Kiplinger

Already Contributing to Your 401(k) ... Here's How to Optimize It

With traditional pensions fading away in the private sector, the importance of 401(k) plans for U.S. workers has grown exponentially. For most workers, other than Social Security, whatever has accumulated over an individual's career in 401(k) plans (which they end up rolling over into IRAs at some point) will likely represent the bulk of their retirement savings.

While saving and investing in a 401(k) plan are obviously important initial steps, individuals should also take a closer look at their plan to identify ways to optimize its use. Here are six tips you may want to consider.

1. Ramp up your contributions later in your career.

Late in their careers, many 401(k) savers find themselves behind in their savings goals. The good news is that 401(k) plans offer the ability to dramatically increase late career savings. Before going all-out on your

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