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The Top Twelve 401(k) Mistakes to Avoid
In this very instructive article, Selena Maranjian of The Motley Fool explains how 401k plans can allow workers the opportunity to build tremendous wealth. But 12 mistakes must be avoided at all costs. Read here for more detail from the list of “no-no’s” below:
- Not participating in your 401(k) plan
- Not contributing enough to your 401(k)
- Not increasing your 401(k) contributions regularly
- Not contributing enough to get the full employer 401(k) match
- Loading up on too much company stock
- Staying with your 401(k) plan’s default investment choices
- Picking the wrong mutual funds and investments
- Ignoring fees in your 401(k)
- Not considering the Roth 401(k)
- Ignoring important 401(k) rules
- Cashing out or borrowing from your 401(k)
- Not appreciating the downsides of 401(k)s
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.