This Mistake Could Cost You $230,000 in Your 401(k)
You've probably heard time and again that saving for retirement independently is important: namely because Social Security won't provide enough income to live comfortably, and without money of your own, you risk winding up cash-strapped and unhappy later in life. So if you have access to a 401(k) plan through your employer, it pays to take advantage of it.
But if you don't contribute enough to snag your employer match, you could end up missing out on serious savings -- possibly $230,000 worth.
Though not every employer matches 401(k) contributions, many do, and last year, the average employer match reached 4.7%, according to Fidelity. Meanwhile, the Social Security Administration reports that Americans earned an average wage of $51,916.27 in 2019. That means the typical 401(k) saver with a match is entitled to $2,440 a year.
Source Fool.com
