Avoid These Costly 401(k) Mistakes to Secure Your Retirement

ARTICLE | October 22, 2024

Authored by Vasquez + Company

Maximizing your 401(k) plan can significantly enhance your retirement savings. The article "Watch Out for These 401(k) Plan Mistakes" outlines common pitfalls to avoid, ensuring you make the most of your retirement plan.

Key Points:

• Early Participation: Delay in joining your 401(k) plan can hinder your savings growth.
• Maximizing Contributions: Understand the contribution limits and aim to contribute as much as possible.
• Employer Matching: Always contribute enough to benefit from employer matching contributions.
• Investment Choices: Carefully review your investment options to align with your long-term goals.
• Monitoring Balances: Regularly check and adjust your investment allocations.
• Borrowing and Raiding: Avoid borrowing from or withdrawing from your 401(k) prematurely to protect your retirement fund.
• Additional Savings: Consider saving outside your 401(k) to build sufficient funds for retirement.

By understanding and avoiding these common mistakes, you can build a more robust retirement savings strategy.

For more information, read the full article here.

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