2020 was a roll coaster ride for Wall Street, and likely, your retirement accounts.
It’s why The Motley Fool mapped out how to maximize the value of your 401K and five mistakes to avoid.
First and foremost, make sure you’re contributing to the account — always.
Taking a break, even for a few months, reduces the time you have to save and grow the money before retirement.
Be sure you’re contributing as much as needed to get your full employer match.
Every dollar your company puts in is a dollar less you have to contribute.
Double-check the vesting schedule — that’s simply the timetable for when the funds are fully yours to keep if you leave the company.
Some employers offer immediate vesting, others have accounts that vest over a period of time.
Try to avoid withdrawals or loans from your 401K; that slows its growth and forces you to have to save more down the road.