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For example, if you want long-term growth out of your 401(k) account, as most investors do, you’ll want to invest in options that offer the best chance for capital appreciation, such as stocks. Most large employers match a portion of their employees’ contributions to their 401(k) accounts. This is effectively free money, and it can go a long way toward boosting your long-term 401(k) balance. If you’re like many people with a 401(k), you might set up your retirement account once—and call it a day. But checking in on your 401(k) at least once a year may pay off big time.

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Many employers will match 50% of the first 5% of your income that you put into your account, for example. In that scenario, you’ll want to sock away at least 5% of your paycheck to earn that 50% boost. It can be hard to immediately start putting 15% of your income into your 401(k) plan, particularly if you’re just getting started. But a great way to get to that level is to boost your contribution percentage regularly, in small increments.

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In as little as 60 minutes, you can review everything from address updates to new post-work dreams. Here’s how much of a difference this could make in your long-term retirement savings. If you were earning $50,000 per year and setting aside 5%, that would amount to $2,500 annually. If your employer matched 50% of that amount, another $1,250 would go into your account every year. After 30 years of earning an 8% return, you’d have roughly $465,000 vs. about $310,000 with no employer match.

Are you on track to reach your retirement goals?

Small and mid-cap stocks may have additional risks including greater price volatility. We can help you set up your own retirement savings with an IRA or Roth IRA account. Administrator RegistrationSelect Register Now to start the registration process.

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• Sign up for our daily newsletter for the latest financial news and trending topics.
• GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information.
• If you’re updating a current 401(k), it’s worth a few minutes to check in on old 401(k)s you may have from previous employers.
• If your employer matched 50% of that amount, another $1,250 would go into your account every year.
• If you’ve experienced a life change—moving, getting married or divorced, welcoming a child—you’ll likely need to make updates to your 401(k) account.

You can read more about our editorial guidelines my 401k plan login and our products and services review methodology. The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice, or tax advice. You should consult with appropriate counsel, financial professionals, or other advisors on all matters pertaining to legal, tax, investment, or accounting obligations and requirements. These positive money habits can work overtime to help reduce your tax bill and build long-term retirement savings. Just like your tax refund is a good source of “free money” to put into your 401(k) plan, so too is your annual bonus. If your overall plan charges high fees, consider talking with your human resources department about what they can do to better serve their employees.

Get Your Full Employer Match

Once you reach age 50, you may be able to take advantage of catch-up contributions—extra money that you can put into retirement accounts if you haven’t reached income and savings limits. Your retirement savings asset allocation is simply the mix of your chosen investments. Depending on your plan, your retirement account may include automatic rebalancing, which readjusts the investment mix to what you originally chose. While it’s impossible to predict exactly how your investments will do, a good first step is to choose options that are in line with your financial objectives and risk tolerance.

• ActivationBefore you begin, make sure you have received the registration code from your company administrator or ADP.
• Before you know it, you’ll be maxing out your 401(k) while hardly noticing the incremental deductions to your paycheck.
• After 30 years of earning an 8% return, you’d have roughly $465,000 vs. about $310,000 with no employer match.
• We make ADP Financial Wellness Library of content available to you through EverFi, Inc. (“EverFi”) for informational purposes only.
• You will then have the ability to review your information and complete the registration process.
• International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards.
• The closer you get to retirement, the more you may want to accelerate savings, particularly if you had to pull back to balance other financial goals, such as paying for childcare or a mortgage.

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If you can’t make any progress on that front, choose investment options that provide the combination of the best return with the lowest possible fees. In that sense, it’s a painless way to boost your 401(k) balance. Putting your tax refund directly into your 401(k) is also a good way to protect against spending it on unnecessary discretionary items. While automating your monthly contributions to your 401(k) is a great start, there are plenty of additional ways that you can boost your account value rapidly. Some simple exercises can help you estimate expenses and income, and several options help you find the strategy that works for you. If you have flexibility in your budget, there are all sorts of ways to save a little extra for retirement—putting away a portion of a tax refund or bonus, for example.