Women own less, save less, carry more debt, and are less financially literate than men. That changes now.
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Smart 401(k) Moves to Make in 2024
This year, employees can contribute up to $23,000 to their 401(k), which is $500 more than last year. And every dollar counts when you’re prepping to go OOO forever. But spoiler: Only about 15% of workers maxed out their 401(k) contributions in 2022, according to Vanguard research. Although maxing out doesn’t necessarily make sense for everyone, here’s a reality check: The average millennial’s 401(k) balance is under $50,000. So it’s time to lock in your retirement savings strategy for 2024, watch your 401(k) grow, and start your caftan collection.
Your move:
Up your contribution. It’s easy to change, so increase your contribution by 2% for a paycheck or two. Adjust until you find the % that works for you. Reminder: Contribute at least enough to get your employer’s match, if they offer one.
Roll ‘em over. If you have 401(k)s from previous jobs, roll them over into an IRA. That way, you have control over your investments, and you’re not wasting money paying pricey administrative fees for multiple accounts.
Talk to a financial advisor. They can help you assess how much you should save in your 401(k). Plus, how much to invest or save elsewhere (think: a brokerage account or a high-yield savings account). Psst, check your work benefits. Your company may offer a free consultation with a financial planner.
for the group chat
The money stories everyone’s talking about.
Your 2024 productivity hack?
An old-fashioned brain dump.
The current housing market isn’t great…
Landing your first job out of college can be tough…
Enter: A new app that’s helping HBCU students prep for the work world.
Navigating a layoff?
Here are some resources to prep for your next interview.
5-minute money tip
One act of financial self-care you can do in five minutes.
Make your minimum credit card payment.
Paying your credit card balance on time and in full each month is ideal. But sometimes things happen. See: A major car repair or a trip to urgent care. Even if you can’t pay your entire balance, take five minutes to make the minimum payment. Paying down your debt now (even just a bit) means you’ll avoid higher charges later. Reminder: If you’re struggling to make your minimum payment (or other bills) there are resources that can help.
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