Although 401(k) retirement programs have been around since the late 1970s, there remains a lot of confusion about the best way to utilize them. They are great for saving money towards retirement, but there are nuances that don't always make them the only investment vehicle to use.
A Redditor on the r/Money subreddit is making almost $100,000 a year, contributing about 35% of his paycheck to his 401(k). In less than two years he has saved almost $43,000. However, because he is saving so much for retirement, he doesn't have much available in liquid assets. This dilemma highlights the confusion surrounding retirement savings and the balance needed for other financial goals.
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