Don’t leave money on the table (AKA Contribute more to your 401(k) retirement plan)

If you’re a tad short on saving for retirement, there’s more than one way to shore up your shortfall. But the biggest impact will come when you stop leaving money on the table — and let me tell you where I think too many people are.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, let’s take a look at considerations for contributing to your 401(k). The benefits of contributing to your 401(k) just can’t be beat — especially if your employer offers a matching option.

Sure, you can cut back your spending — go to the movies less often, eat at home instead of dining out, yada yada yada… But the biggest move you can make is to max out the employer contributions to your 401(k). That’s free money!

The compound interest on a retirement savings account, like a 401(k), allows for you to sock money away — and let it grow and grow. Also: There are tons of tax benefits with contributing to a 401(k) — and these just can’t be beat.

Financial independence is unbelievably liberating. Just knowing your future is secure and financially funded will give you peace of mind and confidence that all of your ducks are in a row — for your today and many, many tomorrows.

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