If I Could Tell Everyone Saving for Retirement 1 Thing, I'd Tell Them to Do This With Their 401(k)
You'll never receive a better return on your money than this one simple move consistently delivers.
If you happen to be employed by an organization that offers a retirement plan like a 401(k), then congratulations! Not everyone has access to such an option. The Bureau of Labor Statistics reports that about three-fourths of civilian workers in the U.S. are offered a workplace retirement savings plan. The rest are essentially fending for themselves, figuring out their own way to grow a retirement nest egg.
Yet a bunch of people with 401(k) plans aren't making the most of them -- either by not contributing as much as they can, or in some cases, not contributing anything at all. And in some cases where workers are given the choice of how to invest these funds, they opt for the least productive investment choices offered by their plans.
As strange as it may sound, owning low-return assets or simply not saving enough for retirement isn't the biggest mistake you could make. There's a much bigger misstep a whole slew of future retirees are taking, which is costing them thousands of dollars every year. That's a future cost of tens of thousands of dollars, if not more.
