Financially Smart Women Can Answer These 401(k) Questions—Can You?

Sophie Miura
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Original Illustration by Stephanie DeAngelis

In my early 20s, my financial goal was simple: Enjoy life and save whatever money was left over. It was easy to live paycheck to paycheck while working in an entry-level job, and any extra funds that found their way into my savings account were a bonus. But in recent years, there’s been a shift. With the prospect of buying a house or starting a family in my periphery, I’ve started to realize how important it is to be financially savvy about investing the dollars accumulating in my account. Worryingly, I had no clue where to start.

Jennifer Kruger, assistant branch manager of Fidelity Investment’s Park Avenue Investor Center says she’s surprised by how many women can relate and are complacent about investing their money for retirement. “I can’t say how often people walk in and say, ‘I have this thing but I know nothing about it,’” she tells MyDomaine. “People fear their 401(k), but it’s just as important as your health. We go for a physical and schedule an annual teeth cleaning; our financial health should be just as important.”

If you’ve been hit with a pang of guilt, that’s okay. Thankfully, Kruger says it’s never too early—or late—to boost your investment IQ. Whether you’re setting up your first 401(k) or need a knowledge refresher to make sure you’re investing wisely, take note—every fiscally smart woman should be able to answer to these questions. How many can you answer?

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