<div class="block">Bobbi Rebell, certified financial planner, joined Cheddar News to share some tips on maximizing 401Ks.</div>

beWell

Be Well: How to Maximize Your 401K

41 K is such a popular topic. Oftentimes free money that you can get from your company. But what should you be wary of? Yeah. So the good advice is that you should at the minimum, put in enough money that you were getting the full company match. There's nothing bad about that. But the mistake there is that sometimes people limit themselves to that and they don't save as much as they can. The truth is that's the first step but then maybe work backwards, the limits for 2023 or $22,500. So take that amount divided by the number of paychecks and that should be your goal. We may not all reach it. And by the way, it's higher. If you're over 50 we may not all reach it, but that should actually be what you aspire to in terms of how much you're putting money away. Yes. Get the match. But you can do better too. Ok, good. I like that. Is it true that not every discount we see is actually a good deal. I feel like I, no, I don't know. Did you ever work retail? I worked at a restaurant but I work actually in a, in a retail store. Yeah. So I worked retail, they're fake price tags out there for real. Sometimes they even come pre printed with a price that it will never be sold that we have. It's called anchor pricing. You'll see a price on an item, let's say a pretty blouse that you want to get and it's crossed out and it says 30% off and has a new price you think? Oh, wow. This is such a great deal. But the truth is it never sold for that. So you need to make sure you do your homework comparison shop and make sure that the value is right for. You. Don't assume that that anchor price was ever a real price, I think. Good advice too because all of the deals, the discount holidays that you see out there. I mean, even at the end, the prices still seem expensive totally. And they'll say sale and sometimes it's like 5% off which of course is better than not, but it's sometimes not such a huge deal. Especially when you factor in shipping and other expenses like taxes, comparison shop and know what the real value is of an item before you jump at the sale. Yeah. Yeah. Shop around. I like it.