If you took a withdrawal in 2021, 1099 form(s) will be mailed to you by January 31 for your income tax filing. Electronic versions of 1099-Rs will also be available within the Plan Documents section of the Account Detail page by the end of January.
The past few weeks have been a roller-coaster ride for the U.S. stock market with the major indexes – Dow Jones, NASDAQ and the S&P 500® – experiencing wide swings.
While there is speculation about causes -- such as the Federal Reserve moving toward raising interest rates, ongoing supply chain issues and political conflict to name a few -- it's important to remember market turbulence is not new.
It happens with regularity – and has since the beginning of the stock market. Even though market volatility can be uncomfortable, be sure to remain calm and remember, your retirement plan is a long-term investment.
If you're investing regularly through your retirement plan, you are using a strategy called dollar cost averaging. When the market is down, the stock price is low, and you are buying additional units. When the market goes up, the price rises and the additional units you purchased at a lower price can have a big impact on your account balance.
While no one can predict the future, the past is a good indicator that markets move up and down, and when the market is down it has historically proven to be good buying opportunity for the long term.
Dollar Cost Averaging does not assure a profit and does not protect against loss in declining markets. Also, since such a program involves regular investment purchases regardless of fluctuating price levels of the investment, consider your financial ability to continue purchases through periods of low-price levels.
One cannot invest directly in an index. Past
performance does not guarantee future results.
This is a general communication for informational and educational
purposes. The information is not designed, or intended, to be
applicable to any person's individual
circumstances. It should not be considered investment advice, nor
does it constitute a recommendation that anyone engage in (or
refrain from) a particular course of action. If you are seeking
investment advice or recommendations, please contact your financial
professional.
Securian Financial's qualified retirement plan products are offered through a group variable annuity contract issued by Minnesota Life Insurance Company.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.
DOFU 1-2022
2015892
A recap of financial events and market performance is now available in the Market Perspectives: Fourth Quarter 2021.
The Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for retirement plans and other retirement-related items for the 2022 tax year. The maximum 401(k)/403(b) deferral limit increased from $19,500 to $20,500. However, the catch-up deferral limit remained the same at $6,500. Review the Participant guide to 2022 retirement plan limits for increases to other key savings limits.
Did you leave any retirement accounts with a former employer? If yes, you may want to consider a rollover of those accounts into your current plan, if your plan allows. Take this brief quiz to learn more about the benefits of a rollover and other options for managing your existing retirement accounts.
This information should not be considered to be tax advice. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.
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