4 Mistakes That'll Stunt Your 401(k)'s Growth
The 401(k) is an important retirement savings tool because its annual contribution limits are far more generous than those of an IRA. Currently, workers under 50 can sock away up to $19,000 a year in a 401(k), while those 50 and over get a $6,000 catch-up that raises this limit to $25,000. IRAs, by contrast, max out at $6,000 and $7,000, respectively.
But just because you have access to a 401(k) doesn't mean you're making the most of it. And if you fall victim to these mistakes, you could end up hurting your savings on a long-term basis.
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Source Fool.com
