Did you hear that yesterday Exxon Mobile announced it was STOPPING all contributions to employee 401(k)s!You can read the full article here.
This should cause great concern if you have a 401(k) plan with your employer. If Exxon can do this then there is a likelihood your employer can to! With all the economic and financial turmoil that 2020 has brought us, we should prepare for the unimaginable.
Not only are 401(k)s one of the most common retirement plans for Americans (32%), they are also the riskiest! The basis of their value is based on the stock market, which as we know has been a roller coaster lately. So imagine all the money you put into your retirement account and how it can be wiped out or severely depleted without notice. This is your FUTURE! It happened to many during the 2007-08 financial crisis. At Outfitter Wealth we personally know many people who worked in the Oil & Chemical plants along the Mississippi who lost $500,000+ of their retirement. Over half of their life savings GONE, just like that. Some people ended up putting off retirement or not living the life they had hoped in retirement. Some even had to go back to work after retiring. And the scare thing is... it can happen again.
Now is a good time to consider moving your money to a more secure and safer private retirement plan.
Here are the Top Reasons to consider moving your money.
YOU CAN BE WIPED OUT OVERNIGHT
COMPOUNDED AND HIDDEN FEES
YOUR MONEY IS TIED UP
YOU HAVE NO CONTROL
THE GOVERNMENT OWNS YOUR 401(K)
We have a more in-depth explanation of the risks on our website, here.
If this strikes a chord with you or gives you heart palpitations look into alternatives to a 401(k) retirement plan. They are out there... more secure, guaranteed increases and more.