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Was the 401(k) a Mistake?
The Daily
Lesson from a Retirement Nightmare
Raiding a retirement fund in an emergency, failing to replenish it adequately, and lacking financial savvy can result in a meager 401k balance at retirement age. This highlights the risk of relying solely on a 401k for retirement income, as it may not be sufficient to provide a comfortable retirement, especially for those who are not financially well-off. The 401k system may disproportionately benefit wealthy individuals and leave many Americans unprepared for retirement.
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