The 401(k) is one of the greatest vehicles for investing in your retirement. According to a 2015 ICI Research Report, 27% of the average American’s wealth is made up of 401(k) and other defined contribution plan assets. Despite the 401(k)’s potentially great benefits, however, too many Americans fail to make the most of its value and maximize their future net worth. Are you:
- Enrolled in a 401(k) plan?
- Contributing enough to your plan?
- Regularly monitoring your 401(k) portfolio?
- Apprised of your plan options and seeking advice from a professional?
If you answered “no” to any of these questions, you’re leaving a substantial amount of money on the table.
4 Tips To Maximize The Great Benefits Of Your 401(k) Plan
Considering the errors Americans make that are killing the potential of their retirement plans, you should address each one head on. The following tips speak to each mistake and offer ways to better manage your 401(k) plan.
Tip #1 – Sign up!
Life presents few opportunities to reap something for free, especially in the financial world. For something as critical as your 401(k), you must make the most of every benefit that your company offers you.
Learn the keys to smart retirement and college planning, and gain control of your investments.