Interview Kathleen E. Owings.
Financial Advisor, Kathleen Owings can discuss the topic of how to go about finding and hiring the right financial planner for your individual or family needs.
Some key points that Kathleen Owings
on 401(k) Contributions:
Before Increasing Your 401(k) Contributions
The first thing I encourage clients to think about before they increase their contributions is how much debt do they still have. Student loans, car loans, personal loans are all too common. So, before a client increases their contributions I ask them to look at the debt to see if those additional dollars can be put towards the debt. If they have the debt under control, then we also look at college savings for their kids. If they have not started a 529 savings account for their kids then that is another place we would look for additional savings.
Other Ways to Save Once Your Contributions Have Hit the Maximum
When someone has maxed out their contributions we look to see if their spouse is taking full advantage of their employer’s plan. If they have taken advantage of all employer-sponsored plans, then we look to max out a Roth IRA for each person. Once we have the Roth IRA maxed out, then we can look to save in a brokerage account. Additionally, if they have children we look to see if they are saving for their college education.
Additional 401(k) Advice
First and foremost, you want to make sure you are taking advantage of any matching contributions that your employer may offer. If you are married, then see if both employers offer a match and take full advantage of that. A general rule of thumb is that you should be saving between 10-15% of your household income for retirement. However, every situation is unique, so I recommend that people consult a financial professional to determine their tailored savings amount.
Kathleen E. Owings
Principal and Financial Advisor
Westbilt Financial Group
Available for Interviews: Kathleen E. Owings.
Kathleen E. Owings was named one of the 4 Under 40 in 2018, a prestigious award given by the National Association of Insurance and Financial Advisors to only four young advisors in the country. Kathleen manages assets for individuals, families, and businesses to the highest standards of fiduciary duty.
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