1) You want help saving automatically2) You want help investing 3) You want to be able to protect your savings and4) You'd like some options for guaranteed income.Keep these things in mind as you learn more your employer-sponsored retirement plan and look for features that meet these needs. I also encourage you to take these simple actions to help make sure you get on track and then stay on track to a successful retirement.
- First, if you're not enrolled, sign up. You'll reduce your taxable income today while building retirement savings for tomorrow.
- Contribute up to your employer match, at a minimum. Otherwise you're leaving money on the table.
- Save more as you make more. Try to increase contributions every year.
- Save income boosts like a raise, bonus, tax refund or any windfall--even if you save only a portion of it.
- Meet with the financial professional associated with your retirement plan at work for a retirement plan check-up at least once a year. At that annual review, make sure your plan is in synch with your goals and includes a way to turn your savings into income that lasts a lifetime.
- Resist the temptation to borrow from your savings and stay the course for the long run. You may miss out on potential returns to grow your retirement savings while you're paying yourself back.