Increase your 401k

OK, so you managed to get a 5% annual pay increase. Wonderful! Now what do you do with it?

Here is a simple strategy that can reap huge rewards.

Each year you receive an increase, add 1% to your contribution rate until you are contributing the maximum amount every year. You won't miss the portion of your raise from your paycheck because it was never there to start with. Don't wait to implement this strategy because once it gets into your paycheck it will likely stay there. If this happens, you will miss your best opportunity of the year to increase your 401k contribution rate.

Commit to this strategy and someday you will be glad you did. With pensions disappearing and the future of social security looking dismal, the 401k will be far and away the most important vehicle for retirement planning. This puts much more pressure on you to develop a solid savings strategy. This one is simple.

Always look to gain that extra percent. See an idea of how saving a little extra now adds up big later.

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