Hopefully, everyone who has access to a 401k is contributing to a 401k. To not do so is a mistake you don’t want to realize when you’re old and unwilling or unable to work. This post will discuss all the top 401k mistakes that hurt your retirement.
Let us be clear. The government isn’t going to save you. With a large Social Security funding shortfall, the government is having a hard time saving itself.
Further, thanks to a global pandemic and massive stimulus, the government has a huge budget deficit. Therefore, the government will probably adversely affect your retirement life by either raising the eligibility age to receive Social Security and Medicare, raise taxes or both!
Having contributed to a 401k and a Solo 401k since 1999, I’ve made plenty of mistakes that have likely cost me over $200,000 in lost appreciation over the years. My goal for this post is to help you not make the same 401k mistakes I made.