Jacob Larson - Ameriprise Financial Advisor

If possible, avoid taking early withdrawals or loans from your 401(k). Taking money out of your account can offset the account’s tax advantaged benefits. bit.ly/3RK0Z8Y

Increasing your 401(k) contribution can help you reach your retirement savings goals faster. For 2023, employees under 50 years old can contribute up to $22,500 to their 401(k) plan. Those 50 and older are eligible for an additional catch-up contribution of $7,500 in 2023. bit.ly/3RK0Z8Y

What lessons would you add to the list?

I know what I would add. CREDIT - my parents raised me with credit score at the top of mind. Whenever they bought a new car, or purchased a house, or a vacation home.. they always stressed how they were able to accomplish those things, not because of their income necessarily, but because of their CREDIT SCORE.

Tell your children about credit scores the same way we do about everything else - GPA, healthy eating, saving money, budgeting... CREDIT SCORE!

5 Things to Teach Your Kids About Money and Happiness To be happy and independent, kids need to know a thing or two about money. Here are five suggestions for helpful money lessons that parents should share with their children as they grow up.

Changing jobs? Together, we can evaluate your 401(k) options and determine what's best for your long-term plans