Search
 

These 401(k) 'benefits' may actually hurt

There are many ways to make mistakes in 401(k) plans. These may be the most damaging.

By Chris Carosa | Updated on November 27, 2013

Every car has a reverse gear. You use it to get out of trouble. But you generally don’t use it much because it can also get you into trouble. If you’re like me, you avoid using reverse like the plague. Really. I always search for a parking spot I can drive through – just so I don’t have to back out when it’s time to leave. This might be a psychological response to the time I would back out of the driveway as a teenager. You remember that, don’t you? I failed to check my blind spot and knocked over the family basketball hoop; thus, symbolically ending my childhood and putting a dent in my father’s new car simultaneously.

Unless you’re a Hollywood stuntman, you don’t use reverse to drive a car forward. After all, they don’t say it’s hard to drive by looking at the rear view mirror for nothing. For most of us, putting the car in reverse means delaying the arrival to our ultimate destination. Sometimes we take a wrong turn and we have to back up to return to the correct course. Sometimes someone stalls in front of us and we have to back up to get around the obstacle. If we could just go straight to our journey’s end, we would avoid reverse altogether and proceed full speed ahead.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.