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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:

  1. Not participating in your 401(k) plan
  2. Not contributing enough to your 401(k)
  3. Not increasing your 401(k) contributions regularly
  4. Not contributing enough to get the full employer 401(k) match
  5. Loading up on too much company stock
  6. Staying with your 401(k) plan’s default investment choices
  7. Picking the wrong mutual funds and investments
  8. Ignoring fees in your 401(k)
  9. Not considering the Roth 401(k)
  10. Ignoring important 401(k) rules
  11. Cashing out or borrowing from your 401(k)
  12. 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.



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