Call Now For a Free Consultation:
(614) 502-6165

Tips for Automatically Saving for Retirement

David speaks to group in conference room

Recently, the Financial Industry Regulatory Authority (FINRA) released tips to help individuals automatically save for retirement. It is important to make sure that you are in a position to save for life after work. There are a number of programs offered by employers that can help individuals save up for retirement such as 401(k), 403(b), pension plans, and more.

FINRA’s tips included the following:

  • Make sure you know your default savings rate, escalation rate, and investment selection. Your 401(k) plan may have acceptable defaults. You can change the automatic defaults if you are not happy with the employer choice.
  • Ask if your employer matches your contributions. Some employers match the amount you contribute to your retirement after you reach a certain percentage. For instance, if you contribute $100 of each paycheck, depending on the percentage, your employer may match and it would mean $200 towards your retirement.
  • As long as you are capable, take advantage of escalation. It could be a small annual increase to help your savings in the long run. Your plan may offer automatic escalation.
  • Pay close attention to your account statements. It’s your money, you should have a great understanding of what’s going on with it. Don’t just put the statements to the side. Open them, read them, and ask questions if you don’t understand.
  • Don’t cash out your retirement savings at any time. If you do, you can lose out on the opportunity for employer match and you may face tax penalties. This is meant to be available to you when you are done working and retire.

Your retirement savings are important. Make sure you fully understand what benefits you have, if your employer matches, and if you have automatic escalation or defaults. If you need help regarding your retirement, be sure to ask questions.

Related Stories:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram