3 Pitfalls of Only Using a 401(k) for Retirement
For Americans with access to them, workplace 401(k)s can be the simplest type of retirement account. After all, signing up for one just involves doing a little paperwork and requesting to have money withheld from your paychecks. And in some workplaces, the default is to auto-enroll you, so you really don't have to do much of anything. Many employers even offer matching funds, so you get access to free money by contributing.
But while you definitely want to put at least enough into your 401(k) to earn the maximum employer match, using a 401(k) as your only retirement account may not be the best move. In fact, there are some big pitfalls to putting your money into this account exclusively. Here are three of them.
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Source Fool.com
