The article emphasizes the importance of actively managing retirement plan contributions rather than adopting a set-it-and-forget-it approach. A small increase in contribution rates can lead to substantial growth in retirement savings due to compounded returns. For instance, a mere bump in contributions from 5% to 7% can add tens of thousands of dollars to one’s nest egg over the years, particularly when factoring in employer matches. Engaging with an advisor is recommended to ensure that pre-retirees are on track with their financial goals.
Making small changes to your retirement account contributions can result in big returns later on. Your job's retirement program isn't a set-it-and-forget-it event.
If you bumped that up just 2% to a total of 7% of your salary, that would be an extra $5,600 from you plus $2,800 from the company match.
Collection
[
|
...
]