100 Days Left: Four 401(k) Tasks to Tackle This Fall

A 100-Day Sprint to Financial Security

The crisp autumn breeze serves as a gentle reminder: there are just 100 days left in the year. This period isn't just about swapping out seasonal decorations—it's an urgent opportunity to sharpen your financial strategies before the calendar flips. For employers and employees alike, the focus on maximizing 401(k) plans can play a pivotal role in securing a robust financial future. Here are four crucial tasks to consider as the countdown begins.

Conduct a Strategic Retirement Plan Review (For Employers)

Employers, it's time to evaluate if your current retirement plan aligns with your evolving business goals and team dynamics. Dive into the details: check if your auto-enrollment settings, matching contributions, and eligibility criteria are where they need to be. Making adjustments now can prevent costly realignments in the future. Remember, these updates are not just about compliance—they're integral to nurturing a satisfied, financially secure workforce.

Get Ahead of Nondiscrimination Testing (For Employers)

Year-end testing looms, and preparation is key. Start organizing your census data and contributions to ensure compliance. Examine historical testing results and contemplate safe harbor plans or qualified nonelective contributions to avoid discrimination pitfalls. Proactivity here ensures smoother sailing during official testing, so act promptly and strategically.

Review and Update Beneficiaries (For Employees)

Employees, when was the last time you checked your beneficiary designations? Life changes such as marriage, divorce, or the arrival of children can impact your 401(k) beneficiaries. This simple yet impactful task can make all the difference in ensuring your assets are transferred according to your current wishes. Take a moment to review and make necessary updates—your beneficiaries will thank you.

Maximize 401(k) Contributions (For Employees)

Time to assess your contribution rate and make the most of it. With the 2025 contribution limits set at $23,500—and an additional $7,500 for those aged 50 and over—you have the chance to bolster your retirement savings with beneficial tax advantages and the power of compounding. Even minor increases can lead to substantial benefits over time.

As the days dwindle, know that there is still time to act. Implementing even one or two of these changes can pave the way for meaningful financial improvements. By being proactive now, you’re avoiding future headaches and securing greater financial confidence. Reach out to your advisor or HR team if you need guidance—your financial future is worth it.