Americans say not investing in a 401(k) is the biggest financial mistake. (via CNBCMakeIt)
Three out of four Americans admit they've made a financial mistake. The biggest? Not investing in their 401, according to a Harris Poll of over 1,000 U.S. adults commissioned by TD Ameritrade.
"As you get older, your priority becomes retirement," Rhodes says. If you don't invest in your 401 or you're not leveraging it fully, that becomes a "regret," Rhodes says. "It limits your future choices." In 2019, you can contribute up to $19,000 in your 401, and if you're over 50 you have some additional opportunities to contribute even more. Of course, maxing out your 401 may not be financially possible.
Not sure you have one? Ask your manager or HR representative. And if your company doesn't offer a 401 at all, consider opening an IRA, Roth IRA or a taxable brokerage account. If you're self-employed, you can enroll in a SEP IRA or a solo 401 plan.
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