Retirement is a great time for many people because it gives them a chance to enjoy the fruits of their decades of labor and live on their own terms. Regardless of your ideal retirement, there's a good chance you'll need a decent nest egg to enjoy it how you really want.

One of the best ways to ensure this is by taking advantage of retirement accounts, particularly a 401(k). A 401(k) offers the chance to save money for the future and in the present by lowering your taxable income.

In an ideal world, everyone would make enough money to max out their 401(k) while meeting current financial obligations and goals. Unfortunately, that's not the case for most people. For many people, maxing out a 401(k) may be a mistake. Here's why.

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Source Fool.com