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How to Get More Retirement Income From Your 401(k)

One might yearn for the days of company pensions, but we live in the era of the 401(k) and similar plans, so we might as well take full advantage of them. That means socking away at least the maximum that your plan provides in pre-tax contributions and encouraging your bosses to offer matching payments and the investments that will best help grow your pot of retirement money.

In fact, at least 85% of all eligible employers offer a 401(k) and employees put an average of 6.5% of their salaries into them each year. According to a report by Fidelity, the average 401(k) balance reached $112,400 in the second quarter of this year.

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