Happy National Retirement Security Month!

Since October is National Retirement Security I thought I would share 5 ways how to show your 401(k) some love and spread the retirement security all around:

  1. Enroll! A study from T. Rowe Price showed that among those making $25,000 or less, 401(k) participants saved 10 times more on average than peers without access to a plan and 20 times more than those who have access to a 401(k) but choose not to participate.

  2. Take full advantage of any company match. Not doing so leaves money on the table!

  3. Find out how long until you’re fully vested in your contributions. Most companies require you to stay 5 or 6 years before you get to keep all of those matching contributions. Staying that extra one to two years can potentially add thousands toward your retirement.

  4. Don’t withdraw early! Withdrawing before the age of 59.5, will incur a 10% early penalty plus the income tax on the withdrawal.

  5. Apply to the 401(k) Champion® Award! This is the only type of award that celebrates 401(k) participants who optimize their 401(k)s and encourages others to do the same. Winners can win up to $1,000! Apply at https://401kchampion.com/

1 Like

wow thanks for sharing

Who wouldn’t love an extra boost of cash just for being an active participant in their 401K plan!