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BlackRock Survey: 4 Top Retirement Saving Tips for Your 401(k)

BlackRock Survey: 4 Top Retirement Saving Tips for Your 401(k)

(Dreamstime)

By    |   Friday, 03 March 2017 11:19 AM

BlackRock Inc., the investment manager that oversees $5.1 trillion, surveyed retirement savers to find their best tips for building a nest egg.

The company summarized their advice with 4 best ideas intended to help people prepare for old age. Unfortunately, millions of Americans have little or no retirement savings and confront the possibility of having to find work or cut back on living expenses.

Here is a summary of BlackRock’s 4 top tips from a blog post:

1. Start Saving More Now Because Returns Are Paltry. “Industry forecasts suggest that future returns may be lower than they’ve been previously. Almost 15 percent of our respondents have already started preparing for lower returns. Time is your greatest asset to compound returns, helping you make up for the possibility of lower returns.”

2. Take Advantage of All Available Resources. “We found that baby boomers are 43 percent more likely than gen x or millennials to take advantage of retirement planning tools, like income calculators. But, regardless of what generational bucket you fall into, you should use every tool at your disposal—especially given the prospect of lower returns.”

3. Remember Risk Versus Reward. “Compared to those nearing retirement, younger investors are more comfortable with aggressive growth strategies, even if that means they could lose money when the market declines. Baby boomers, on the other hand, were more likely to prefer conservative growth, with smaller returns but less chance of losing money.”

4. Use Employer 401(k) Match. “Most employers will match a portion of your retirement savings on a dollar-for-dollar basis, typically up to the first 3 percent to 5 percent of your contribution. If your plan offers this, odds are you’ve heard that you should contribute enough to get the full company match.”

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BlackRock Inc., the investment manager that oversees $5.1 trillion, has 4 best tips for building a nest egg.
BlackRock, retirement, savings, 401k
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2017-19-03
Friday, 03 March 2017 11:19 AM
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