When you’re offered a 401k from your job is usually the best time to start your contributions. Start sooner rather than later. Delaying contributions in a 401k can drastically impact the value of your fund in retirement.
It’s important to understand the power of time. The sooner you start the more compounding of interest will benefit you.
Keep in mind the following:
- Get involved in your retirement planning and understand 401(k) plans offered by your employer.
- Know the annual contribution limits and the amount your employer matches.
- Research the funds and stocks available through your 401(k) administrator.
- Use the free resources offered by your employer and Plan administrator. Ask lots of questions and get specific advice tailored to your goals.