4 Ways To Maximize Your 401K, With Bob Jain
by Jason McDonald
If you don't know what a 401k is, it's essentially a savings plan that is used to help someone prepare for retirement. As money is regularly taken out of one's pay, it is then pooled into a separate account that can be used once retirement is reached. You might know the importance of saving, but did you know that there are other ways to get the most out of your 401k? Here are 4 tips, offered by <a href="https://www.mlp.com/who-we-are">Bob Jain</a>, to help you do so.
<a href="https://www.usatoday.com/story/money/business/2015/03/02/ozy-bobby-jain-charitable-giving/24263137">Robert Jain</a>, as well as other authorities on finance, will tell you that your raises matter. If you receive an increase in pay at your job, it's the perfect opportunity to increase how much you contribute to your 401k every week or two weeks. The more that you contribute, the earlier that you can retire. While you don't have to dedicate the entirety of your raise to your 401k, increasing the amount saved to any degree pays off.
Next, consult your employer to see if they can match your contribution. Believe it or not, there are many places of work that match the amount that their workers save toward their 401k plans. What this means is that, depending on how much you put into your account, your employer will be able to match it. This is free money, in a sense, and it all but ensures that you get to retire sooner than you previously anticipated.
If you're in a tight financial situation, it might seem like a good idea to simply take money out of your 401k. Depending on who helped you establish this plan to begin with, you may already know that this is a bad idea. For those that don't know, not only will this set back the progress you've made with saving money but you may be penalized with a payment that you must cover. Simply put, taking money out of your 401k early isn't worth it.
To wrap things up, and to help you truly maximize your 401k, review the plan in question at the end of each year. This will provide you with an opportunity to evaluate the progress you've made up until that point. It may also encourage you to make any financial changes that you see fit. If you feel like more money can be invested without hampering your day-to-day responsibilities, this should be considered. The more thorough your review is, the more you stand to gain from it.
Contact <a href="https://www.mlp.com/who-we-are">Bob Jain</a> if you would care for more advice about what you have just read.. This article, <a href="http://www.uberarticles.com/home.php?id=2141719&p=107346">4 Ways To Maximize Your 401K, With Bob Jain</a> is available for free reprint.
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