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November 5, 2012
Is Your 401(k) on Autopilot?
Learn why it's so important to revisit your 401(k) plan periodically—and what to consider when you do.
Transcript
When was the last time you looked closely at your 401(k) plan? For example, do you still contribute the same percentage of pay as when you joined? If you've gotten raises and bonuses, have you funneled some of that money into your account to speed up growth? Another question: If your employer offers matching contributions, are you putting in at least enough to take full advantage of their match? Remember, a 50% match is the same as a guaranteed 50% rate of return–something no other investment can offer. And what about your investment choices? High-risk/high-reward funds may make sense for younger workers who'll have a longer time to recover from economic downturns, but people approaching retirement usually opt for more conservative investments.
Bottom line: Now's a good time to reevaluate your 401(k).
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