Dewaylon, at age 44 with $17,000 in your 401(k), it’s commendable to start planning for retirement. Focus on constructing a tailored plan rather than chasing high returns. Consider assessing your financial situation and establishing an emergency fund before becoming an investor in your 401(k).

If you’re still in debt, prioritize paying off high-interest loans before saving. Building an emergency fund to cover living expenses for four to six months is crucial. Assess where you fall on the debtor-saver-investor continuum to shape your approach to your 401(k).

Maximize employer matching contributions in your retirement plan, as it offers immediate returns on your contributions. Consider your cash flow situation when deciding on contribution amounts. A financial advisor can guide you through balancing short-term goals with long-term retirement planning.

Define your deferral rate based on your salary to contribute to your 401(k). Consider auto-escalators to increase contributions annually. Focus on investment selection aligned with your goals and risk tolerance, rather than chasing the highest returns. Seek guidance from a financial advisor for personalized advice.

Plan around required minimum distributions (RMDs) if most of your wealth is in tax-deferred accounts. Consider Roth conversions in lower-income years to reduce future RMD burdens and potential Medicare surcharges. Consider working with a financial advisor to tailor an investment plan to your situation and goals.

Read more at Yahoo Finance: I’m a ‘Late Starter’ With Just $17K Saved for Retirement at Age 44. What Should I Do?