If you're like most people, your 401(k), 403(b), or 457 plan is one of your largest assets — and often the first place you begin saving for retirement. But far too many people “set it and forget it”… and that’s where costly mistakes happen.
Here are 5 common missteps I often see — and how you can avoid them:
🔹1. Not Reviewing Your Investments
Life changes. Your investments should too. One client recently discovered their 401(k) was far more aggressive than they were comfortable with — simply because they hadn’t looked at it in years.
🔹2. Assuming a Target-Date Fund Is Personalized
Many believe these funds are tailored to their needs. They're not. They’re designed for the “average” investor — and you’re not average.
🔹3. Ignoring Contribution Increases
Are you still contributing the same amount you were 5 years ago? Setting up an auto-increase each year is an easy way to grow your retirement fund without feeling the pinch.
🔹4. Waiting Until Retirement Is Close to Pay Attention
If you’re 10–15 years out from retirement, now is the time to optimize. Waiting too long limits your options.
🔹5. Thinking the 401(k) Is All You Need
It’s a powerful tool — especially if your employer offers a match. But it shouldn’t be your only one. Holistic planning can bring more control and flexibility.
🔍Here's one question I'll leave you with: When did you last review your retirement account?🔍