How to Make Your 401k Work Harder for You Now—So You Get a More Comfortable Retirement Later!

Get details on what to do about your 401k and other retirement planning, when you read the June 2021 issue of our Magazine, just released!

FFF Magazine June 2021 Cover

My dad didn’t worry too much about retirement. He was a truck driver, and the Teamsters offered a pension plan. He figured that with Social Security in his future, he didn’t need to spend too much time fretting about money for his golden age.

My, how times have changed!

The 1980s were the halcyon days of pensions. Some 38% of workers had a pension back then. They mostly were defined benefit plans in which the company contributed a certain amount of money toward their employees’ retirement. I think I worked for one company that had a pension, but I didn’t stay there long enough to vest.

Today, many government workers can still count on pensions, but only about 18% of us in the private sector have a pension, according to the Bureau of Labor Statistics. Part of that decline is due to employee turnover (you usually have to remain with an employer for at least 3-5 years before you are fully vested in a plan, and today, employee turnover is about 40% annually), but the advent of the 401k plan, to which employees and many employers contribute (under a defined contribution plan)—as well as pension fund mismanagement—actually sounded the death knell on the defined benefit plan.

Even if you are lucky enough to have a pension, you may not be able to count on it being there when you retire. I mentioned mismanagement, and that’s a big issue. According to Mercer’s 2020 Defined Benefit Outlook, only 85% of pension plans have the funds necessary to meet their obligations. Mercer lays the blame on “poor investment decisions and greedy assumptions.” But to be fair, one can also blame historically low interest rates that haven’t returned the gains predicted in the funds.

Mercer also projects that “63% of companies with defined-benefit pensions are considering termination of the plan within half a decade. That would mean the pensions would be closed off to future participants.” Ouch!

For those of us still working—with or without a pension—the reality is that we had better take control of our own retirement. There are lots of vehicles to save for retirement, including IRAs, Roth IRAs, Simplified Employee Pensions (SEPs), Keough’s, and 401ks. Today, I want to focus on 401ks because most of those plans offer you “free” money.

Read the feature article in this month’s magazine now to get a comprehensive look at all of the possibilities with your 401k and some other retirement vehicles.

When you read this article in the June 2021 issue of our Magazine, you get an overview of the history of 401ks and how they work—plus, the rationale behind taking advantage of “free money” that’s available to you!

And when you read this article now, you’ll learn:

In this feature article in the June 2021 issue of our Magazine, you’ll learn about how to make your 401k work harder for you now, to build wealth for your retirement. Read this article now, and get everything else in this issue of our magazine, too, including:

This latest issue of the Federation’s Magazine is ready for you to access now, to discover how to supercharge your 401k today … and so much more. Read it now!

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