Stick around to learn some of the most common 401k mistakes that you could be making!

Thank you for watching! Please like the video and subscribe to the channel if you enjoy the content!

Here are a few ways that we might be able to help;
1. Watch our free educational videos here on our YouTube Channel

2. Like the Money Evolution Facebook Page. Additional investment and retirement planning content, including Live Stream Market, updates not on the YouTube Channel.

3. Our WealthVision Comprehensive Financial Plan:

4. Learn more about our retirement planning Course The Retirement Time Machine

Tracking: 425586-1…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Saving for retirement is incredibly important. For many people, a 401k is a critical tool for accumulating enough wealth to retire comfortably. Unfortunately, there are common mistakes many people make when it comes to their 401(k)s. Here are 11 of the biggest:

1. Not contributing enough. One of the biggest mistakes is not contributing enough or at all. Many employers match employee contributions, so not contributing means missing out on “free” money.

2. Waiting too long to start. The earlier someone starts contributing to a 401k, the more time their contributions have to grow. Waiting too long can mean missing out on years of compounding interest.

3. Not adjusting contributions. As salaries and expenses change, it’s important to adjust contribution amounts accordingly. Not doing so means not maximizing retirement savings potential.

4. Not diversifying investments. Investing all contributions in only one or two funds is risky. Diversify to reduce risk and balance returns.

5. Withdrawing too early. Withdrawing from a 401k before age 59 1/2 incurs a 10% penalty and taxes, so it’s important not to withdraw prematurely.

6. Not understanding employer matching. Some employers match contributions up to a certain percentage. It’s important to understand this and contribute enough to take full advantage.

7. Ignoring fees. Fees on some 401kw can be high and eat into future earnings. It’s important to research and understand fees associated with your 401k.

8. Not taking advantage of catch-up contributions. If over the age of 50, individuals can make catch-up contributions to their 401k. Not taking advantage of this means missing out on extra savings opportunities.

9. Not reviewing beneficiary designations. Reviewing beneficiary designations ensures that upon inheritance, assets are distributed as desired.

10. Liquidating the 401k after leaving an employer. When changing employers, it’s important to leave the 401k intact or roll over into an IRA. Liquidating the 401k means losing the tax-advantaged benefits.

11. Over-reliance on the 401k. While a 401k is an important retirement savings tool, it shouldn’t be the only source of retirement savings. It’s important to have a diverse retirement portfolio.

Avoiding these common mistakes can help individuals maximize their retirement savings potential. It’s important to research and understand the ins and outs of your 401k to avoid making mistakes that could negatively impact your retirement.