Welcome to the 2013 Rockbridge 401(k) Challenge. This is the easiest competition you will ever face and will take less than 10 minutes to complete!
The challenge is simple, increase your employee 401(k) contributions by 2% or more and see if you actually notice the difference in your day-to-day life. Our guess is that you will not.
Although a 2% increase does not seem like much when it is withdrawn each paycheck, it can have a huge impact in retirement. For an individual making $50,000/year, the additional retirement savings in current dollars will be:
10 years until retirement – $14,200
20 years until retirement – $42,400
30 years until retirement – $94,700
(5% real return, 3% annual raises, 2% additional salary deferral)
Your future self will greatly thank you!
Other articles filed under Retirement
January 21, 2016
Stock Markets In 2015, domestic large cap stocks (S&P 500) and REITs were up while other markets were down – emerging markets were off big! The positive results in the S&P 500 were driven by just two stocks – Amazon...
January 20, 2016
One of the tenets of successful long-term investing is the practice of portfolio diversification. Through diversification, investors can increase their expected long-term return for a given level of risk (volatility). This is accomplished by investing in assets that are not...
January 19, 2016
2015 was an exciting year of growth and change at Rockbridge. Market returns were less than ideal for the year, but we continue to see growth in our fee-only business model as prospective clients seek out unbiased advice and professional...
January 15, 2016
When we go to a good action flick, we enjoy the suspense and surprises, but no one wants that experience when investing. James Bond and Mission Impossible would not be box office hits without some interesting plot twists, and an...
January 13, 2016
Our Rockbridge team is continuing to grow, and as a new member, I would like to take a moment to introduce myself. My name is Lisa Cellucci. I was born, raised, and educated right here in Syracuse. Even as a...