What is a retirement-fund blackout period?

A 401(k) blackout period is a multi-day pause during which the employer or the plan administrator typically update or maintain the plan. During this time, employees can’t alter their 401(k) retirement accounts. Making withdrawals or changing asset allocations may be prohibited. Though a blackout period is temporary, it can last several weeks or more.

Can you contribute to your 401(k) during the blackout period?

This depends on the specific terms of the employer’s 401(k) plan and the blackout period. Some plans may allow employees to keep setting aside money in their 401(k) accounts during a blackout; others may not. Your employer or plan administrator will have information on your plan’s rules for contributions.

How do I get my 401(k) out of the blackout period?

In most cases, there is nothing you can do to avoid or shorten your 401(k) blackout period. A blackout period generally comes to an end once the employer or plan administrator has completed the necessary plan updates. If you have additional questions about the duration of the blackout period or how to access your account again, your employer should be able to answer them.

3 Types of Credit

401(k) Blackout Periods: All You Need to Know

https://www.sofi.com/learn/content/401k-blackout-periods/

A 401(k) blackout period is a hiatus during which plan participants may not make certain changes to their 401(k) accounts. Employers who offer 401(k) plans typically impose blackouts when they need to update or alter aspects of their plans. A blackout period may last anywhere from a few days to several weeks. A blackout period […]

What Is 401(k) Auto Escalation?

https://www.sofi.com/learn/content/401k-auto-escalation/

One way to ensure you’re steadily working toward your retirement goals is to automate as much of the process as possible. Some employers streamline the retirement savings process for their employees with automatic enrollment, signing you up for a retirement plan unless you choose to opt out. There are many ways to automate a 401(k) […]

Can You Use a Construction Loan to Complete Renovations?

https://www.sofi.com/learn/content/how-do-construction-loans-work

Renovations can improve your home and increase its value. But as any seasoned homeowner will tell you, those projects can be expensive. If you can’t afford to cover the costs out of pocket, you may wonder if a construction loan is right for you. While it is an option, there are complications that people should […]

IRA Tax Deduction Rules

https://www.sofi.com/learn/content/ira-tax-deduction-rules/

Table of Contents What Is a Tax Deduction? Putting the IRA Tax Deduction to Use Understanding Tax-Deferred Accounts What About Roth IRAs and Taxes? Deduction and Contribution Limits Broadly speaking, individual retirement accounts, or IRAs, offer some sort of tax benefit — either during the year that contributions are made or when distributions take place […]

What Is a Trust Fund?

https://www.sofi.com/learn/content/what-is-a-trust-fund/

A trust fund can help shelter your assets and determine how they are managed now or in the future. Generally a part of estate planning, trust funds can help minimize estate taxes, provide financial support to your loved ones, or even donate money to your favorite charitable cause. There are numerous types of trust funds […]

“3 Types of Credit”

401(k) Blackout Periods: All You Need to Know

What Is 401(k) Auto Escalation?

Can You Use a Construction Loan to Complete Renovations?

IRA Tax Deduction Rules

What Is a Trust Fund?

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