In honor of National 401(k) Day 2020
Consider challenging yourself to review and tackle these items about your retirement goals and 401(k) plan
Your 401(k) benefit is one of the most important benefits, and we offer ongoing education and resources to help you make the best decisions.
This year has been challenging for all of us. So why not spend a few minutes and daydream about your ideal future filled with better times? What are your goals, financial and otherwise? If you have not given it much thought, you can start today! It’s not too late.
Below is a list of ideas to consider that can help you secure your financial future. We challenge you to complete all of them. If you only have a few minutes, tackle at least four for your 401(k). Your retired self will thank you later.
- Obtain online access to your account to monitor your investments and make changes.
- Go to your company benefits manager and increase your contribution rate. Consider doing this at least annually until you reach the maximum limit.
- Rollover 401(k) accounts from prior employers to your current plan to better monitor your investment selections.
- Use a retirement plan calculator to see how prepared you are for retirement.
- Set up your online account to rebalance automatically. You can choose from monthly, quarterly or annually.
- Use dollar cost averaging strategy.
- Continue to learn more about stocks, bonds, and your investment risk tolerance, and we even offer Shelton 401(k) videos.
- Complete your beneficiary form.
- Resist the urge to take early or COVID withdrawal and keep in mind, this money is for your future, not today.
- If you are over 50 years old, take advantage of catch-up contributions.
Here’s to your success!
