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With the traditional pension disappearing and the viability of social security in question, the 401(k) plan can be a prudent and important way people can save for retirement. And it's one of the most valuable benefits an employer provides.
Retirement cash flow modeling to help you work towards income planning needs
Yet many people fail to take advantage of their 401(k). Why? • Confusion – people don’t get it • It's self-directed – it requires proactive action from the participant • “Living in the day” – people fail to plan for the future • Time – people are too busy to focus on it • Fear – people are afraid of making mistakes
And many people make critical 401(k) mistakes: • Underfunding • Underinvesting • Overtrading • Panic • Avoidance