3 Essential 401(k) Moves to Make in November

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A lot of people start feeling the pressure to tie up financial loose ends as the new year approaches. But rather than wait until December to focus on your 401(k) plan, it pays to do so in November. Here are three important moves to make this month.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
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Click here to read our full review for free and apply in just 2 minutes. 1. Get your full employer matchMany companies that sponsor 401(k) plans match worker contributions to some degree. You should aim to snag every single dollar your company is willing to give you for retirement. Each dollar you give up could cost you a lot more over time.Remember, the money in your 401(k) can be invested so it may grow into a larger sum over time. Over the past 50 years, the S&P 500’s average yearly return has been 10%, accounting for both strong and weak years. If you keep your 401(k) invested over many years, you might enjoy a similar return.Meanwhile, let’s say your employer is willing to match up to $3,000 in 401(k) plan contributions this year, but you only save $2,500 in that plan. You might think you’re giving up $500, but if that $500 gets invested over the next 35 years at a 10% annual return, you’re actually giving up $14,000. That’s a much bigger deal.Take a look at how much you’ve contributed to your 401(k) to date. And then see if there’s a way to put enough money into that account by the end of the year to get your workplace match in full.2. Check on your investmentsAs of this writing, the stock market, as measured by the S&P 500, is up about 20% year to date. You may not have your 401(k) invested in an S&P 500 index fund only, and that’s OK. But you should take a look at your investments and see if you’ve gotten a comparable return in your 401(k) plan so far. If not, you may want to make some changes.Perhaps your return is lower for the year because you’re invested too conservatively. Or, it could be that high fees (which are called expense ratios) are eating away at your 401(k)’s returns.Take a look at each investment you have money in, see what its performance looks like for the year, and see what fees you’re paying. It could make sense to pull some money out of actively managed mutual funds, which tend to be expensive from a fee perspective, and move over to passively managed index funds.3. Talk to your payroll department if you want to increase your contributions before year-endYou may decide you’d like to pump a little extra money into your 401(k) by the end of the year. This year, 401(k) contributions max out at $23,000 if you’re under 50 or $30,500 if you’re 50 or older. So there may be plenty of room to increase your contribution without running over the limit that applies to you.But don’t wait to tell your company that you want to increase your 401(k) savings rate before the end of the year. It might take your payroll department time to process that change. And if you wait too long, that money may not hit your account before the end of 2024.Instead, make a decision about how much to contribute for the remainder of the year in November. And ask your payroll department what you need to do to make sure that change is implemented.If you don’t have a 401(k) plan available to you, don’t despair. You can always save for retirement in an IRA instead. Click here for a list of our favorite IRAs. But if you’re sticking with a 401(k) plan through your employer, then make a point to tackle these essential moves sooner rather than later this month.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

A lot of people start feeling the pressure to tie up financial loose ends as the new year approaches. But rather than wait until December to focus on your 401(k) plan, it pays to do so in November. Here are three important moves to make this month.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

1. Get your full employer match

Many companies that sponsor 401(k) plans match worker contributions to some degree. You should aim to snag every single dollar your company is willing to give you for retirement. Each dollar you give up could cost you a lot more over time.

Remember, the money in your 401(k) can be invested so it may grow into a larger sum over time. Over the past 50 years, the S&P 500’s average yearly return has been 10%, accounting for both strong and weak years. If you keep your 401(k) invested over many years, you might enjoy a similar return.

Meanwhile, let’s say your employer is willing to match up to $3,000 in 401(k) plan contributions this year, but you only save $2,500 in that plan. You might think you’re giving up $500, but if that $500 gets invested over the next 35 years at a 10% annual return, you’re actually giving up $14,000. That’s a much bigger deal.

Take a look at how much you’ve contributed to your 401(k) to date. And then see if there’s a way to put enough money into that account by the end of the year to get your workplace match in full.

2. Check on your investments

As of this writing, the stock market, as measured by the S&P 500, is up about 20% year to date. You may not have your 401(k) invested in an S&P 500 index fund only, and that’s OK. But you should take a look at your investments and see if you’ve gotten a comparable return in your 401(k) plan so far. If not, you may want to make some changes.

Perhaps your return is lower for the year because you’re invested too conservatively. Or, it could be that high fees (which are called expense ratios) are eating away at your 401(k)’s returns.

Take a look at each investment you have money in, see what its performance looks like for the year, and see what fees you’re paying. It could make sense to pull some money out of actively managed mutual funds, which tend to be expensive from a fee perspective, and move over to passively managed index funds.

3. Talk to your payroll department if you want to increase your contributions before year-end

You may decide you’d like to pump a little extra money into your 401(k) by the end of the year. This year, 401(k) contributions max out at $23,000 if you’re under 50 or $30,500 if you’re 50 or older. So there may be plenty of room to increase your contribution without running over the limit that applies to you.

But don’t wait to tell your company that you want to increase your 401(k) savings rate before the end of the year. It might take your payroll department time to process that change. And if you wait too long, that money may not hit your account before the end of 2024.

Instead, make a decision about how much to contribute for the remainder of the year in November. And ask your payroll department what you need to do to make sure that change is implemented.

If you don’t have a 401(k) plan available to you, don’t despair. You can always save for retirement in an IRA instead. Click here for a list of our favorite IRAs. But if you’re sticking with a 401(k) plan through your employer, then make a point to tackle these essential moves sooner rather than later this month.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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