<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Here’s everything you need to know about how to choose the right retirement plan"/><p class="gnt_ar_b_p">Imagine a young married couple. One partner invests heavily in his employer’s 401(k), saving for both spouses. The other focuses on paying the bills and contributes nothing to her retirement plan, missing out on the employer's matching funds.</p><p class="gnt_ar_b_p">That was how Niv Persaud and her husband handled their finances.</p><p class="gnt_ar_b_p">“My income was going toward our expenses, and he was going to focus on retirement,” she said. “And I had a great company match, and I didn’t pay attention to that.”</p><p class="gnt_ar_b_p">The marriage eventually ended. Three decades later, Persaud works as a certified financial planner in Atlanta. Her lost retirement savings provide a cautionary tale.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">How much potential savings did she lose?</p><p class="gnt_ar_b_p"><strong>Protect your assets:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (hys)|e|auto spike click:6|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/banking/savings/best-high-yield-savings-accounts/">Best high-yield savings accounts of 2023</a></p><p class="gnt_ar_b_p">“I don’t even want to think about it,” she said.</p><h2 class="gnt_ar_b_h2">Married couples don't maximize 401 (k) matching options</h2><figure class="gnt_em gnt_em_img gnt_em_img__inset"><img class="gnt_em_img_i" style="height:420px" fetchpriority="high" data-g-r="lazy" src="https://www.usatoday.com/gcdn/authoring/authoring-images/2023/10/18/USAT/71230319007-niv-persaud.jpg?width=300&height=420&fit=crop&format=pjpg&auto=webp" srcset="https://www.usatoday.com/gcdn/authoring/authoring-images/2023/10/18/USAT/71230319007-niv-persaud.jpg?width=600&height=840&fit=crop&format=pjpg&auto=webp 2x" decoding="async" alt="Niv Persaud, a certified financial planner in Atlanta, missed out on 401 (k) retirement savings years ago by failing to claim matching funds from her employer."/></figure><p class="gnt_ar_b_p">In fact, one in four married couples fails to take full advantage of employers who make matching contributions to 401(k) retirement plans, a recent study found. The oversight costs them nearly $700 a year, on average.</p><p class="gnt_ar_b_p">Nearly two-thirds of American workers have <a target="_blank" href="http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.nber.org/sites/default/files/2023-05/NB21-11%20Choukhmane%2C%20Goodman%2C%20O%27Dea%20FINAL%20-%20cleared..pdf" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">access to an employer-sponsored defined contribution retirement savings plan</a>, according to the paper, titled “Efficiency in Household Decision Making: Evidence from the Retirement Savings of U.S. Couples,” and released in April by the <a target="_blank" href="https://www.nber.org/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">National Bureau of Economic Research</a>.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">Most plans offer a match: The employer contributes to a 401(k), matching some or all of the funds paid...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/2023/10/22/how-1-in-4-couples-is-giving-up-free-money-in-their-401-k-plans/71225707007/">Read more <span>➤</span></a> </div>
