Each September, National 401(k) Day shines a spotlight on one of the most powerful tools available for building your financial future. Whether you’re just starting your career or preparing to retire in the next few years, this day is a perfect reminder to pause, check in on your account, and make sure you’re on track for the retirement you envision.
Your 401(k) plan is designed to give you a simple way to save, invest, and grow your money over time. But like any plan, it works best when you take an active role. Even small adjustments today can pay off in a big way down the road. Here are a few ways you can use 401(k) Day as a personal checkpoint.
Review Your Contributions
Ask yourself: Am I saving enough? Many experts recommend aiming to save 10–15% of your income for retirement, but every little bit helps. If you can’t reach that target today, consider increasing your contribution by just 1%. Thanks to the power of compounding, even a small boost can make a meaningful difference over the years.
Take Advantage of the Company Match
If your employer offers matching contributions, make sure you’re contributing at least enough to receive the full match. Think of it as free money added to your savings—an immediate return on your contributions that helps accelerate your progress.
Check Your Investment Mix
Your 401(k) isn’t just about how much you contribute—it’s also about how those dollars are invested. Take a moment to review whether your current investment mix aligns with your long-term goals and comfort with risk. Many plans offer target date funds, which automatically adjust your investments as you get closer to retirement. If you’re not sure what’s right for you, resources are available through your plan to help you make an informed choice.
Update Beneficiaries
Life changes—like marriage, children, or other milestones—can impact who you want to receive your savings in the future. 401(k) Day is a great time to review your beneficiary designations and make sure they’re up to date.
Consider Your Long-Term Outlook
Think about the big picture: Are you on track to replace the income you’ll need in retirement? Many plan providers offer calculators or retirement planning tools that can help you project your savings and see whether you’re on pace. Spending a few minutes with these tools can help you feel more confident about your future—or inspire you to take action today.
Small Steps, Big Impact
The most important thing to remember is that saving for retirement isn’t about doing everything at once. It’s about making steady progress over time. By taking a few small steps this 401(k) Day—whether that’s increasing your contributions, reviewing your investments, or checking in on your beneficiaries—you’re setting yourself up for greater confidence down the road.
401(k) Day is more than just a date on the calendar. It’s an opportunity to pause and make sure your retirement savings strategy is still working for you. Take a few minutes today to check in—your future self will thank you.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate form this educational material.
An investment in a target date fund is not guaranteed at any time, including on or after the target date, the approximate date when an investor in the fund would retire and leave the workforce. Target date funds gradually shift their emphasis from more aggressive investments to more conservative ones based on the target date.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.