Published on: 10/10/2018
The challenge of saving a million dollars in a 401K
HOUSTON – One million dollars! It’s a tough sum to raise in a 401K savings plan, but one of the keys to do so is start saving early since the compound interest has more time to grow. Michael Smith, President of Avidian Wealth Management, advises that you take advantage of any employer match that is offered for a 401K savings plan, because if you don’t, it’s like throwing away free money. He, also, advises to check the fees that may be charged for your 401K and to have a balanced portfolio. “Use multiple strategies. So, a 401K is a great one. A Roth 401K is another good strategy, and have a regular taxable account and have a good balance between those.”
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