Best Financial Advisors in Anderson, SC

Don't Stop at the Company Match for Your 401(k) When it comes to saving for retirement, there’s no better savings vehicle than a trusty 401(k). But it must be used properly for maximum benefit. One of the single biggest 401(k) mistakes I see is many workers only contribute enough to get the full company matching amount. And that’s it; they stop there. For example, if the company’s matching formula is 50% of what you put in, up to 6% of pay, most folks aim for that 6% rate. And somehow that amount is often mistakenly assumed to be the correct savings rate. In most cases, that is absolutely not true at all! Below, I’ll show you why. In this tutorial article, my purpose is to give you a better understanding of how much you need to contribute, as well as, how much money you should already have saved by now. Let’s jump in.