‘Father of the 401(k)’ Ted Benna spoke with Yahoo Finance’s Adam Shapiro about the history of savings plans and some ways improve 401(k) plans.
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The man who created the 401K, Ted Benna, recently discussed retirement myths and ways investors can save for their future. Benna, who is often referred to as the “father of the 401K,” revolutionized retirement saving in the United States with the creation of the 401K plan in the late 1970s.

In a recent interview, Benna addressed some common retirement myths that many investors believe. One of the biggest myths, according to Benna, is that Social Security will provide enough income for retirees to live comfortably. In reality, Social Security was never intended to be the sole source of income for retirees, and relying solely on it can leave individuals facing financial hardship in their later years.

Another myth that Benna discussed is the idea that you can rely on your employer’s pension plan to fund your retirement. With many companies phasing out traditional pension plans in favor of 401K plans, it has become increasingly important for individuals to take control of their own retirement savings.

Benna also highlighted the misconception that individuals need a large sum of money to start saving for retirement. He emphasized that even small, consistent contributions to a retirement account can add up over time, thanks to the power of compounding interest.

When it comes to ways investors can save for retirement, Benna stressed the importance of starting early and being consistent. He recommended individuals begin contributing to their retirement accounts as soon as they enter the workforce and to make regular contributions, even if they are small.

Benna also advised investors to maximize their employer’s matching contributions, if available, as it is essentially free money that can significantly boost their retirement savings.

Additionally, Benna encouraged individuals to consider diversifying their investment portfolio to minimize risk and maximize returns. By investing in a mix of stocks, bonds, and other assets, investors can create a well-balanced portfolio that aligns with their retirement goals and risk tolerance.

In conclusion, Benna’s insights on retirement myths and saving strategies serve as valuable guidance for investors looking to secure their financial future. By dispelling common misconceptions and offering practical advice, he continues to influence and educate individuals on the importance of proactive retirement planning. As the creator of the 401K, Benna’s expertise and wisdom are a valuable resource for anyone looking to build a solid foundation for retirement.