Seven 401(K) Mistakes That Can Cost You

Seven 401(K) Mistakes That Can Cost You

Missing out on an employer 401(k) opportunity is the most obvious retirement savings mistake a worker could make. 401(k)s are an employee-sponsored savings vehicle. Contributions are made directly from someone’s paycheck and, depending on the account type, are either taxed immediately or tax deferred.

While increasingly popular, 401(k) plans are not entirely foolproof. Here are seven common mistakes that people make with their 401(k) plans.

 

Carlos Dias Jr. is the Founder and President of Excel Tax & Wealth Group [3] and MVP Wealth Management Group [4]. He is based in the Orlando, Fla. area.