall financial objectives," says De Gidio