The 401(k) is one of the most powerful retirement tools out there, so if you're lucky enough to have access to one, take advantage of it.
As of 2019, you can contribute up to $19,000 per year to your 401(k), which is more than three times the annual amount you can save in a traditional or Roth IRA. Many employers also offer matching 401(k) contributions, which are essentially free money. But even if you're contributing a portion of each paycheck to your 401(k), there are still a few mistakes that could be detrimental to your retirement savings.
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