Financial Planning and Advice Blog for Syracuse

Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
If this blog raises interest or concerns please contact us at info@highpointadv.com.

In the Driver’s Seat

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By Sarah Flick September 13, 2019

When it comes to investing for retirement, it’s up to you to decide how to manage your plan. Your company offers a major benefit through its retirement plan — a powerful vehicle that helps you save. It’s up to you to decide how to make the most of its many features, including deciding on your investments. But you don’t have to go it alone... whether you want to “do it yourself,” have a professional “do it for you” or “get some help doing it,” most plans offer a wealth of resources to get you started and keep you on track.

Drive the “car” yourself

If you’re interested in learning about the investment markets and comfortable making the choices that are right for you, you may want to be more involved in managing your plan. When you choose to “do it yourself,” you: • Mix and match individual funds from your plan’s investment menu. • Select an asset allocation fund that invests in accordance with your tolerance for risk, and then decide when you want to change to another fund when your risk tolerance or new financial circumstances warrant. • If you are interested in an “all-in-one” type of investment that automatically invests according to your time horizon to retirement and beyond, you may want to consider a target-date fund. (more…)...

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I’m Changing Jobs. What Should I Do With the Money in My Plan?

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By wpadmin August 21, 2019

Changing jobs is an important decision -- one that many of us are making more often. Once you've decided to switch jobs, your next move is to determine what to do with the money in your former employer's retirement plan.

Four Common Options

Generally, you have four options or a combination of options for handling the money in your account:
    Option #1: Keep the Money in Your Former Employer's Plan
  • If your former employer permits, leaving your money where it is may be an attractive option because it allows you to continue enjoying the potential benefits of tax-deferred compounding. If you are happy with the plan's investment options, this maybe a good choice. On the downside, there may be special conditions or fees associated with your continued participation, and you may have withdrawal restrictions in the future.
  • Option #2: Roll the Money Into Your New Employer's Plannew job on the horizon
  • This option also has its advantages -- continued tax-deferred growth of your investment and the convenience of having all of your retirement assets in one place. But because every employer has its own rules governing rollover money, review your new employer's plan and possible eligibility restrictions carefully before choosing this option.
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