How to make more money with your 401(k)

In today’s unsteady economy, it is more important than ever to prepare wisely for retirement. If your employer offers you the chance to take part in a 401(k) or other retirement savings plan, congratulations, you are ahead of most Americans who are living check-to-check with no real plan for the future.

But are you getting the most out of your 401(k)? The following financial tips will help you feel secure that you’re doing everything possible to make your golden years a dream come true.

401(k) Tip #1: Take advantage of employer-matching opportunities.

If you are working at a company that offers matching programs (where the company contributes and matches all or a percentage of what you take out of your paycheck for the 401(k)) try to put as much as you can into the program. This is like getting free money from your employer for retirement!

401(k) Tip #2: Choose your investments wisely.

When setting up your 401(k), pay close attention to the types of investments your plan will be making. Make sure that the strategies employed by your plan meet your long-term goals. If you are risk-averse, find the 401(k) plan options that provide slower, steadier returns. If you prefer to “go for it” and live life on the financial wild-side, choose the higher-growth investments when allocating funds within the plan.

401(k) Tip #3: Change up your plan from time to time.

401(k) plans give you the option to change where your money is allocated over the course of time. Research has found that individuals who study the market (even on a casual basis) and make occasional changes to their distributions based on that knowledge, enjoy higher returns over time.

401(k) Tip #4: Spread things out.

Again, if you are risk-averse, try and spread the allocation of your 401(k) money across several different funds within the program. This way, the slower growth areas will be supported by the higher performing investments and the overall level of risk will be diminished.

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