Forbes: 10 Steps to Boost Your 401(k) Balance
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Can you reach th... The maximum amount an individual can save in a 401(k) for 2011 is $16,500 a year, or $22,000 if you're 50 or older. For 2012, it’s $17,000 or $22,500 if you’re 50 or older. If that's attainable, go for it. If it sounds like a long shot, consider these smaller moves that can help get you to a bigger 401(k) balance.
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Grab your employ... Many employers suspended 401(k) matches during the great recession, but they are starting to reinstate them. Make sure you contribute at least enough to get the matching contribution.
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Save your annual... If you get a raise, consider bumping up the amount you save in your 401(k). If you get a bonus, earmark a piece of it to go into your 401(k).
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Reset your contr... Typically you set the percentage of your pay you want to contribute to your 401(k) when you start a new job or during a special "open enrollment" time. But most employers let you change your contribution amount mid-year.
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Go Roth! If your employer offers a Roth 401(k), consider it, especially if you're on the younger side. The contribution limits are the same for a Roth 401(k) or a regular 401(k), but with a Roth you contribute already-taxed dollars and then withdrawals in retirement are tax free.
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Don't use your 4... Most employers allow employees to take loans from their 401(k)s and lots of employees take them. The problem is that many end up not paying themselves back, basically robbing their retirement kitty. Another danger is if you switch jobs or are laid off, the loan is due immediately, and if you can’t pay it off, penalties as well as regular taxes apply.
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Not everything i... Beyond loans, hardship withdrawals are allowed under special circumstances. If you read the rules wrong, you could be required to repay the amount you took out plus earnings. For example, a hardship withdrawal is allowed if you're in foreclosure proceedings, but not just because you're a few months behind on your mortgage payments.
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Get your spouse ... If you and your spouse both have access to a 401(k) plan, you should both be contributing as much as you can. In some cases, high earners may be told they can't contribute as much as they'd like because of "non-discrimination rules," and that makes it all the more important for a lower-earner spouse to be saving to the max.
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Consolidate acco... Have one or more old 401(k) accounts? Roll over your old 401(k) account balance into your current employer's plan, assuming it offers decent low-fee investment choices. By having one 401(k) it's easier to stay on top of things.
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Don't go on auto... Lots of folks pick investments when they first sign up for a 401(k) and don't get around to revisiting their choices. Check that your asset allocation still makes sense, that you're not in high-fee funds that eat away at your returns, and consider some of the newer investment choices in 401(k)s, including target date funds, international funds and low cost collective trusts. Don't overload your account with company stock just because it's available.
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Don't cash out e... Once you reach 59.5, don't be tempted by the ability to take money out penalty-free while you're still working, or to "cash out" when you retire. Instead leave the funds in your old 401(k) if it's a good plan with decent investment choices and fees, or alternatively roll it into an Individual Retirement Account, which like a 401(k) continues to grow tax-deferred. You'll be thankful when you're older.
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast. -
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