LAS VEGAS (KTNV) — In recent months, 401(k)s have seen a lot of changes between fluctuating markets, interest rate hikes, and evolving investment options.
Many people are noticing shifts in their retirement savings.
But here is the question: Are you paying close enough attention to your 401(k)?
Senior Reporter Alyssa Bethencourt hit the streets to ask people if they were actively monitoring their accounts.
Some said they were keeping a close watch, while others admitted they weren't checking regularly, trusting the system to handle everything.
Do you think that most people are well-versed when it comes to 401(k)s and understanding how they work?
"I don't. I don't think that they are. I think that a lot of people just, out of sight, out of mind. I really try not to worry about the highs and lows because I know that I'm retiring in about 25 years."
Do you think most people are aware of what a 401(k) is and how it's managed?
"Definitely not."
Were you nervous at all when you logged into your portal to check it?
"Yes, I was. I was. I'm getting ready to retire, so I'm worried about it."
Do you think that most people check their 401(k) balances often?
"No."
And why should you care? Well, there are a lot of factors here, including investment performance, contribution rates, and even how your account is allocated can affect how your savings grow over time.
Adjusting to changes, whether it's reviewing your risk tolerance or making sure you're contributing enough to max out employer matches, can help ensure you're on track for a secure retirement.
And if you're nearing retirement, experts say paying attention now is even more critical because you have less time to recover from market downturns or missteps.
