100 Days Until Year-End: Secure Your 401(k) Future Today

The crisp air and changing leaves are a seasonal reminder for many that the year is winding down. With only 100 days left, there is both an urgency and opportunity to finish strong, especially when it comes to securing a prosperous financial future through your 401(k). Whether you're an employer or an employee, these crucial months can be the perfect time to reflect, review, and revamp your retirement strategy. Let's explore how you can make the most of this finite time to achieve compliance and improved retirement outcomes.

Employers, think of this season as a strategic pit stop. It's essential to verify that your current retirement plan aligns with your business goals and the dynamics of your team. Review your auto-enrollment settings, matching contributions, and eligibility criteria. A proactive approach will help prevent any mismatches that could arise in the future. Taking action today ensures you walk along a path of smoother retirement plan management tomorrow.

Year-end nondiscrimination testing can be daunting, but starting now will ease the stress later. Prepare by reviewing your census data and contributions, comparing them with historical results. If discrepancies are likely, explore safe harbor plans or consider qualified nonelective contributions. Early adjustments can ensure compliance and guard against future penalties.

Your life and priorities may change, and so should your beneficiary designations. Marriage, divorce, or the arrival of a child are all life events that should prompt an update. Ensuring that these designations are current is a simple yet impactful task that secures your loved ones' future, reinforcing your peace of mind.

As the end of the year approaches, consider increasing your contribution rates. While it may seem like a small change, it's a decision that compounds over time. Take advantage of the 2025 limits: $23,500 plus an additional $7,500 for those 50 and over, and reap tax advantages. Remember, every bit counts toward building a more secure retirement.

With the clock ticking down, there's still ample time to act. Implement even one or two of these changes, and you'll set yourself up for meaningful improvements in your financial future. Proactive planning today translates into fewer headaches tomorrow and instills greater financial confidence down the line. Don't hesitate to reach out to your advisor or HR team for guidance and support. Tackle these tasks now to ensure a triumphant end to the year and beyond.