Newsmax Finance Insider Charles Sizemore told Newsmax TV that "it’s worth stuffing every single dime you can into your 401(k) plan."

“The benefit of a 401(k) plan is that even if you’re a little bit wary of the stock market, it’s still a very good option because of the tax break and because of the matching (contribution by your company),” Sizemore told Newsmax Prime’s JD Hayworth.

“So, if your employer matches you 3 to 5 percent, that’s great. On that first 3 to 5 percent, you’re getting 100 percent return just on the matching alone, but the tax break is really the big deal," he said.
 

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Sizemore, chief investment officer of the investment firm Sizemore Capital Management and the author of the Sizemore Insights blog, explained that amid such financial uncertainty, savvy investors can only benefit by essentially bulking up their war chest: in most Americans’ cases, that means their 401(k).

Sizemore urged that the intelligent investment move with any extra cash you may have is to sock it away in your 401(k), reinforcing the theme of his recent Newsmax Finance blog.

"If you’re maxing out the 401(k), if you’re putting in the full $18,000 a year, or if you’re age 50 or older, you’re putting in $24,000 a year, and you’re in a high tax bracket, you could be making 30 percent or more just in tax benefits," he said.

"So even if the stock market doesn’t go up a single penny, it’s worth stuffing every single dime you can into your 401(k) plan just to get the tax benefit, of nothing else,” he said.

Sizemore also expounded upon the sage advice in that very same blog: “It’s time to live with a little less glitz and glamour to avoid running out of money in your retirement years.”

Sizemore urges one “to be realistic with your expenses,” whether that means plugging numbers from financial statements into a spreadsheet or literally sitting at the kitchen table with paper and pencil.

If the numbers literally don’t add up, “you have to make changes, if that means getting a smaller house, if that means driving a less glamorous car, that’s what you have to do because that’s what the math says. You have to live within your means,” he said.

“It’s something that a lot of Americans have had a really hard time doing over the last 30 years, but in retirement, better late than ever, right? It’s better to get started.”

(Newsmax wire services contributed to this report).

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