Two income couples managing their 401(k) plans.

There are a few things to consider of you are a two income couple and both have 401(k) type plans.

  • Maximize your contributions.  Retirement for many people now may be 30 years long and your 401(k) may be the single biggest asset you have to make that retirement enjoyable.  If necessary, look for places to save if you are not maxing out your plan.
  • At the very least, take advantage of your employer matching money.  Failure to do so is like leaving money on the table.  If there is limited money for saving, make sure the plan with the biggest match gets funded first.
  • Manage your 401(k) like you would any investment account.  Study the investment options and diversify.
  • If you are not a financial expert, get the assistance of a Registered Investment Advisor (RIA) who will provide your with the guidance you need to manage your account.
  •  Coordinate your retirement dates so that you can access your plan assets when you need them.
  • Keep track of your fees.  Different plans have different fees associated with them.

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