Ways to Optimize Your 401(k) for Greater Financial Growth and Security
How to Optimize Your 401(k) for Greater Financial Growth
Everyone needs to save for retirement, but beyond putting a percentage of your income into your 401(k), how can you make that money grow faster? If you want to retire comfortably, it's important to save and invest in a way that really gets the most from your 401(k).
1. Get your employer 401(k) match
Maximize your contributions by taking advantage of full company matching benefits from your employer.
2. Age 50 and above? Use catch-up contributions
If you're aged 50 or over, consider making catch-up contributions to boost your 401(k) savings.
3. Invest appropriately for long-term goals
Allocate your investments wisely, focusing on stocks for higher long-term growth potential.
4. Use a target date fund
Utilize target date funds for optimal asset allocation and retirement savings management.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.