Summary
What you’ve saved is a key measuring stick to help you figure out whether you�’re on track to reach your savings goal and cover your spending needs once you stop working. September 6 is National 401(k) Day, a day set aside on the calendar to focus on retirement planning and preparation.
For most Americans, the number tends to be sizable, and getting there requires a disciplined savings and investment strategy. Check to see if your current balance and future return projections stacks up against your goals.
Once you hit 50, you are eligible to make “catch-up” 401(k) contributions. Even a 1% increase every year can make a meaningful difference over time.
Make sure your funds are not lagging the market or the competition. Review your 401(k) to see if there have been any changes in the fund lineup offerings.
401(k) Day is a great time to educate yourself about your investments. It’s prudent to do a quarterly, semi-annual, or annual review of your asset mix.
If managing your investments feels overwhelming, look into options like target-date funds or robo-advisors. These options adjust your asset allocation based on your expected retirement date.
