If I Could Tell Everyone Saving for Retirement 1 Thing, I'd Tell Them to Do This With Their 401(k)

Previous generations, such as your grandparents or great-grandparents, often retired on pension plans. Pensions and other defined benefit plans involve companies setting aside pools of money to fund living expenses for their retired employees. However, companies have steadily moved away from these plans in favor of defined contribution plans, which assign workers the responsibility of saving for retirement.In other words, retirement planning is more important than ever today -- it falls on you!The 401(k) is the most common defined contribution plan. According to the U.S. Census Bureau, over a third of working-age Americans have a 401(k) or similar plan.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool