For many people, their 401(k) is one of their main investment vehicles. While it can be a fantastic choice, today we highlight the reasons why it might not be the right fit for everyone. There are times when you might not want to invest in a 401(k) or invest as much into it.
There are certain situations or times in your life that you might want to invest somewhere else. Make sure you know where your money is going and if it’s the right place for you. Do you have an emergency fund? Do you need the money before retirement? Planning for all of your financial needs goes beyond simply saving for retirement. Proper planning can make all the difference, so be sure to reach out to a financial advisor to make sure a 401(k) is the best and most effective choice for you.
Here are the reasons we talk through on today’s show:
- Are you worried about having enough in your retirement account? 4:25
- If you don’t have an emergency fund, should you put money into a 401(k)? 4:56
- If you aren’t getting a match, is it worth it? 7:44
- If you don’t work at the company, why is your money there? 10:33
- Do you need the money before retirement? 11:38