A great 401(k) plan can make or break your retirement. If you want to increase the odds of spending your golden years in comfort, consider applying for a job at Chick-fil-A, United Airlines or SAP America.
Those three companies are among 14 that offer the best 401(k) plans in their respective industries, according to a recent Money magazine analysis.
In arriving at its rankings, Money pored over data from BrightScope, an investment research firm. The data was associated with plans that have at least $100 million in assets.
Money notes that good 401(k) plans offer low fees and a generous company match — an amount of money that an employer will contribute to your account that “matches” contributions you make to the plan. According to Money:
“The difference between a high-quality 401(k) plan and a low-quality one can add up to tens of thousands of dollars over the course of your career. When you get a job offer, ask about the company’s retirement plan. If there’s no match or a low match, consider asking for a higher salary to compensate, career experts advise.”
Money says the top 401(k) plans by industry are:
- Accommodation and food services: Chick-fil-A
- Airlines: United Airlines
- Business and finance: Lone Pine Capital
- Educational services: California Teachers Association
- Health care and social assistance: Sutter Medical Group
- Information: SES Americom
- Law: Simpson Thacher & Bartlett
- Management of companies and enterprises: BHP USA
- Manufacturing: Takeda Pharmaceuticals U.S.A.
- Mining, quarrying, and oil and gas extraction: CNX Resources
- Professional, scientific and technical services: Zeta Associates
- Retail trade: SAP America
- Technology: Valve Corporation
- Utilities: Oglethorpe Power
Investing wisely in a 401(k) plan
As Money emphasizes, using a great 401(k) plan to invest for retirement can add tens of thousands of dollars in extra cash to your coffers. But even the best 401(k) plan will be a bust if you don’t invest money wisely.
A do-it-yourself investor can do just fine building a solid nest egg. But many people — perhaps most of us — lack the desire or aptitude to be good investors. So, we may need a little help in reaching our goals.
If you need guidance, consider pairing up with Money Talks News partner Wealthramp. This free referral service can help you find vetted independent fiduciary financial advisers in your area. A fiduciary professional is someone who is legally bound to put your best interests first when offering investment advice.
For more tips on making smart investments for retirement, check out:
- “5 Hidden Features of 401(k) Plans That You Should Know About“
- “8 Retirement Planning Mistakes to Avoid“
What do you think of your company’s 401(k) plan? Sound off in comments below or on our Facebook page.