3 Important 401(k) Strategies to Employ for the Remainder of 2020

These are trying times we're living through, and many people want nothing more than to see 2020 come to an end. If you have a 401(k) plan, the moves you make in the next few months could have a profound impact on your retirement. Here are three critical strategies to adopt as we navigate the tail end of this volatile year.

Many people are struggling financially during our current recession, but if you're actually saving more money than ever -- whether by canceling vacations, not commuting to work, and spending little to nothing on leisure outside the home -- then it pays to take advantage by increasing your retirement savings rate. Once the pandemic is over, you may find that you're itching to travel more, go out to dinner twice a week, and do all of the things you've been forced to cut back on this year, and that means you may actually be tempted to reduce your retirement plan contributions temporarily. You can compensate in advance, however, by saving more this year.

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Source Fool.com