National 401(k) Day: History, Facts & Insights

This is an in-depth look at all the must-know facts about National 401(k) Day (2024) 🗓️ that no one tells you about. National 401(k) Day is celebrated on September 8th.

Among the information you’ll find below: the history of National 401(k) Day, activities to do on and how to observe this holiday, as well as important facts you ought to know about National 401(k) Day.

📅 What day is National 401(k) Day 2024?

In 2024, National 401(k) Day is on Friday, September 8th. It is the 2nd Friday in September; in 2024, it is Sunday. There are until the next observance. You also can discover all the cool details and facts about September 8, 2023, that you might not be aware of.

Many people dream of a relaxed and carefree life during their retirement years. National 401(k) Day, observed annually on the Friday after Labor Day, serves as a reminder for us to assess our retirement savings. Shockingly, only 70% of Americans are financially prepared for retirement, emphasizing the need to take action towards achieving our retirement goals. Surprisingly, around 79% of Americans work for companies that offer a 401(k) plan, but only 41% choose to participate in it. Instead of wasting time pondering the importance of saving for retirement through a 401(k) or feeling helpless without access to one, it is crucial to explore the available options and take steps towards securing a stable retirement.

📜 National 401(k) Day History

This holiday promotes the importance of learning about retirement savings, particularly in regards to 401(k) plans. PSCA encourages employers to provide their employees with creative and easy-to-understand information about these plans. Retirement planning can be complex, with laws and market conditions constantly changing. As less than 40% of Americans can answer basic 401(k) questions, it is beneficial to have a holiday dedicated to educating people about them.

Due to the complexity of retirement planning and the increasing focus on financial health and well-being, many companies now run year-round campaigns to educate their employees about retirement savings. It is important to note that retirement savings education is no longer solely focused on 401(k) plans. It is now recognized that financial diversity is important, as not everyone has access to 401(k) plans.

If your workplace offers a 401(k) plan, you can use it to start planning for your retirement. However, if you are self-employed, you can establish a 401(k) through a financial institution. There are two types of 401(k) plans: traditional and Roth. The traditional plan deducts a percentage of your income (as determined by you), while the Roth 401(k) uses post-tax money, allowing your savings to grow tax-free.

✅ National 401(k) Day Facts

🔖 ​Take advantage of matching contributions
Many companies offer a matching program for their employees’ contributions to retirement savings. For example, they may match 50% of the employee’s contribution up to 6% of their salary. This means that if the employee contributes 6% of their salary to their 401(k), the company will add an additional 3% to their retirement savings.

🔖 ​Select personally compatible investments
In a typical 401(k) plan, you have the option to select from a variety of investments that align with your financial goals.

🔖 ​Start contributions early
Starting to save for retirement as early as possible is crucial for maximizing your retirement savings. It doesn’t matter how old you are, it’s never too late to begin saving for retirement. If you or someone you know is in their twenties, it is highly recommended to start saving now, either through a 401(k) or an IRA.

👍 Why Is National 401(k) Day Important

Financial literacy is a persistent issue among Americans of all ages. National 401(k) Day encourages good communication between plan sponsors and consumers looking for assistance in making the best retirement savings decisions.

Unless you intend to work until you’re 90, everyone needs a plan for their retirement years. Company pensions are long gone, and Social Security can only take you so far. 401(k)s are among the finest ways to save, and National 401(k) Day encourages people to do so.

The more you know about your future retirement demands and how to achieve them, the more prepared you will be. National 401(k) Day facilitates conversations between consumers and providers, resulting in a connection that benefits both parties.

🙂 How To Observe National 401(k) Day

⚡ Learn over Lunch
You have the opportunity to participate in a learning session arranged by your bank, credit union, or workplace. If that is not possible, you can also explore online resources or visit the library to find a book about retirement planning. By putting in a small amount of effort, you can begin your research and work towards a more enjoyable retirement.

⚡ Find a Retirement Calculator
A lot of financial institutions offer a retirement calculator tool on their website that is typically available for free. By inputting your personal information, you can get an approximation of the amount of money you will require for retirement. This will help you assess whether your current savings plan is sufficient to meet that goal.

⚡ Know Your Numbers
Take advantage of this opportunity to remember to assess the status of your valuable possessions. Is your savings plan going according to your expectations? Are you making progress towards your annual savings targets? Are there any adjustments that need to be made? It is important to perform this evaluation regularly, so make sure to mark National 401(k) Day on your calendar for this purpose!

📅 When is National 401(k) Day?

View all 🔗 September holidays, including 🔗 Special Interest and other 🔗 Elderly holidays.

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