Q:

What are the steps to open a 401(k) Nationwide retirement program?

A:

Quick Answer

The first step to opening a 401(k) Nationwide retirement program is to check with your employer, as you may already have been automatically enrolled in a plan, according to the Nationwide website. If, however, your company does not offer a Nationwide 401(k) plan, you may need to consider other options.

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Full Answer

A 401(k) is an employer-sponsored retirement plan, so enrollment is through the company for which you work, explains Nationwide. Companies may vary widely in the types of retirement plans they offer or in which they automatically enroll their employees. It is important to find out if your employer offers a 401(k) Nationwide retirement plan as an option. If your company does not already offer a 401(k) Nationwide retirement program, you may wish to express to your employer your reasons for desiring this plan over any others offered.

If your company does offer a 401(k) Nationwide retirement program, check to see if the employer matches your contributions to the retirement plan. Another important step is developing a long-term retirement goal. This involves deciding what amount of your income you wish to contribute each year in order to meet your financial target, as well as making considerations for adjustments over time due to inflation or pay raises.

To ease you along these steps, Nationwide is happy to help pair you with an investment professional through their website resources. This individual is able to give you educated one-on-one advice in planning, opening and getting the most out of your 401(k) Nationwide retirement program.

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