Take Control Of Your 401(k)


helpful. Quicken keeps track of my total shares and can calculate my 401(k)'s performance much more easily than if I did to it manually. Just remember to do a backup on a floppy disk after you input each statement

        The tedious task of reading, understanding, and benchmarking your statements should take you about 15 minutes, add another 10 minutes if you will also input your statements into your computer. Be sure to save all your statements and paystubs. Don't get discouraged if it takes you considerably longer the first few times. Be patient and know that you are taking control of your 401(k) rather than your 401(k) taking control over you. More and more companies are making statements easier to read. Plan participants of New York Life Benefit Services can download their account information from the web and have it incorporated into Quicken and request weekly updates of their account via e-mail.


Timothy Owen Younkin is a pharmacist in Virginia Beach. He is self-taught in personal finance. His personal interest in 401(k) plans comes from the discovery that many retirement plans are wrapped in costly hidden fees. To learn if your retirement plan is a plum or a lemon you can visit his web site at www.timyounkin.com. Tim's web site has been mentioned on NBC Nightly News, RagingBull.com, LA Times, Chicago Tribune, SmartMoney magazine, TheWhiz.com, CBSMarketWatch.com, and recently mentioned in Money magazine as a "Website We Like". Be sure to ask Tim your questions at our 401(k) thread.
The copyright of the article Take Control Of Your 401(k) in Investing/Personal Finance is owned by Kirk Lindstrom. Permission to republish Take Control Of Your 401(k) in print or online must be granted by the author in writing.

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