Not Maxing Out Your Company’s Retirement Match
Maxing out a retirement account, beginning as early in your career as possible, is important because it’s one of the most efficient ways to grow wealth over time and support an uncertain future, said Greg Klingler, director of wealth management for the Government Employees’ Benefit Association (GEBA).
“For those lucky enough to work for an employer that provides a retirement plan with a contribution match, contributing a minimum of whatever that match is in order to take advantage of this ‘free money’ should be a no-brainer.”
If your take-home pay meets your living expenses, it’s a good idea to contribute 10% to 15% of your salary to your retirement plan given that contributions are tax free, Klingler said.
