401(k) Mistakes to Avoid

Planning for retirement is a lot harder today than it was for our parents.

Pensions are a thing of the past. Less than 13% of employees currently participate in a pension plan, and that number keeps going down.

Here’s the good news: the rise of 401(k)s and other retirement savings plans ultimately give you way more flexibility and control of your financial life.

Back in the early 1980’s, an obscure provision of the tax code was launched into a multi-trillion dollar industry.

What Is a 401(k)?

Almost all employers offer a 401(k) plan based on that premise. According to the Investment Company Institute, there are over 54 million workers that participate in a 401(k) plan

When you get hired at a new company, almost always one of the benefits is an offer to participate in their 401(k) program.

How does a 401(k) Work?

When you enroll, you can select a certain percentage of your paycheck that goes straight into your 401(k) account (without being taxed!)

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