The Unfortunate Truth About Maxing Out Your 401(k)
You may have heard of the term 401(k) millionaire. These people achieved a million-dollar net worth with the help of a 401(k) retirement plan they funded throughout their working years. Yes, 401(k)s are an excellent financial tool widely available to the working class.
But should you max them out? You can put up to $22,500 into your 401(k) in 2023, but you may not want to for several reasons. Don't get me wrong; many plans offer an employer match, and you should jump on that free money.
However, the bigger picture is more complicated when it comes to maximizing your contributions. Here are three unfortunate truths about maxing out your 401(k).
Source Fool.com
