A 401(k) is a retirement savings account offered through your employer. Each month you put aside a selected amount of money taken from your paycheck to invest in your 401(k) account. As the years pass, your savings will grow and accumulate until you retire. The money you accrue in your 401(k) throughout your working years will be what you use to live in retirement. Some advice, invest early and invest often. The more you save now, the more you will be able to do in retirement.
Six Tips to Help you Grow Your 401(k)
- Join a 401(k) and decide how much to put in to contribute
- Increase your savings every year
- Let compounding work for you
- Invest for your future
- Leave your money alone
- Your tax break perk
Content Published by the Plan Sponsor Council of America for Financial Advisor and Plan Sponsor Use, PSCA- August 2020. National 401(k) Day is sponsored by the Plan Sponsor Council of America (PSCA) to increase awareness of retirement plans and the benefits of participating in one.This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Insurance Agency LLC (MMA) and its affiliates. MMA and its affiliates shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. The Plan Sponsor Council of America is an unaffiliated third party and is not part of MMA or MMAS.Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affecting if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.