When it comes to managing your retirement funds or 401K, one thing is becoming more and more clear: It’s up to you to do so, perhaps more so than ever.
The biggest reason is that it’s becoming increasingly more difficult to rely on companies to provide a pension or 401 (k).
Pensions used to be the way to go for many companies, but those are becoming virtually nonexistent. Few ever had pensions to begin with, according to Ed Chairvolotti, CEO of 401karat.
“In this country, only 17% of the population was ever covered by a pension,” he said.
Companies then started to rely on providing 401K accounts for their employees, but even those opportunities are starting to diminish, according to Chairvolotti.
“Today, you are 100% aware and you are 100% responsible for you own retirement,” he said. “Today, only 50% of companies have a 401 (k).”
Visit this website to learn more about what retirement options are best and how to better manage a personal 401 (k) account.
To learn more, watch the video above.