Should I Manage my own 401k, 403b, 457 or TSP?

If you participate in a 401k, 403b, 457 or TSP, you may wonder if managing your own company retirement account is in your best interests.  Your personal investment knowledge, time availability, risk tolerance, and personal financial goals are some of the factors to consider. Here are some other questions to ask yourself:

• Is my 401k, 403b, 457 or TSP aligned to my overall financial plan/picture?

• Am I interested in learning about the available investment options in my plan and their risk/reward trade-offs?

• Do I have the time available to research, select, monitor and re-balance my portfolio as needed?

• Am I able to identify the fees associated with my retirement plan and weigh the trade-offs between higher cost vs. lower cost options?  (administrative fees, fund fees, advisor fees)

• Can I see the performance for all my investment accounts (inside and outside my company plan) in one view?

• Am I at the age where I want to be aware of advanced retirement account strategies? (e.g. Mega Backdoor Roths, the Rule of 55)

• Am I willing to pay a fee to a financial advisor to manage my company retirement plan?

In summary, managing your own company retirement plan can be a viable option if you have the necessary knowledge or desire to learn, the time available, and the risk tolerance to do so. However, if you lack experience or are uncomfortable with the responsibility of managing your own investments, seeking the guidance of a professional may be a better option for you.

Clear Springs Wealth has the technology available to manage your 401k, 403b, 457 or TSP for you. We can research, select investment options, optimize your portfolio, monitor your fees, and trade and rebalance your account.  We consolidate your entire financial picture, and reflect all your investment performance together. Nothing about your access to your retirement account changes.  If after weighing your answers to the questions above, you'd like to explore help in optimizing your retirement plans, please schedule a no-strings-attached free 30-min chat!