When you start a new job, you often have a massive packet dumped on your desk, explaining your company’s retirement plan options.  It can be overwhelming.  Today, Paula Christine breaks it down, with the help of her “401k Guru,” Shannon Maloney of Strategic Retirement Partners.

The most important thing about a workplace retirement plan is that you should always participate, particularly in a company match situation.  After all, if you saw free money laying on the street, you’d pick it up, right?  Shannon explains this in easy numbers.

Once you elect to participate, which plan should you pick?  The choices can be vast, but Shannon explains the “do it for me” plans, that come with target retirement dates built in.

Many people fall into the trap of borrowing money from their retirement plans.  Paula and Shannon talk about why this is a very bad idea, and should only be used as a last resort. 

“To Roth Or Not To Roth” – Shannon walks us through the difference between Roth and Non-Roth retirement plans, and the differences in the seed (when you put the money in) and the harvest (when you take the money out).

Finally, Paula and Shannon speak specifically to women.  It’s not that women are “risk averse,” it’s that they are “debt averse.” And most women, especially moms, know how to stretch money.

To reach out to Shannon regarding the workplace plan you have for your employees, email her at Shannon@SRPretire.com.

For bigger picture financial help, you can email Paula Christine:  paula@paulachristine.com, or visit her website: https://paulachristine.com/

Disclaimer: Investment advisory services are offered through Strategic Retirement Partners, an SEC registered investment advisor. All the opinions and comments made on this podcast today are the opinions of Shannon Maloney and not the opinions of Strategic Retirement Partners