Money Matters: How to better manage your 401k

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Published: Jan. 10, 2023 at 12:57 PM EST
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COLUMBIA, S.C. (WIS) - How do we get the most out of a 401k plan?

Having a well-managed 401k is the key to a retirement free of worry and reduced standards. Consistent savings and compounding over time can secure your retirement plan.

It is recommended to add around 15% to your account each year, including any employer contributions.

What are the dos and don’ts of 401k planning?

Always be sure that you are contributing enough to qualify for matching contributions to get the most of your plan.

Get advice from a professional on structuring your investments, contribute to a Roth 401k account and re-evaluate your plan annually.

Avoid selling investments when the markets are low. Roll over to an IRA, this can save you from potential losses.

Start contributing early, the younger the better.

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