Like it or not — and thanks to the demise of the once-sacrosanct but now passé company pension — the 401(k) plan is the primary retirement savings vehicle today for vast numbers of American workers.
While the 401(k) plan — whether traditional or Roth, SIMPLE or Safe Harbor — is a fact of life and regular pre-tax deductions toward a plan balance figure in many employees' paychecks, a lot of people don't quite understand the fund they're paying into. In fact, there are a lot of misconceptions and myths that need clearing up.
We turned to CNBC Digital Financial Advisor Council member, certified financial planner and author Tim Maurer, currently wealth advisor and director of personal finance for Buckingham and the BAM Alliance, to help debunk 10 of the most common myths about 401(k) plans.
— By Tim Maurer, director of personal finance for Buckingham and The BAM Alliance, and CNBC's Kenneth Kiesnoski
Posted 14 July 2016