Important 401(k) Information For Millennials

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Important 401(k) Information For Millennials
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401 (k)

• Millennials invested in a 401(k) account are
  taking the right first steps toward a secure
  retirement, but need to contribute as much as
  possible to make this investment worthwhile.

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401(k) investment

• While it is fine to start out small in your
  401(k) investment, such as contributing 3 of
  income a month, it becomes more important as time
  progresses to step up this investment at least 1
  point each year.

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• Those who want their investments to be
  automatically adjusted to reflect a proper risk
  tolerance as one gets older, a target date fund
  is a good option.

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Millennials

• Millennials who switch jobs should understand
  that withdrawing funds from a 401(k) upon leaving
  a job creates a tax on the funds as well as a 10
  penalty if less than 59.5 years old.

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