Almost 1 in 4 Americans Plans to Decrease 401(k) Contributions for More Disposable Income. Here's How That Might Hurt You Financially in the Long Run
To contribute funds to a retirement plan, you generally have to give something up. That something could be a nicer car, a higher-end vacation, or more outings with friends.
Either way, the money that goes into your retirement account usually comes at the expense of something else, so it takes lots of discipline to keep up with steady contributions. But in a recent Empower survey, 24% of respondents cited plans to decrease their 401(k) contributions to free up more money for disposable income. And that's a move that could backfire on you sorely.
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Source Fool.com