Make Money - 401K Plan

Question: I am 50 years old and have most of my retirement assets in my employer-sponsored 401K plan. How would you suggest I protect myself from another downturn similar to 2001?

Dr. Gala's Response: You are not alone. There are billions of dollars held in employer-sponsored accounts. Have you researched your available investment options? By doing that, you can determine which funds best match your objectives. You would want to know much more than just performance history. The fund rating and current management are important considerations. If you aren’t comfortable doing your own research, some financial planners will do the work for you for an advisory fee. Your allocation should be evaluated at least quarterly. Even a small performance improvement can more than pay for the fees charged by your advisor. Typically, I see very little attention paid to this potentially huge component of a person’s savings for retirement.