1 in 3 Workers Make This Life-Changing 401(k) Mistake

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03 Jul

Donna Taylor Blog 0 0

Are you making this costly retirement plan blunder, too?

Who would turn down free money? About 1 in 3 workers , as it turns out. About 33% of workers do not contribute enough money to their 401(k) plan each year to get their full company match, says Vanguard, one of the world’s biggest mutual fund providers. Almost two-thirds of workers received the full employer matching contribution for which they are eligible. However, that still leaves one-third of workers who are not getting the full match- who are, in essence, turning down free money. Thus, missing a few years of matching contributions can be a life-changing mistake.

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Galilee United Methodist Church on the Northern Neck in Edwardsville, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the Mission Rivers District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is an airline professional and son is a retired Naval Officer with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.