Olde Hornet
Well-Known Member
https://www.yahoo.com/finance/news/most-401k-130000640.html
https://www.annualcreditreport.com/index.action - is where you go for your free credit report.
Perhaps you've heard of 401Ks or already contribute to one, and you're intrigued about how you can use them to fund your retirement. These employer-sponsored plans are there to help you do just that, so it's in your best interest to take advantage of one, especially if your company offers saving incentives, like a company match. We asked Robert Dowling, a financial planner with Modera Wealth Management in Westwood, New Jersey, who's worked with high net worth individuals for 18 years, for tips on getting the most from your 401K. Here's what he said.
1. Contribute More Than 3%
Most people who sign up for a 401K start out by contributing 3% of their salary, Dowling said. But if your budget can handle it, it wouldn't hurt to raise that percentage, even just a bit. "Try to participate as much as you can without putting yourself in dire straits," he said, noting the danger of overspending. Over time, your savings will thank you. "We suggest every year to work it into your expectations to increase your contributions by 1%," Dowling said. Some plans even allow you to fill out paperwork so your contributions rise automatically.
2. Enroll in Your Company's Match
"Take advantage of your company match to maximize company contributions," said Dowling. "It can be quite powerful." And besides, it's free money!
https://www.annualcreditreport.com/index.action - is where you go for your free credit report.
Perhaps you've heard of 401Ks or already contribute to one, and you're intrigued about how you can use them to fund your retirement. These employer-sponsored plans are there to help you do just that, so it's in your best interest to take advantage of one, especially if your company offers saving incentives, like a company match. We asked Robert Dowling, a financial planner with Modera Wealth Management in Westwood, New Jersey, who's worked with high net worth individuals for 18 years, for tips on getting the most from your 401K. Here's what he said.
1. Contribute More Than 3%
Most people who sign up for a 401K start out by contributing 3% of their salary, Dowling said. But if your budget can handle it, it wouldn't hurt to raise that percentage, even just a bit. "Try to participate as much as you can without putting yourself in dire straits," he said, noting the danger of overspending. Over time, your savings will thank you. "We suggest every year to work it into your expectations to increase your contributions by 1%," Dowling said. Some plans even allow you to fill out paperwork so your contributions rise automatically.
2. Enroll in Your Company's Match
"Take advantage of your company match to maximize company contributions," said Dowling. "It can be quite powerful." And besides, it's free money!