It’s almost tax season, and it’s a good time to take stock of your finances.
Consumer Advisor Clark Howard says you could be missing out on free money.
“Well, do you know about half of us have access to a 401k plan at work?” Howard asks. “And I’m so shocked all the time how many people don’t pick up the free match on a 401k at work.”
Howard urges people to look at their 401k plan and see if they’re contributing enough to pick up the employer match.
“What is it usually? If you save 6% of your pay in the 401k, an employer will match it either 50 cents to each dollar you put in, usually, or a dollar to dollar for every dollar you put in. So 6% would become 9-12%,” he said.
Howard says the matched money is like a free raise to employees.
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