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If your savings will fall short of your retirement goal, it’s time to speed up! Here are three ways to accelerate toward your goal:

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1. Contribute to the max! If you’re contributing 5%, double your rate to 10%. If you’re contributing 10%, increase your rate to 25%, the maximum amount allowed by the Wells Fargo & Company 401(k) Plan, up to the IRS limits. Increasing your contributions by just 1% will make a difference. The more you save, the faster your savings will grow!
2. Change your asset allocation. Put your savings into investment funds with potentially higher rates of return. Money market (or stable value) funds offer the lowest rates of return. Fixed income (or bond) funds offer the second lowest. Stock (or equity) funds offer the potential for the highest rates of return. Keep in mind, however, that stocks also are considered the “riskiest” investment because their returns can vary the most. Remember that time reduces risk! Learn more about risk versus return.
3. Save outside of the 401(k) Plan. If you’re contributing to the maximum, putting your money in high-return investments, and still falling short of your retirement savings goal, consider opening an IRA, Roth IRA, or both. See if you qualify for these accounts and learn their tax advantages! You can apply for an IRA or Roth IRA at your nearby Wells Fargo Bank or online at www.wellsfargo.com.