It’s that time of the year again when we’re all encouraged to dream big about our retirement goals. National 401(k) Day this year will be observed on Friday, September 5, and has become an important event focused on raising awareness and appreciation for prioritizing retirement savings and financial planning strategies. Think of it as a day targeting your golden years and ensuring you won’t be surviving off ramen noodles and crackers (unless that is your culinary preference).
For those who have already started their retirement savings journey, this day serves as a reminder to check-in on your retirement nest egg while also highlighting the importance of reviewing your overall retirement saving level and asset allocation as important components of a healthy retirement saving strategy. It’s also clear that not enough individuals have earnestly started their retirement savings journey, with data showing that an estimated 43%* of workers between the ages of 45-54 have not saved anything for retirement and only 70%** of Americans believe they are financially prepared for retirement.
Whether you’re an individual searching for ways to boost your retirement savings or a business owner looking to improve your employees’ financial well-being, there are multiple impactful strategies to commemorate National 401(k) day you can utilize.
For Individuals
- Take advantage of employer-sponsored retirement plans. If your employer provides an opportunity to participate in a retirement plan, like a 401(k) plan, this can be an effective, tax-advantaged tool in helping to reach your retirement goals. Make sure you’re aware of any enhanced or catch-up contribution (age 50+, ages 60-63, etc.) that can boost your retirement savings, and always contribute enough to take advantage of any employer retirement plan matching contribution (if offered).
- Review and rebalance portfolio. Regularly evaluate your investment portfolio and make changes to ensure alignment with your retirement goals, time horizon and risk tolerance.
- Financial education. Take advantage of financial webinars and workshops that can provide valuable insights and resources to assist in meeting your retirement saving goals.
For Business Owners
- Take advantage of recent retirement plan regulations. The recently enacted SECURE 2.0 Act introduced impactful plan provisions that can help expand plan participation and increase retirement savings among employees. Some of the most discussed provisions of the SECURE 2.0 Act include:
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- An automatic enrollment and escalation provision that is now mandatory for many new 401(k) plans that will help expand participation and saving levels.
- Availability of Roth contributions for both employee deferrals and employer contributions for SIMPLE IRAs, SEP IRAs and 401(k) plans. Although officially enacted in SECURE Act 2.0, this feature is not universally operational with all retirement plan providers yet.
- Expanded and new tax credits covering plan startup fees, employer contributions and automatic enrollment features to incentivize the establishment of new retirement plans by business owners.
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- Financial wellness workshops. Business owners can host informational sessions to educate employees about the benefits and importance of retirement savings, financial planning, asset allocation strategies, budgeting, etc.
- Recognition and rewards. Business owners can provide incentives and company-wide celebrations to acknowledge participation in company-sponsored retirement plans, along with the importance of setting retirement goals and developing healthy savings habits.
National 401(k) Day encourages individuals to take control of their financial futures and make informed decisions about their retirement savings. By promoting financial literacy and responsible savings habits, this unique holiday can help empower individuals to build a brighter financial and retirement future.
*Is It a Holiday Today – 2025 National 401(k) Day (Michael Rodriquez)
**SpiritoftheHolidays.org (National 401k day)
IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.