Below, I examine a topic that’s crucial to the retirement security of millions of Americans: the 401k plan.
Americans have a lot at stake in their 401k plans. As of this writing, 401k plans held an estimated $6.2 trillion in assets and represented more than 19% of the $32.3 trillion in U.S. retirement assets.
More than 58 million American workers are active 401k participants, encompassing more than 580,000 401k plans. The 401k is the most commonly owned retirement account in the United States.
And yet, many investors are taking a passive approach to their 401k plans. They’ve put their 401k plans on automatic pilot and really don’t seem to be in control of their retirement money. That’s a big mistake that could come back to haunt you in the form of underperforming assets and missed opportunities.
Here are seven steps that will help you get a better grip on your 401k.
The post 7 Steps for Getting Control of Your 401k originally appeared at Investing Daily.