Not Loving Your Employer's 401(k)? Here's 1 Reason to Fund It Anyway
Building retirement savings is so important. Without a solid nest egg, you might really struggle financially once your time in the workforce comes to an end.
And if you're thinking you can just fall back on Social Security, think again. While the program is by no means going away, Social Security is facing some financial challenges that could result in significant benefit cuts. And even outside of benefit cuts, Social Security might only replace about 40% of your pre-retirement wages if you earn a typical paycheck. There's a good chance you'll need more income than that to live on, so it's a good idea to build a nest egg to avoid financial stress.
Now when it comes to building savings, you have options. You could always open an IRA -- anyone with earned income can open and manage one of these accounts independently. And if you're employed by a company that sponsors a 401(k) plan, that's an option, too.
Source Fool.com
