How to Check Your 401(k) – Good Financial Cents®How to Check Your 401(k) – Good Financial Cents®Giphy GIFGiphy GIF

How to Check Your 401(k) – Good Financial Cents®

Regularly checking your 401(k) account can help you stay on top of your investments, and make sure that your money is working for you in the best way possible.
The money in the account is invested and grows over time, and the employee can use the money in the account during their retirement years.
What is a 401k?
Investing in a 401k allows you to take advantage of tax-deferred growth, meaning you won’t pay taxes on any earnings or ...
Why is it important to check your 401k?
...contributions until you withdraw the funds. You must have a vision for your future and strive to make it a reality.
Checking your 401k routinely can also help you track progress toward financial goals such as retirement saving milestones and your other aspirations.
How Often Do You Need to Check Your 401k?
It’s generally recommended to check your 401(k) account at least once a quarter, or four times a year.
This allows you to keep an eye on your account balance, investment holdings, contributions, and performance, and make any necessary adjustments to your investment strategy.
However, some experts recommend that you check your account monthly or even more frequently, especially if you are nearing retirement ...
...or making significant changes to your investment strategy. All are good suggestions on how often to check your 401k.
Do NOT check your 401(k) balance every day. Additionally, it’s a good idea to review your account statements as soon as you receive them, to ensure that all of the information is accurate and to check for any errors.
If you have multiple 401(k) accounts, it’s important to keep track of each one.
What if You Have Multiple 401k Accounts?
Checking in with your 401k occasionally can help ensure that you’re getting the most out of it.
The Bottom Line on Checking Your 401(k)
Swipe up to watch the video
Once logged in, check your current account balance and see how it has changed over time. This includes checking the current value of each holding, as well as its historical performance.
Check your contributions to your 401(k) account, and make sure that you are on track to reach your savings goals.
If you have questions or need help interpreting your account information, consult with a financial advisor to help you understand your account and make any needed adjustments.