Today's tip is it's essential to participate in 401(k) plans!

401(k) plans are among the best retirement-building tools an employee can have. One of the biggest benefits of a 401(k) plan is the employer match. This is basically free money that an employer gives when a worker contributes to the plan. However, many people do not participate because they feel as though they can’t afford it. The truth is --- one can’t afford NOT to participate . Using an annual salary of $36,000 and 4% pre-tax contributions with a 2% employer match, one could save $1,800 year vs. $1,080 a year by not participating in a 401(k) plan. If you are not participating in a 401(k) plan you may be Stepping Over Dollars to Pick-up Pennies.

Remember, you are Destined for Wealth!