Tips for Maximizing Your Workplace Retirement Plan During Financial Capability Month

April is Financial Capability Month, a time to focus on securing your financial future and taking control of your retirement planning. One of the easiest ways to start saving for retirement is by familiarizing yourself with your workplace retirement plan. Here are some important steps to help you make the most of your job-based plan:

First, read the information provided by your retirement plan administrator, including your Summary Plan Description (SPD). This will help you understand the features of your plan, such as contribution options and how to track your savings.

Next, maximize your contributions to your 401(k) plan if you have one, and find out if your employer offers matching contributions. This is essentially free money that can boost your retirement savings.

It’s also important to learn about your investment options within your retirement plan. Review the goals, risks, and returns of each option and monitor your choices to ensure they align with your financial goals.

Additionally, understand the fees and expenses associated with your retirement plan, as these can impact your savings over time. Review the information provided by your plan administrator and consider making changes if necessary.

If you need help navigating your retirement plan or have questions about your employee benefits, the Employee Benefits Security Administration (EBSA) offers resources and assistance. You can access publications, worksheets, and webinars on retirement planning, as well as speak with benefits advisors by calling 1-866-444-3272 or visiting askebsa.dol.gov online.

Lisa M. Gomez, Assistant Secretary in the U.S. Department of Labor’s Employee Benefits Security Administration, encourages individuals to take advantage of resources available during Financial Capability Month to secure their financial future.