Take your employer match. Make sure you contribute at least enough to get the matching contribution. A typical employer offers 50 cents for every dollar you contribute up to 6% of your salary.
Add your annual salary increase or your raise to your 401K.
If your employer offers a Roth 401(k), consider taking it. With a Roth you put money in after taxes, so when you pull out the money out in retirement, its tax free.
Don’t use your 401(k) for loans. Taking money out of a 401(k) before retirement is expensive. Loans must be repaid with after-tax money plus interest. Plus you are losing a chance to grow this money when you pull it out. You are shrinking your retirement savings.
Keep it simple. If you have multiple old 401(k) accounts, roll them over into one Individual Retirement Account.
Definitely enroll in a 401k as soon as you become eligible.
Decide how much money you want to contribute from your paycheck. If you are just starting out, you are probably in your 20s, sock away as much as you can but no less than what your employer matches.
Be sure to find out about the vesting schedule, which is the amount of time your employer requires you work there in order to walk away with 100% of your matching contributions.
Source: http://kdvr.com/2012/03/23/how-to-boost-your-401k/
Add your annual salary increase or your raise to your 401K.
If your employer offers a Roth 401(k), consider taking it. With a Roth you put money in after taxes, so when you pull out the money out in retirement, its tax free.
Don’t use your 401(k) for loans. Taking money out of a 401(k) before retirement is expensive. Loans must be repaid with after-tax money plus interest. Plus you are losing a chance to grow this money when you pull it out. You are shrinking your retirement savings.
Keep it simple. If you have multiple old 401(k) accounts, roll them over into one Individual Retirement Account.
Definitely enroll in a 401k as soon as you become eligible.
Decide how much money you want to contribute from your paycheck. If you are just starting out, you are probably in your 20s, sock away as much as you can but no less than what your employer matches.
Be sure to find out about the vesting schedule, which is the amount of time your employer requires you work there in order to walk away with 100% of your matching contributions.
Source: http://kdvr.com/2012/03/23/how-to-boost-your-401k/
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