Boost Your 401k

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Published: September 30, 2021

There are ways to boost your retirement and 401k savings, even though big corporations have ended the traditional “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 401(k) 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 retirement, 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 benefits. These are less reliable today, perhaps a thing of the past, which leaves employees today with only personal savings to depend on after they leave the workforce.

Estimates of how much income you’ll need in retirement typically range from 75% to 100% of your income in 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 your account once a year with a professional financial planner, and always add more to your 401k if you get a raise.

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