I'm ashamed to admit that it took me more than a full year after I was eligible before starting my company's matching 401K plan. I really don't have a good excuse for procrastinating, but let's just say this personal finance misstep was well before I took over ... well ... a personal finance website. Every time I take a peek at my 401K, I shake my head and wonder where it might be had I enrolled when I should have.
Anyway, I know it's just a normal Thursday morning, but what if you made today the day that you finally start saving up for the future. Yes I mean retirement, and yes I mean starting your 401K.
If your company offers a 401K plan and you're not in it, I want you to walk into your HR department right now and declare that you're ready to enroll. You'll be shocked at how easy the process is - a couple of signatures and a few clicks of the mouse and odds are you'll be all set to save in under 10 minutes. It's really that simple.
Matching 401K's mean your company is willing to give you free money - maybe four, five or six percent of your total paycheck. Plus, it reduces the amount of taxable income you report to the IRS, so you'll get a break come tax season 2014, too. And we mentioned you're saving up for retirement - crucial if you're hoping to reach your twilight years without financial worry - right?
There's really no downside to enrolling in your company's 401k. Yes, you're going to have a little less take-home pay, but you'll take comfort in knowing that your money is going to a great cause and you're planning for your future.
So start saving today, and get the ball rolling on your retirement when you sign up with your company's 401K plan.
