National 401(k) Day: September 6, 2024
National 401(k) Day is an important annual event dedicated to raising awareness about the benefits of revisiting your retirement goals and ensuring you’re taking full advantage of your 401 (k) retirement plan.
Recent results from an April Gallup poll reveal that out of 8 financial concerns, Americans are most anxious about having enough money for retirement. Seventy-one percent of nonretired adults are at least somewhat worried about funding their retirement, with 42 percent admitting they are apprehensive.
When is National 401(k) Day 2024?
National 401(k) Day is observed on the Friday following Labor Day. In 2024, it will fall on September 6th.
“This timing is strategic, as it encourages employees to start thinking about their retirement savings right after Labor Day celebrations,” says Joseph Aspelund, Director of Insurance Sales & Asst. Branch Manager at David Lerner Associates, Inc.
History of National 401(k) Day
National 401(k) Day was established by the Plan Sponsor Council of America (PSCA) in 1996. Since 1947, PSCA has led efforts to safeguard America’s retirement system. Today, it supports over 6 million participants and provides programs and services to help manage company retirement plans.
The idea behind National 401 (k) Day was to set aside a day to highlight the importance of 401(k) plans and to educate employees about the benefits of participating in these retirement savings accounts. The timing symbolizes starting the week with work and ending it with thoughts of retirement.
Over the years, the day has grown significantly, reminding individuals to review their retirement plans and make necessary adjustments to secure their financial future.
Who Gets Involved in National 401(k) Day?
National 401(k) Day involves a broad range of stakeholders, including employers, financial advisors, and employees. Employers often use this day to provide additional resources and information to their staff, encouraging them to enroll in or increase their 401(k) plan contributions.
Financial advisors like David Lerner Associates use this opportunity to offer guidance and answer questions about retirement planning. Employees are the primary focus, as the day aims to boost their awareness and understanding of the importance of retirement savings through 401(k) plans.
National 401(k) Day Participation Ideas
- Give Your 401(k) Account a Health Check: If you’re not enrolled in your workplace retirement plan, take the time to do that today. If you’re already enrolled, make some time to check in on your retirement readiness. Check your investment choices and performance. Adjust if necessary to ensure your retirement savings are on track.
- Search for Lost 401(k) Accounts: Capitalize reported that as of May 2023, there were over 29 million lost 401(k) accounts valued at around $1.65T. Start by contacting your previous employer’s HR department. Next, check for unclaimed pensions on government websites like the Department of Labor’s Abandoned Plan Search. You can also use databases like the National Registry of Unclaimed Retirement Benefits, FreeErisa, and MissingMoney.com, which gather info on lost retirement accounts and are free to use.
- Increase Contributions: Consider increasing your contributions. The power of compounding can make even a small increase significantly impact your retirement savings over time.
- Diversify Investments: Ensure your 401(k) investments are well-diversified. Diversification can help manage risk and improve potential returns. Consult with a financial advisor to tailor a strategy that aligns with your retirement goals.
- Attend a Workshop: Look for webinars or workshops offered by financial institutions. These sessions can provide valuable insights into maximizing your 401(k) benefits and making informed investment decisions.
- Set Goals: Establish clear retirement goals and create a plan to achieve them. Having a target can motivate you to stay committed to your savings plan.
- Educate Yourself: Read up on retirement planning and 401(k) strategies. The more you know, the better prepared you’ll be to make smart financial decisions.
Conclusion
National 401(k) Day is a vital reminder of the importance of planning for your financial future. By taking proactive steps and utilizing the resources available, you can ensure a more secure and comfortable retirement.
Ready to take control of your retirement savings? Contact David Lerner Associates today for personalized advice and strategies to optimize your 401(k) plan. Let’s work together to build a solid financial future!
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.