News | 08.02.19
Americans Say Not Investing in a 401(k) Is the Biggest Financial Mistake
Three out of four Americans admit they have made a financial mistake, according to a Harris Poll of over 1,000 U.S. adults commissioned by TD Ameritrade, with the biggest being not investing in their 401(k). When it comes to retirement, Americans need to be in the driver's seat and fully engaged, Wende Rhodes, vice president of branches at TD Ameritrade, said. “We can't afford to be passengers." Americans have $5.7 trillion invested in employer-sponsored 401(k) plans, according to data from the Investment Company Institute. But many times, Americans are not taking full advantage or investing as much as they could be. About 47 percent of those aged 25 to 34 have access to a workplace retirement plan like a 401(k), according to a recent academic report from Stanford University. But far less invest and even fewer are able to max out their 401(k) on an annual basis.
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