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Published on Sunday, Oct 05, 2008
Associated Press
Just because something's automatic, doesn't mean you can sit back and relax, especially when it comes to your retirement. In recent years, more companies are shifting away from traditional pensions. Many employers now offer automatic enrollment in a 401(k) plan and are changing the types of funds they offer, but you'll still want to ask the important questions.
Q: My company has an automatic-enrollment 401(k) program that increases contributions over time and takes care of how the money is invested. Am I safe to just leave decisions to the plan administrators?
A: Auto-enrollment programs have grown rapidly since the Pension Protection Act was signed into law two years ago. It has increased the number of workers setting aside money for retirement because it's easy.
Christopher Jones, chief investment officer of Financial Engines of Palo Alto, Calif., recommends the following:
• Make sure the default investment of the plan is a good fit by checking that it is at the appropriate risk level, and the fees are not too high. Managed accounts can provide access to an adviser, allowing you to talk with someone.
• If your own company's stock is a default choice, make sure your account is balanced and not too centered on your company's stock.
Associated Press
Get the full article here.
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