Despite your best intentions, your retirement planning and your 401(k) can always use more attention and tender-loving care.

Think of it, for example, as a car, Regular maintenance should guarantee the smoothest performance and longestt life.

Although some improvements to your 401(k) plan can only be made by your employer, there are definite steps you can take to improve your own personal account.

GOBankingRates recently offered some solutions so you can vastly improve the quality of your own personal 401(k) account.

• 1. Rebalance Regularly. “Even if you own the best investments in the world, you’re doing your 401(k) a disservice if you don’t rebalance your account regularly. Over time, your asset allocation will almost certainly get out of whack, as certain areas of your account outperform the market and others underperform,” the report said.
• 2. Increase Your Contributions. In 2020, for example, the maximum 401(k) contribution allowed for employees will be $19,500. If you start out contributing 5% of your income to your plan, try increasing that amount by 1% every month, quarter or year.
• 3. Don’t Touch It Early. A 401(k) is a long-term retirement plan. “With few exceptions, if you withdraw money from your 401(k) before you turn 59 1/2, you’ll owe ordinary income tax and also face a 10% early withdrawal penalty on that money,” the report said.
• 4. Don’t Pull Out During Downturns. It’s important to keep your money invested in your 401(k) even during market selloffs. If you sell out of your 401(k) during a market pullback, it can be difficult to know when to get back in. According to Fidelity, if you missed just the top 10 days in the market in the 38 years between 1980 and 2018, your initial investment of $10,000 would be worth $341,520 less than it could have been.
• 5. Reduce Risk as You Approach Retirement. A 401(k) isn’t a “set-and-forget” investment option. If you find yourself in the position of nearing retirement already, it’s time to review your 401(k) allocation and make sure a large portion of it is in safe investments, such as bonds and money market funds.

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