Everyone gets to a point with the care and maintenance of their car when they have to spend the time and the money to get a tune up. This is especially true in the summer months because both the traffic and the temperature make for greater wear-and-tear on the family car.
Change the oil, rotate the tires, check the brakes, make sure that the air conditioning works, etc. Most experienced drives know this list well.
It has always seemed funny to me that the same people don’t take a similar attitude in regard to the care and maintenance of one of their largest financial assets; their company 401(k) retirement plan account.
If you don’t pay attention to your car, it will eventually fail you when you and your family really need it the most. I have been advising Minnesota company retirement plan participants long enough to know that the same rule applies to an individual company retirement plan account.
When you have extra time over this 4th of July weekend, take a look at your last 401(k) statement. It may be time for a tune up of that account.
Ric Lager
Lager & Company, Inc.
