The Friday after Labor Day marks National 401(k) Day, a yearly reminder to pause and take a closer look at your retirement savings. While it may not be as widely celebrated as other holidays, it carries real weight because your future self depends on the choices you make today.
A new AARP survey finds that 20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement (AARP). For those who do, many are not on track to meet their long-term needs. That’s why 401(k) Day is more than a date it’s a movement to build awareness and take action toward retirement readiness.
Why National 401(k) Day Matters
Retirement planning often falls to the bottom of the to-do list, but ignoring it can be costly. Rising healthcare expenses, inflation, and longer life expectancies all mean your savings will need to stretch further than previous generations.
National 401(k) Day encourages everyone from recent graduates to seasoned professionals to:
- Revisit their savings progress
- Reevaluate their retirement goals
- Make adjustments that keep them on track
5 Smart Moves to Make on National 401(k) Day
Here are practical steps you can take to make sure your retirement plan is working for you:
1. Revisit Your Contributions
Small changes matter. Increasing your contributions by just 1% can significantly boost your retirement nest egg over time thanks to compounding growth.
2. Rebalance Your Investments
Markets shift, and so should your portfolio. Rebalancing ensures your investment mix still reflects your goals, time horizon, and tolerance for risk.
3. Capture the Full Employer Match
If your company offers a 401(k) match, don’t leave money on the table. Contribute at least enough to earn the full match—it’s essentially part of your compensation.
4. Reassess Your Retirement Goals
Your vision for retirement may change. Ask yourself:
- What age do I want to retire?
- Where do I want to live?
- What lifestyle do I want to maintain?
- How will I cover healthcare costs?
If your answers have shifted, adjust your savings strategy accordingly.
5. Review Fees and Available Resources
High fees can quietly eat away at your returns. Take time to understand the costs tied to your investments and explore the calculators, tools, and advisory services your plan may offer.
Ways to Mark the Occasion
You don’t need balloons or streamers to celebrate National 401(k) Day. Instead, focus on actions that move you closer to retirement confidence:
- Log in to your retirement plan portal and update your contribution rate.
- Share financial wellness tips with coworkers or encourage HR to host a workshop.
- Schedule a meeting with a financial advisor to discuss your plan.
- Build Momentum Toward Retirement Confidence
National 401(k) Day isn’t just about one day of awareness, it’s about building long-term habits that keep you on track. Every adjustment you make today, no matter how small, strengthens your financial foundation for tomorrow.
If you’re ready to take the next step, our advisors can help you review your 401(k), explore savings strategies, and create a plan designed for your retirement goals. Get in touch at info@deschutesinvestment.com