Happy Monday! This week my department is putting on 401(k) educational seminars as part of our financial education initiative for our employees. Although I've gotten pretty knowledgeable about 401(k) plans since my first job 6 years ago - you can never know too much about your plan.
So, after sitting through my 3rd meeting today (when this is complete I would have sat through 6 meetings total!), I thought to share my two cents on the subject.
Starting out in your career retirement can seem like a very distant destination, but whether your company's 401(k) record keeper is Fidelity, New York Life, Vanguard, ADP or any other administrator here are 5 things you might want to consider now and throughout your career:
- Contributing $$
- Contributing to the company match max - so that you don't leave free money on the table. If your company does not match - still contribute your pre-tax dollars.
- Staying educated. If you know how to pick your funds, or you set up a pre-selected fund based on your retirement goals, make sure you revisit and reassess your or selections as time passes to make sure you are staying on track.
- Avoid taking a loan against your account if you can - it's possible you'll be subject to twice the tax implications as you repay it.
- Rollover eligible 401(k) accounts from previous employers if your plan allows, to keep all your accounts in place.
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