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Maintaining Your 401k: A Guide For All Ages

MIAMI (CBS4) ― Where to put whatever money you have to invest is a tough call, so we have an idea that may help guide you. Looking around our television station, we found people of all ages with questions just like yours, so we asked fellow CBS4 employees what they care about and got answers for all of us from the experts on what to do with our money.

We begin with a CBS4 producer in his 20's who is already invested. "If I took out my investments now it would be bad. I would just let it accumulate," Said Hikmat Kilzi to CBS4's Jorge Estevez during their interview.

Leaving your investments is a good move according to Sean O'Halloran a financial planner at Meg Green and Associates in Aventura. "The earlier we start the more success we are going to have," said O'Halloran.


At 20 you should:

1. Learn how to Invest your money

2. Don't let a down market scare you out of investing

3. Think about retirement plans like I.R.A's and 401K's

4. Invest 100 percent in Stocks



At 30 your priorities change. "It's about me and my husband my two boys and the one that is on the way," said Carla Hernandez a CBS4 Promotions producer.



At 30 you should:

1. Save 6 months worth of family expenses

2. Don't let Health and Life Insurance expire

3. Match your company's 401K contribution.

4. Invest 80% Stocks and 20% in low risk funds.





At 40, you may start to rethink the investments you have made. "What do I have to do now. Maybe I am going to have to start over," said Judy Flook, Design Director for CBS4.



At 40 you should:

1. Not if you Eliminate Overspending

2. Max out your 401k contribution even beyond corporate match

3. Start an Education savings plans for your children.

4. Invest 70 % Stocks and 30% in Low Risk funds.





At 50 you may start to think about retirement. "I don't feel like I have the luxury of time and it gives me a pesimistic view of things," said Lee Zimmerman, Communications director for CBS4. 'Debt is at an all time high and that is certainly a reflection of people keeping up with the Jones's," said O'Halloran.



At 50 you should:

1. Eliminate Credit card debt

2. Save Money you spent on children

3. Reallocate funds-dump Extra Savings into investments.

4. Invest 60- 70% in Stocks and 30-40% in low risk funds.



Heading into your 60's means you are near retirement."These are the things that I figure I was going to sue to retire on," said Barbara Crosson, part of the Accounting department at CBS4.



At 60 you should:

1. Stay in the market

2. Get income from your investments called Dividends. It's money companies give you for investing.

3. Prepare to delay Retirement.

4. Invest most conservatively. 60% in Stocks and 40 % low risk.



The goal from investors is to keep people invested but at a risk right for you. The market will turn around. The most important thing is consistency.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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