Saving
Don't Max out Your 401(k)
10/14/09 11:59
If you were to get on the Internet and poll the financial
gurus, the message you would get load and clear is: Save
Money. No matter how much you've saved, you will be woefully
short when you get to retirement.
The first suggestion of these pundits? Put money in your
401(k). (I will use "401(k) as a surrogate for all retirement
savings plans: 401(k), 403(b), SEP, SIMPLE etc.)
I'm not against 401(k)s. Actually, I'm a big fan. However, I
think the advice is wrong.
Here's my message: Save 10% of your income. Put your money in
a savings account. This will become your emergency fund. Read More...
gurus, the message you would get load and clear is: Save
Money. No matter how much you've saved, you will be woefully
short when you get to retirement.
The first suggestion of these pundits? Put money in your
401(k). (I will use "401(k) as a surrogate for all retirement
savings plans: 401(k), 403(b), SEP, SIMPLE etc.)
I'm not against 401(k)s. Actually, I'm a big fan. However, I
think the advice is wrong.
Here's my message: Save 10% of your income. Put your money in
a savings account. This will become your emergency fund. Read More...
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