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Maximize your retirement savings by avoiding these common pitfalls.
Between employer contributions and the ability to defer income tax on your own contributions, 401(k) plans often help you come out ahead in retirement saving. However, high fees, expensive investments, poor plan design and a lack of company contributions can sometimes diminish these benefits.
Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce. Some 82 percent of working Americans over 50 say it is at least somewhat likely they will work for pay in retirement, according to a poll released Monday by the Associated Press-NORC Center for Public Affairs Research.
Financial planners always tout the benefits of 401K savings plans. But under some circumstances, savers might be better off putting their money elsewhere.
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A 401(k) is meant to go untouched until a person retires, but more than a quarter of Americans use their retirement accounts to pay current expenses.
The economic recovery may be slow, but 401K balances are at a 12-year high. The average account balance has jumped to nearly $76,000.
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