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Don’t Miss This Critical 401(k) Change

Don’t Miss This Critical 401(k) Change

By Money Vehicle Contributor Elliot Ries

Is it your first year in the job market? Or maybe a couple of years into things? As a young professional, you certainly have a million things on your plate. Your last item on your to-do list is probably saving for your future self. But 2023 is the year to change your priorities

More than a month into the new year, let’s move a couple of things to the top of your to-do list

I am sure you have heard of a 401(k), an employer-sponsored retirement plan. Have you enrolled in your company’s 401(k) yet? If not, be sure to contact your HR department to get enrolled. This is one of the key components to start saving for your future self

Did you know your employer may also match your contributions up to a certain percentage? Some employers might match up to 5% of your compensation! If you make $100,000 that is an extra $5,000 per year your employer is willing to give you! For free! 

Depending upon your contribution election, these dollars can be pre-tax contributions, saving you money in taxes each year. Seriously, there’s no reason not to do this.

There’s also new legislation to keep in mind, too. 

Under the Secure Act 2.0, if you are paying down your student loan debt, starting in 2024 your employer may opt-in to match your student loan payments into your 401(k). This is a perfect way as being a young professional to pay down your student loan debt while still saving for retirement. 

The most important time to save for retirement is in the early part of your career when you have the longest runway to compound your wealth. Secure 2.0 has many new updates that will impact you, make sure to stay tuned for more details. 

But first and foremost: Make sure that you enroll in your employer’s retirement plan! Take advantage of compound interest and free money from your employer. You are in control of your financial future. 

Check out the Money Vehicle textbook — you can find it here on Amazon. And if you like what you see, you can get more content sent directly to your inbox! Sign up for the Money Vehicle Movement Newsletter!

And check out our white paper: “Strategies for Increasing Financial Literacy Rates Among High School and College Students”

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