You’ve signed up for your company’s 401(k) plan, but that’s only the first step in saving for retirement.
Keep in mind that the primary factors which determine your success in adequately funding your retirement are how much money you save, how long you save, and the rate of return on your savings. Social Security income is designed to replace only about one-third of your work-related earnings, which means that the bulk of your retirement income will need to come from your retirement savings.
What is the best way to grow your “nest egg” and to ensure a comfortable retirement? Here are a few tips to help you make the most of your 401(k) savings:
Remember that saving for retirement is a marathon, not a sprint. It’s important to maintain a strategic, long-term perspective and to save as much as you can for as long as you can, so your 401(k) account will provide you with sufficient income throughout your retirement.
The Fiduciary Group has a specialized team dedicated to advising 401(k) plans and plan participants. Through carefully selected investment options, appropriately allocated balanced portfolios, ongoing participant education, and constructive guidance, we strive to improve long-term outcomes for participants.
Interested in working with The Fiduciary Group’s experienced 401(k) team? Please reach out to us to get started.