There are a lot of mistakes people can make when it comes to 401(k) retirement savings plans, but one of the biggest â?? and surprisingly, the most common, say financial advisors â?? is cashing out early.
Many make this blunder when switching jobs, according to Shannon Eusey, president of Beacon Pointe Advisors. "Forty-five percent of people who switch jobs before [age] 59½ cash out on their retirement plans," she said.
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