Investing in a 401(k) is vital for retirement savings, particularly if past contributions were missed. Not only do missed contributions result in lost tax breaks and matching funds, but they also reduce compound interest potential. To rectify this, individuals should start contributing now to recover lost ground. It's advisable to consult a financial advisor for guidance on contribution amounts. Utilizing free resources can help connect with suitable advisors to navigate retirement planning effectively and ensure you're maximizing your savings potential.
If you missed out on contributions in the past, the best way to get back on track is to start contributing to your 401(k) today.
Signing up for a 401(k) is straightforward, but consulting a financial advisor can help determine the right contribution amount.
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