The arrival of a new year is a natural time to pause and take stock of how you’re doing in all facets of life. Particularly this year, when it’s a little harder to step into (or back into) the gym, it may be an opportune time to take a few minutes to check in on the fitness of your 401k.
Too often, making decisions about your 401k can seem as daunting or uncertain as stepping onto a treadmill for the first time (so many buttons!). But it only takes a little basic information to start making meaningful improvements. And, unlike the treadmill, you can actually make forward progress instead of spinning in place.
Like our treadmill, there are some fundamental ”settings” you need to get right. There are also aspects specific to you and your plan with 3M to consider. Let’s take a look at what you need to get right in order to make the most of your 3M 401k.
Unfortunately, your 3M 401k doesn’t allow you to contribute more dollars than the IRS allows, guarantee outstanding investment returns, or match 100% of your contributions dollar for dollar. No plans actually do any of these. But, your 3M 401k does have some features worth noting that, when properly known and implemented, can help put you on a better path to getting your 401k investing right.
|It should be noted that this option may be best utilized with professional management as there is no automatic rebalancing feature, which could cause your investments to deviate from your intended objectives over time.|
If you nail “The Basics” and optimize “The Specifics” of your 3M 401k, you’re on a good path.
Please reach out with any questions about integrating your 401k, or any of your other 3M benefits, with your total financial plan. We’re happy to help!
*Eligible pay includes: base pay plus overtime pay, shift premium pay, sales incentive, annual incentive pay, pro-share, gain-share payments and incentive pay for hourly paid employees.