Boost your balance.
Used correctly, a 401(k) account allows you to take advantage of employer contributions, tax breaks and automatic saving. But you also need to take care to avoid excessive fees and penalties that will reduce your returns. Here’s how to maximize the value of your 401(k) plan.
Having contributions automatically withheld from your paycheck gets money into your retirement accounts in the most efficient way possible, and you don’t have to worry about forgetting to make contributions every month. There’s little temptation to spend the money because it never hits your checking account.