Realizing your financial dreams can mean paying for your children’s college, taking your family on dream vacations, owning the house you’ve always wanted or simply not having to worry about how you’re going to pay your bills. Plus, you should also be able to live the life you want when you’re retired.
There was some great news on this subject recently, and there was also a reminder that a lot of people can do more — $24 billion more to be exact.
Let’s start with the good news. According to a Bank of America Merrill Lynch report, Americans are finally participating more in investing in their 401(k) plans. In 2014, enrollments in new 401(k) accounts increased 18% across the entire population.
Furthermore, among Millennials, enrollment increased 64%. That’s fantastic. In addition, Bank of America also found that 27% of Americans have even increased their voluntary contributions.
This rise in participation — especially in regards to younger generations — points to something I’ve been telling my subscribers for quite some time now: Your options are changing. I’m just glad to see that there appears to finally be more of a willingness to start doing the right thing for the future.
I’m telling you, this is fantastic news. I am all about investing in the market, investing for the future, investing for yourself and your family.
Being proactive is great. So, let’s make sure that you’re doing everything possible to maximize your efforts. This is where the reminder comes in.
According to a Financial Engines report published this week, one in four American employees don’t put enough money into their 401(k) accounts to receive the full amount that their employer is willing to match. That comes out to approximately $24 billion — or $1,300 per person — that is left on the table every single year. One of the smartest things you can do is to make sure you’re taking advantage of every single cent that your employer is willing to match.
The fact that so many more people are actively investing for their futures is fantastic news, and it gives me a great deal of hope for the younger and future generations, who may not have Social Security to rely on. So, take advantage of the money you have at your disposal, and make sure you’re getting the most out of it.
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