25 Downsides of 401(k)s You’ve Never Heard Of

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You May Have To Wait To Participate

If you’re signing on with a new employer specifically because of its great 401(k) plan, you might be in for a surprise if you expect to take part immediately. Many employers don’t offer a 401(k) plan to employees until the open enrollment period, or until a certain period of time has passed, which might be as long as one year.

In the meantime, if you want to contribute to a tax-advantaged retirement account you’ll likely have to stick with an IRA and its contribution limit. As of 2019, that limit was a paltry $6,000 for those younger than 50.

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