1 in 4 People Make This Mistake in Their Retirement
From: Dave Ramsey
You’ve probably heard plenty about the common mistakes people make with their workplace retirement plans like cashing out their 401(k)s when they leave a job or taking out a 401(k) loan in a financial emergency.
But there’s one other mistake that will leave any dedicated retirement saver scratching their head. A recent study of 401(k) participants reveals that as many as one in four of us miss out on at least part of our employer match in our 401(k)s because we aren’t contributing enough to receive the entire match. The study estimates those workers are leaving an estimated $24 billion—that’s billion with a B—in retirement savings on the table! That breaks down to $1,336 per worker, equal to 2.4% of their annual income.
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