Avoid these 5 401k mistakes to maximize your 401k! Making these mistakes critically jeopardize your chances of being able to retire, but thankfully they are easy to understand and defend against….mostly.

⏱Handy Timeline:
0:00 Intro
0:33 Millennials vs Gen Z
2:06 Mistake 1- Not starting
2:51 Mistake 2- Missing out on free money
4:18 Mistake 3- Not actually investing
6:18 Mistake 4- Loans
8:15 Mistake 5- Fees
10:42 Bonus Mistake 6- Not being aggressive enough
11:21 Next video

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LEARN MORE ABOUT: 401k Plans

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When it comes to saving for retirement, a 401k can be a valuable tool. However, many of us make common mistakes that can hinder our ability to reach our financial goals. Here are the five worst 401k mistakes that most of us overlook:

1. Not participating in a 401k plan: One of the biggest mistakes you can make is not taking advantage of your employer’s 401k plan. Many employers offer matching contributions, which is essentially free money. By not participating in the plan, you are missing out on potential growth and significantly reducing your retirement savings.

2. Not contributing enough: Another common mistake is not contributing enough to your 401k. Many experts recommend contributing at least 10-15% of your income to your retirement savings. By not contributing enough, you may not be able to achieve your retirement goals and may have to rely on other sources of income in retirement.

3. Ignoring investment options: When setting up a 401k plan, many people simply pick the default investment option without doing any research. This can be a mistake, as different investment options can have different levels of risk and return. It’s important to do your own research or seek advice from a financial advisor to choose the best investment options for your individual needs and risk tolerance.

4. Borrowing from your 401k: While some 401k plans allow for loans, borrowing from your retirement savings can be a costly mistake. Not only will you lose out on potential growth, but you may also incur penalties and taxes if you are unable to repay the loan. It’s best to avoid borrowing from your 401k unless absolutely necessary.

5. Not reviewing and adjusting your 401k plan regularly: Lastly, many people make the mistake of setting up their 401k plan and then forgetting about it. It’s important to review your plan regularly and make adjustments as needed. This includes updating your beneficiaries, rebalancing your portfolio, and increasing your contributions as your income grows.

In conclusion, avoiding these five common mistakes can help you maximize your retirement savings and achieve your financial goals. By participating in your employer’s 401k plan, contributing enough, choosing the right investments, avoiding borrowing from your 401k, and regularly reviewing and adjusting your plan, you can set yourself up for a comfortable retirement. Remember, it’s never too early to start saving for retirement, so take control of your financial future today.