They say parenting lets you relive your childhood. Great, if you had an awesome one.  Not so great if you didn’t. Mine nearly made me swear off having kids forever. It wasn’t just the yelling, the constant criticism, or the way love felt like a performance review I could never pass. It was that the one person who was supposed to love, care for, and protect me, instead kicked me when I was down. Some […]

Retirement planning is a big part of your financial preparation and strategy. Your 401(k) is one of the best retirement investing accounts you have and so easy to set up through your employer. Add on tax free or tax deferred growth and matching employer contributions and you’ve got a retirement planning powerhouse. However, among the biggest retirement planning mistakes includes ignoring your 401(k) and forgetting to contribute to your workplace retirement account. Following are the 9 biggest retirement planning mistakes to avoid. Most of these 401(k) mistakes can be avoided with smart retirement planning and help from professional retirement consultants. 401(k) Mistakes That Can Cost You  Most experts agree that a 401(k) is one of the smartest ways you can save for retirement. But here’s the catch, about one-third of middle-class Americans are dipping into their retirement funds before actually retiring, according to a 2025 Transamerica Research study, “Retirement in the USA: The Outlook of the Workforce”*. If you do that, you could be putting your future financial security at serious risk. Withdrawing from your 401(k) before you turn 59½ typically means paying a 10% penalty in addition to any income taxes owed. That one decision could cost 30%+ of the amount withdrawn. These are some common retirement planning mistakes to avoid: 1. Being Unaware of Types of 401(k) Accounts When it comes to 401(k) accounts, most people can choose between two main types: traditional 401(k) and Roth 401(k). The difference between them can have a big impact on your retirement strategy. With a traditional 401(k), your contributions are made before taxes, so you lower your current taxable income. However, you’ll pay taxes later when you withdraw money from your 401(k) in retirement. This can offer major tax advantages today, depending on your current tax bracket. A traditional 401(k) might be a good choice if you believe that you’ll be in a lower tax bracket when you retire and start your withdrawals. On the other hand, a Roth 401(k) is funded with after-tax income, which means that you pay taxes on your income before funding the Roth 401(k). When you retire, your 401(k) withdrawals, including any investment growth, are completely tax-free. This account might be good for you if you anticipate that tax rates will go up in the future or that you’ll be in a higher tax bracket in retirement. 2. Failing to Make Saving a Regular Habit It’s easy to think you’ll start saving later when you feel more financially secure. But, if you don’t save enough, skip contributions to a 401(k) or fail to gradually increase your 401(k) contributions as your income grows, it could seriously impact your retirement savings in the long run. The good news is that it’s simple to get started. You can set up your 401(k) to automatically deduct contributions from your paycheck, so that you’re saving and investing automatically. Many plans also let you schedule automatic annual increases to your contribution rate. This way, you’re contributing a greater amount each