Boost Your 401k – There are a few ways to boost your retirement and savings, even though big corporations have ended the traditional 401k “match” as part of their employee benefits.
However, some companies are going back to American traditions, such as IBM, who recently stated that it would boost their 401k benefits for its 125,000 domestic employees.
Even so, most jobs don’t offer that comfort, but it does remind all of us that in the end, we are responsible for our future, not our employers.
There are four sources of income to save and depend on, according to most financial planners. Two of them are Social Security and pension accounts. These are less reliable today, perhaps a thing of the past, which forces employees today to put more money away to live on after they leave the workforce.
Estimates of how much income you’ll need in retirement typically range from 75% to 100% of your peak paycheck years, and that’s almost frightening, because another generation will be leaving the workforce in approximately 20 years time with fewer options and probably less money than previous retirees.
You could boost your savings by balancing the account once a year with a professional financial planner, and always add more to your 401k if you get a raise.