The Common 401(k) Advice Retirement Savers Should Take With a Grain of Salt

How much should you contribute to your 401(k)? Experts often say you should contribute 10% to 15% of your salary.

Saving and investing 10% or 15% of your income in a 401(k) can produce a sizable nest egg over time, but guess what? There are situations when that rate is too high for your 401(k). Read on to learn about four of those situations and what you can do instead.

401(k) withdrawal rules cater to those who retire in their late 50s or early 60s. Normally, any 401(k) distributions you take before age 59 and a half are subject to a 10% early withdrawal penalty. There is an exception for workers who leave their jobs at age 55 or older.

Continue reading

Source Fool.com