Doing This With Your 401(k) Could Cost You $18,000

Blurred office workers cross a busy street in New York City.

Workplace 401(k) plans play a major role in helping Americans prepare for retirement, with around one-fifth of all retirement assets held in 401(k) accounts as of 2022.

There's good reason so many Americans turn to 401(k)s to save for their future, including the convenience of contributing to a workplace plan, the potential to earn a company match, and the tax breaks that 401(k) plans offer.