Gabe Fenton, Boulder, CO Financial Professional, Highlights Common 401(k) Pitfalls amidst New Government Proposals for Retirement Planning

As the American public remains critical of government proposals surrounding retirement planning, many are looking at the vitality of their own savings. As a financial consultant, Gabe Fenton, Boulder, CO resident discusses what qualities make a strong retirement plan.

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Boulder, CO (PRWEB) May 09, 2013

As a financial consultant, Gabe Fenton Boulder CO professional, notes that there are many elements of fiscal responsibility that most Americans fail to acknowledge, including one of the most important responsibilities—saving for retirement. As the United States government currently proposes placing a cap on retirement savings, many citizens are becoming concerned if they will have enough resources for the future, and some may even question the strength of their current plan. In an effort to increase fiscal literacy, Gabe Fenton comments on some of the most common mistakes people make when planning for retirement in today’s economy.

Gabe Fenton, Boulder, CO professional, refers to a recent article from TIME which highlights 10 of the “biggest 401(k) mistakes.” For example, the article states, “The experts unanimously agree that the biggest mistake you can make is to not have a 401(k), especially if your employer matches your contributions.”

Fenton responds, “As an individual who has spent a great deal navigating and researching employee benefits strategies, I have found that many individuals are not taking advantage of the 401(k) opportunities offered by their employer. Although it may seem like a temporary set-back to invest in a 401(k), not signing up for one can lead to a long-term lack of savings which will certainly hurt an individual’s total savings in the future.”

Another trend that Gabe Fenton of Boulder, CO believes is worth highlighting is individuals withdrawing from their 401(k) accounts at an early date. TIME explains, “The money will be taxed at your regular income tax bracket, plus you’ll get hit with a 10 percent penalty fee. On top of this, you’re spending the money you need to grow.” According to Fenton, many people panic when they hit a “financial speed bump” and will create larger problems by temporarily finding
funds in the 401(k) account they worked so hard to build.

Fenton encourages all citizens to review the benefits of their current 401(k) opportunity and to understand how to utilize it properly. “While starting a 401(k) can seem like a major financial commitment in today’s unpredictable economy, I recommend that any individual questioning its worth consult with a trusted financial advisor to better navigate this opportunity for boosting retirement savings,” Gabe Fenton, Boulder, CO resident concludes.

ABOUT:

Gabe Fenton Boulder CO resident, is a leading professional in the world of business development and financial consulting. With more than 20 years of experience in the field, Fenton has had the ability to utilize a diverse set of industry skills to help clients gain a higher sense of fiscal responsibility, as well as discover paths to greater success. Fenton is also credited with writing an informative book titled Employee Stock Options, A Strategic Planning Guide for the 21st Century Optionaire. In addition to his years of accomplishment, this graduate from the University of Massachusetts remains focused on his work as in financial advising and business development at Bernstein Wealth Management, an asset management firm based in Denver, Colorado.


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