Many individuals rely on 401(k) plans for retirement savings due to their ease of use and employer matching contributions. However, while a 401(k) can be a solid part of a retirement strategy, depending solely on it may not be ideal. Individuals should consider additional savings options for broader investment choices and early withdrawal flexibility. Social Security benefits often supplement retirement income, particularly for those with a substantial work history, providing another financial resource during retirement.
It's common for companies that offer 401(k) plans to also match worker contributions to some degree, helping to grow your balance significantly over time.
While a 401(k) can provide a solid foundation for retirement, relying solely on it can present risks and missed opportunities for additional investments and flexibility.
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