Hr Library
Trending

78% of workers are ignoring ‘the greatest money-making asset’ for retirement saving, says CPA

By | Ryan Ermey | www.cnbc.com

Saving for a secure retirement requires a number of money-smart strategies coming together, and in the eyes of workers, some factors seem more integral to success than others.

Topping the list in a recent survey from Principal Financial Group: getting a matching contribution from your employer in your 401(k) plan. Nearly two-thirds — 62% — of workers identified company matches as important for reaching retirement goals.

More from Grow:
Suze Orman: Why borrowing from 401(k) is a ‘foolish things’ to do
Financial planner: The ‘biggest misconception’ investors believe
Self-made millionaire: The 7 levels of financial freedom

That workers are fond of the match shouldn’t be surprising, says Tess Zigo, a certified financial planner at LPL Financial in Palm Harbor, Florida. “We like to refer to that as ‘free money,’ and it is,” she told Grow. “If I’m putting in 3% of my money and you’re putting in 3% of your money, sign me up! I’m taking your money.”

Getting “free money” is a no-brainer. It’s math. Which is why it’s somewhat curious that only 22% of employees in the survey identified starting investing early (in one’s twenties) as important to building a secure retirement.

Click here to read the full article

 

 

Source
www.cnbc.com
Show More

Related Articles

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button