If you aren't capturing the maximum amount of an employer-matched 401(k), you're essentially turning down free money.
Of all the questions people ask me, none is more frequent than some variation of this: How can I make sure I have enough money when I’m retired?
• Leading up to retirement: If you save more, you’ll have more to spend when you’re retired. If you save less, you’ll have less to spend. But if you really look, you’ll probably find opportunities to increase your savings. Next time you get a bonus or a bit of unexpected income, set aside half of it to add to your retirement savings. You could do the same when you get a raise at work or a gift of money.
Four: If you’re contributing to a 401 or similar plan through work, make sure you’re saving enough to capture the maximum matching funds from your employer. If you fail to do this, you’re turning down what is essentially free money. Seven: Move to where the cost of living is lower. This of course is a big change in lifestyle that might bring many challenges and many benefits — or both. In general, housing costs considerably less in the middle of the country than in the East or the West coasts.You might be able to retire in Tennessee or Mississippi for half the cost of retiring in California, Oregon or New York state, for example. Here’s a recent article that compares retirement costs in all 50 states.
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