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GOBankingRates
GOBankingRates
Peter Burns

The Wealthy Don’t Pile Money Into a 401(k) — They Do This Instead, Says Preston Seo

Suze Orman IRA
Nick Starichenko / Shutterstock.com

Most personal finance experts agree that maximizing 401(k) contributions is an excellent strategy to prepare for retirement. A 401(k) allows employees to contribute pretax income to an account that can grow tax-free over time. In some cases, employers match some amount of contributions, essentially doubling some of the employees’ money. However, the downside of a 401(k) is that you must pay taxes on your withdrawals based on your income bracket in retirement.

Find Out: Suze Orman Calls This $1.6 Million 401(k) Rollover Move ‘Crazy’ — What She Recommends Instead

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