How to Add $570,000 to Your 401(k) Balance at Retirement
If you're getting serious about saving for retirement, it pays to use the full functionality of your 401(k). That functionality includes automated contributions and investments, tax-deductible deposits, tax-deferred earnings, and -- the big one -- employer match.
Your employer matching contributions can be the difference-maker in your retirement plan. According to a recent report from financial company Fidelity, the average employer contribution is $4,114 per year. That contribution by itself can grow to $570,000 in 35 years with an average annual return of 7%.
There is a process to realizing that $570,000, however. Follow these four steps to see the full benefit of your employer match in your 401(k) balance at retirement.
Source Fool.com
