Average 401(k) asset allocation in equities has been the highest since January 2001 at 71.9% this past June, according to data from Alight.

Alight Solutions Head of Research Rob Austin joins Wealth! to give insight into how Americans can maximize their 401(k) contributions. A new trend has seen a surge in "Super Saver" activity, or workers who contribute well over the suggested 10% of their salary toward their retirement savings.

Austin starts by outlining that workers need to make the most of their employer contributions and company matches for their 401(k) accounts:

"You want to invest it. That's the whole reason that you're putting money in for retirement is to see that money grow, but over time, we see very, very few people will actually look and make sure that they're rebalancing that portfolio. In fact, last year we only saw about 20% of people make any sort of trade at all in their 401(k). And when you think about what happened in 2023, when, say, equities were earning 15, 20, 25% and bonds were only like at 5 or 10%. The portfolio you had at the beginning of the year is certainly not going to match the portfolio that you had at the end of the year."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino