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401(k) Plans And Your Retirement

Any sensible retirement planning strategy starts with a target number. This number is how much you need to have saved for living comfortably and independently throughout your retirement. A good rule of thumb is to take your current living expenses and multiply that by 400. That’s how much you’d need to have to sustain yourself on a 4% return.

That looks like a wildly intimidating number. You might be thinking to yourself that there’s no way you could possibly save that much out of your paycheck. The good news is it doesn’t all have to come from one place.

A great way to expand your retirement options is with a 401(k) that is set up by your employer. Since the beginning of the year is a great time to make changes to your payroll information, let’s take a look at a few common questions about 401(k) programs and what you can do if your employer doesn’t offer one.

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