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A 401(k) is designed as a retirement planning tool, but investors sometimes face unexpected financial situations that lead them to consider withdrawing funds from their 401(k) early. While a 401(k) is designed for long-term savings, you can access the funds early through hardship withdrawals and loans. However, there are consequences to this decision.  Here, we break down 401(k) hardship withdrawals and note what you should consider before accessing your retirement funds early.  What Are 401(k) Hardship Withdrawals?  A 401(k) hardship

U.S. Markets  Stocks posted solid gains in Q4 as investors navigated the presidential election, overseas unrest, and Fed rate cuts.  The Standard & Poor’s 500 Index rose 2.41%, while the Nasdaq Composite surged 6.17%. By contrast, the Dow Jones Industrial Average edged up only 0.51%.1  Back and Forth in October  Stocks slipped in October as pre-election jitters hung over trading while solid but not spectacular Q3 corporate reports failed to lift spirits.2  Middle East tensions unsettled investors early in the

As the New Year rolls around, now is the perfect time to take stock of your current financial health and set goals for the upcoming year. Financial New Year’s resolutions are a great way to take control of your finances, build wealth, and develop healthier money habits.  Here are the most common financial New Year’s resolutions and tips to help you achieve them.  Save More Money One of the most common financial resolutions is to save more money. Whether it’s

We’ve all heard the recommendation that when it comes to retirement savings, the earlier you start, the better because of the power of compound interest. What if you’re in your 40s, 50s, or even 60s and haven’t started saving for retirement yet? Is it too late to start a retirement fund?  The short answer is no. It’s never too late to start saving for retirement. However, starting later in life may require a different approach. Let’s dive in.  What is

November is National Family Caregiver Month, an opportunity to honor the physical, mental and emotional effort caregivers put into their role every day. When looking after a loved one, it’s important to understand the financial challenges this life milestone can create. Whether by choice or necessity, many caregivers may find themselves retiring early. If you’re exiting the workforce, there are a few things to consider making sure you and your family are supported. How to Plan for Becoming a Caregiver

In today’s digitally connected world, cybersecurity breaches are an ever-present threat. Whether you’re an individual, a small business owner, or part of a large corporation, the impact of a breach can be devastating. Knowing what to do if you become a victim of a cybersecurity breach can help mitigate damage and secure your digital environment. Let’s outline what to do if you fall victim to a cybersecurity breach. Assess the Situation As soon as you suspect a breach, assess the

For many families and individuals, saving for college can be daunting. With the rising costs of tuition, books, and living expenses, it’s no wonder that the prospect of funding higher education can feel overwhelming. However, the belief that it’s too late to start saving is a common misconception. In fact, it’s never too late to begin planning and saving for college, and there are numerous strategies and resources available to help make this goal a reality. The Rising Costs of

Social Security is a cornerstone of financial security for millions of Americans. One of the essential features of Social Security benefits is the annual Cost of Living Adjustment (COLA), which ensures that the purchasing power of benefits keeps up with inflation. Let’s look at how COLA has evolved over the years. The Origins of Social Security COLA Social Security was introduced during the Great Depression, with the Social Security Act signed into law by President Franklin D. Roosevelt in 1935.1

U.S. Markets Investors welcomed the Fed’s decision regarding short-term interest rates, causing stocks to post solid gains in the third quarter. The Dow Jones Industrial Average, which dipped in Q2, picked up 8.21% for the third quarter. The S&P 500 Index rose 5.53% while the tech-heavy Nasdaq Composite gained 2.57% as investors rotated away from technology names in favor of other groups (See Sector Scorecard).1 Small Caps Shine in July Stocks were mixed in July despite economic data that marked

As the holiday season draws near, most people are thinking about their finances over the next few months and budgeting for how they can celebrate the most wonderful time of the year. Which is perfect timing because October is National Financial Planning Month! Let’s use this month to celebrate the importance of proper financial planning and share some tips and tricks on how to get your financial planning in order. Create a Budget The first step in understanding and taking