Maximize your company’s 401(k)/403(b) match
It’s never too early to start planning for retirement. If your employer has a 401(k)/403(b) match program, they’re giving free money to help you build your retirement savings faster.
1. Participate in your company’s 401(k)/403(b) match program.
Ask your employer if they offer a company match program.
When you save for retirement with a 401(k)/403(b), you’re automatically paying yourself first while setting aside money for your future.
Even if you’re not able to deposit up to the amount your employer will match, 1% of each paycheck adds up fast!
2. Contribute up to the full amount your employer will match.
Continue benefiting from compound interest, your best tool to receive earnings on your interest.
Compound interest not only helps you earn on your original deposit, but you will also earn interest on top of your interest!
|Current Age||Employer Contribution||Your Contribution||Total|
Assuming a $0 starting balance with an average return of 8% Annual Percentage Yield.|
1Assumes $28,500 salary/wages and 4% employer match.
2Assumes $50,000 salary/wages and 4% employer match.
3Assumes $60,000 salary/wages and 4% employer match.
4Assumes $75,000 salary/wages and 4% employer match.
3. Make sure your company match is part of your budget.
Know how much you’re saving alongside your expenses.
Put the money that is taken out of your paycheck into your budget to see how much you are saving.Learn More About Creating a Budget Setup Goals and Budgets
Maximize your company’s 401(k)/403(b) match - Milestone 2
“Participated in my company 401k and their retirement program. Saving funds in this way kept them out of my hands.”
Dave — Deltona, FL