These 3 Tragically Obvious Mistakes Will Kill Your 401(k)
A 401(k) plan is one of the best resources available for saving and investing for retirement. It's a win-win: You get to lower your taxable income in the present while setting yourself up financially for the future. There's no right or wrong way to go about your 401(k), but there are tips and best practices that can help you get the most out of your plan or avoid doing things that will slow down your progress.
Here are three things that could kill your 401(k).
One of the better parts of many 401(k) plans is the employer match since it's essentially "free" money. At the very least, the minimum amount you should be contributing to your 401(k) is whatever percentage your employer will match. If they offer a dollar-for-dollar match up to 3% of your salary, contribute at least that 3%. There are few guarantees in the stock market, and an employer match offers an instant return on your contributions.
Source Fool.com
