401K Plan Hickory NC

Having a 401K plan in Hickory is a critical factor to building a nest egg for retirement. Whether you stop contributing or not is up to you, but I recommended that you contribute something every paycheck, especially right now since the market has dropped substantially.

Mr. Ryan A Mumy, CFP®
(828) 855-9400
200 1st Ave NW Ste 303
Hickory, NC
Firm
Mumy Financial Advisors, LLC
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000



Data Provided by:
Mr. John C. Olson, CFP®
(828) 324-0127
34 2nd St NW
Hickory, NC
Firm
ameriprise financial

Data Provided by:
Ms. Katherine S. Newton, CFP®
(828) 322-9595
PO Box 1177
Hickory, NC
Firm
Waite Financial, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000



Data Provided by:
Mrs. Anna H. Winger, CFP®
(828) 381-0186
408 2nd Ave NE
Hickory, NC
Firm
Huegerich & Winger, PLLC
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Elder Care, Estate Planning, Legal Advice, Planning for Couples, Young Professionals

Data Provided by:
Ms. Beth L. Deal, CFP®
(828) 324-1422
21 1st St NW,Ste 401
Hickory, NC
Firm
Ameriprise Financial Services,
Areas of Specialization
Comprehensive Financial Planning, Elder Care, Estate Planning, Insurance Planning, Intergenerational Planning, Investment Management, Life Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. Mark M. Teague, CFP®
(828) 409-1024
2425 N Center St #327
Hickory, NC
Firm
Hickory Financial Group
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning, Investment Management

Data Provided by:
Mr. Tomohiko Minami, CFP®
(828) 323-2364
200 1st Ave NW Fl 2
Hickory, NC
Firm
Wells Fargo

Data Provided by:
Mr. John Bryan Philpott (RFC®), CSA
(704) 237-9927
1333 2nd St NE Ste 310
Hickory, NC
Company
Aspire Wealth Management
Qualifications
Education: Kaplan -series 65 Investment Advisor Repesentive Life & Health NC
Years of Experience: 8
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Pension Planning, personal Coach, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Family Offices, Annuities, Life Insurance, Long Term Care Insurance, Business Coach, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided by:
Mr. Kirk C. Hobart, CFP®
(828) 308-5665
PO Box 9257
Hickory, NC
Firm
Higher Ground Financial, LLC

Data Provided by:
Randall Wayne Rice, CFP®
(828) 324-0127
34 2nd St NW Ste 300
Hickory, NC
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Data Provided by:

401K Plan

Simply put the answer is yes - absolutely. Here are the reasons why. Let’s assume you took a substantial hit to your 401K plan when the stock market plummeted approximately 40%.

The amount of stocks, bonds, mutual funds, and other holdings that your 401K provider continues to purchase at the currently lower prices will eventually increase in price once the stock market rebounds. If you do not contribute, you will be losing out on the potential increase your overall portfolio will obtain.

The basic rule of investing is to buy low and sell high. Now is therefore a great time to make substantial contributions to your 401K, especially if you are a young individual who has just entered the business world or if you are five to ten years from retirement. It’s a good idea to check with your 401K plan provider or employer to determine what the maximum contribution is and, if at all possible, whether you can meet that amount annually.

If you cannot afford to maximize your contributions, you can determine what percentage you can afford per paycheck so that at least you are contributing something to the plan. For example, let’s assume you can only contribute 5%. Take time to set a household budget and then determine how much you can afford to contribute to your 401K. Perhaps you can start with 5% and increase it by 1% each year, until you reach the maximum allowed. Remember also that the contributions to 401K’s are pre-tax so that the bottom line impact to your take home check will be much less.

Having a 401K plan is a critical factor to building a nest egg for retirement. Whether you stop contributing or not is up to you, but I recommended that you contribute something every paycheck, especially right now since the market has dropped substantially. Remember the basic rule of investing – buy low and sell high – and take advantage of the significant drop in the stock market.

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