One of the best ways to enhance your savings, investing and overall financial portfolio is to make sure you’re taking advantage of every opportunity to have your money added to without any additional work on your end. If your employer offers this program and you haven’t enrolled in the past, it might be time to recalculate the benefits of setting this program up now. At the beginning of the year, it’s great to take steps that set you up for recurring savings all year long.
Never leave free money sitting on the table if your employer offers a match with 403(b) accounts or 401(k) accounts. Read through the specifics of your offerings when it comes to benefits to find out if your employer offers contributions. In many cases companies offer matching your contributions up to a certain cap. This might be a few percentage points, and if you can properly calculate your maximum contribution to also leverage their max contribution, this limits missing out on free money. The sooner you start the process of reviewing all of these details and making sure that you set aside time annually to review proper matching, you put yourself in the best possible position to leverage this additional money.
Consider how quickly you could accelerate your savings for retirement if you’re maximizing your own contributions and also seeing other money added by your employer each month. The sooner you start this, the better you get the benefits of compound additions to your retirement plan. If you’re not sure if you’re appropriately leveraging these contributions now, set aside a time to meet with Shah Total Planning to discuss these specifics.