One retirement mistake not to make - The Street
Social Security is a program designed to provide a safety net to older Americans. However, it is designed to replace roughly 40 percent of pre-retirement wages. How about the other 60 percent? If your employer has a 401(k), then you can contribute money pre-tax from your paycheck to the 401(k) account. But will that be enough? According to Dave Ramsey, personal finance bestselling author, “Even with Social Security monthly paychecks and regular withdrawals from 401(k) accounts, retirees will need other sources of income to maintain a desirable lifestyle.” Jeffrey Quiggle reports on why Dave Ramsey believes a 401(k) should only be where a person’s retirement planning begins. Read Mr. Quiggle’s article here…
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