There are millions of working Americans with access to a 401(k) plan.

In this video, Curt shares eight of his favorite 401(k) hacks to boost the power of these tax-advantaged retirement accounts.

00:00 – Start
00:49 – #1 Employer Match
01:46 – #2 Rollovers
04:51 – #3 Mega Backdoor Roth
06:13 – #4 Solo 401k
08:42 – #5 Rule of 55
09:59 – #6 72T Distributions or SEPP
10:57 – #7 Roth or Traditional
13:06 – #8 Low Expenses
14:52 – Wrap Up

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Disclaimer: This video is for information and entertainment only. None of the contents should be considered legal, accounting, or other professional advice. You should reach out to a qualified professional before making your own financial decisions.

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A 401(k) is a retirement savings plan sponsored by an employer that allows employees to save and invest a portion of their paycheck before taxes are taken out. While many people have 401(k) plans through their jobs, not everyone knows how to maximize the benefits of this valuable tool. Here are eight 401(k) hacks to help you make your plan work harder for you:

1. Maximize employer contributions: Many employers offer matching contributions to 401(k) plans, meaning they will match a certain percentage of your contributions up to a certain limit. Be sure to contribute enough to your 401(k) to take full advantage of this free money.

2. Increase your contributions: While it may be tempting to only contribute the minimum amount required to get the full employer match, consider increasing your contributions even further. The more you save now, the more you will have for retirement.

3. Use catch-up contributions: If you are over the age of 50, you are eligible to make catch-up contributions to your 401(k) in addition to the regular annual limit. Take advantage of this opportunity to boost your retirement savings.

4. Diversify your investments: A well-diversified portfolio can help reduce risk and maximize returns. Consider spreading your investments across different asset classes, such as stocks, bonds, and real estate.

5. Rebalance your portfolio regularly: Over time, the value of your investments may shift, causing your portfolio to become unbalanced. Rebalancing involves selling assets that have performed well and buying assets that have underperformed to maintain your desired allocation.

6. Consider a Roth 401(k): A Roth 401(k) allows you to contribute after-tax dollars to your retirement savings, meaning withdrawals in retirement are tax-free. This can be a smart strategy if you anticipate being in a higher tax bracket in retirement.

7. Avoid early withdrawals: Withdrawing money from your 401(k) before age 59 ½ can result in penalties and taxes that can eat into your savings. Try to avoid tapping into your retirement funds unless absolutely necessary.

8. Take advantage of financial advice: Many 401(k) plans offer access to financial advisors who can help you make informed decisions about your investments and retirement planning. Don’t hesitate to seek professional guidance to make the most of your 401(k).

By implementing these 401(k) hacks, you can make your retirement plan work harder for you and set yourself up for a more secure financial future. Take the time to review your 401(k) plan and make any necessary adjustments to ensure you are on track to meet your retirement goals.