Jerry A. Jacobs is an Executive Vice President for a financial services company in Miami, Florida. His company specializes in providing businesses and clients help and advice with their investments, income plans, and trading plans. One of the many services that they provide is help with 401(k)'s. Here are three tips for maximizing a 401(k).
Jerry A. Jacobs was born and raised in Miami, Florida and moved back to his hometown in pursuit of a career in the financial services industry after graduating from Florida State University.
- The one percent rule is a golden rule that will maximize 401(k)’s over the course of a person’s professional career. The idea is to increase the amount that a person contributes to their 401(k) by one percent per year. This will slowly put more money per year into a person’s 401(K) without seriously causing damage to their budget.
- When someone gets a bonus, they should live off of that bonus for the month and max out their 401(k) for the month by placing their salary into their plan instead of their checking account. This way instead of having extra money for that month, more money is put into the 401(k) that can be used in the future.
- It is important to take advantage of old 401(k) plans that are left over from previous jobs. It is important to transfer that money from previous 401(k)'s when leaving for a new job, otherwise all that money that was saved and worked for goes unused. This would be a waste not only of money but also the time spent saving that money.
Jerry A. Jacobs was born and raised in Miami, Florida and moved back to his hometown in pursuit of a career in the financial services industry after graduating from Florida State University.