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The Unfortunate Truth About Maxing Out Your 401(k)
If, like me, one-size-fits-all recommendations make you roll your eyes, you're probably sick of hearing investment advice that's not at all realistic for your situation. Maybe you're in your 30s, determined to retire early. Or perhaps you're in your 50s, desperately working to catch up on retirement savings. In either case, you've undoubtedly heard the message: Take advantage of your employer-sponsored 401(k) plan. The truth is that it's not always as easy as it sounds.Suggesting that someone max out a 401(k) is like saying, "I want you to take $23,500 off the top of your annual salary and tuck it away in an account you can't access without being penalized until you're at least 59 1/2."Continue reading
If, like me, one-size-fits-all recommendations make you roll your eyes, you're probably sick of hearing investment advice that's not at all realistic for your situation. Maybe you're in your 30s, determined to retire early. Or perhaps you're in your 50s, desperately working to catch up on retirement savings.
In either case, you've undoubtedly heard the message: Take advantage of your employer-sponsored 401(k) plan. The truth is that it's not always as easy as it sounds.
Suggesting that someone max out a 401(k) is like saying, "I want you to take $23,500 off the top of your annual salary and tuck it away in an account you can't access without being penalized until you're at least 59 1/2."
