Is retirement on the horizon for you? Before you plan that epic send-off party, take stock of where your 401(k) plan is right now — and boost it.
The 401(k) — that employer sponsored retirement account that allows you to set aside pre-tax money from your paycheck for your golden years — has a reputation as a smart and powerful retirement savings plan. And with good reason: It's one of the best strategies for long-term saving since it allows for pre-tax savings.
Of course, it takes a proactive mindset and a bit of know-how to effectively tailor your 401(k) at every stage. And, if looking to retire within the next five to 10 years, now is the right time for a check in — especially since as you age your tolerance to market volatility decreases, resulting in the need for more stable investments. So it's important to stay one step ahead of things.
To help you do just that, here are five tips to consider for tuning up your 401(k) before you tap into those retirement funds.