If I Could Tell Everyone Saving for Retirement 1 Thing, I'd Tell Them to Do This With Their 401(k)

Generations ago, pensions were the standard retirement plan. As long as you put the time in at your job and the company stayed in business, you were promised lifetime benefits once you retired. In other words, your employer took on most of the responsibility of retirement planning for its employees.Today, that's shifted, primarily in the private sector. Most companies have eliminated pensions in favor of 401(k) plans.The good news is 401(k) plans have various perks and benefits, and people can build generational wealth if they use them to their full potential. However, unlike a pension, a 401(k) puts individuals in charge of funding and managing it. If you neglect your 401(k) plan, you'll risk financial troubles later in life if your nest egg is insufficient.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool