Saving for retirement in a 401(k) has a lot of benefits. For one thing, 401(k)s are funded automatically via payroll deductions, which means that opting into one of these plans could help your retirement savings stay on track.

Another perk of 401(k)s is that they offer much higher annual contribution limits than IRAs. So you have a prime opportunity to build up a lot of retirement wealth over time.

But there's some misinformation out there about 401(k)s that has the potential to hurt you financially. Here are three 401(k) myths you shouldn't believe.

Continue reading

Source Fool.com