The 401(k): Retirement Fund Basics
MoneyGeek.com September 21, 2023
Ryan J. Klekar Quoted
“What is the best advice you can give potential participants about joining a 401(k)?
My advice will be:
- Contribute as much as you can afford to save, and then take baby steps to increase your contribution each year. Saving 1% more each year is the equivalent of saving 1 penny more of each dollar you earn.
- Invest in a diversified portfolio using low-cost index funds if they are available in your plan.
- The younger you are, the more aggressive you can be. Too often, people are too conservative and miss out on long-term growth.”