How to Maximize Your 401(k)
Managing a 401k account may be one of the most complex aspects of retirement planning. The 401k system is designed to benefit hard working Americans, but it is often misunderstood by many citizens. Because of this, many people often revert to whatever plan their employer recommends, leading to confusion and inefficient solutions.
Helpful Tips to Maximize your 401k
Employer contributions, tax breaks, and automatic savings are only a few of the numerous advantages of having a 401k. Unfortunately, many Americans do not take full advantage of all these benefits and lose out on precious retirement savings. There are many simple things that you can do to help maximize your 401k account and thus increase your hard earned retirement fund.
- Register for automatic contributions – it is easy to forget to manually contribute to the fund
- Do not settle for the default savings rate – often times the default rate is not high enough to sustain retirement for most individuals
- Look for various types of employer matches – many employers offer a percentage match on your contributions and this is an easy way to drastically increase your fund
- Choose low cost investments – saving for retirement does not necessarily need to be a high risk endeavor, choosing low cost investments typically yield to a more sustainable account
These are just a few ways to increase your 401k account, it is best that you consult with a retirement specialist about what you can do to maximize your retirement fund.
Contact an Austin Retirement Accountant
Saving for retirement is often put on the backburner for many Americans. Few people wish to spend their hours planning and worrying about something so far ahead. Our Austin accountants are dedicated to help make retirement planning as painless as possible for our clients. We strive to assist our clients to understand and drastically increase their 401k portfolios. Contact our office today by filling out the form at the top of the page.